The report "HVAC System Market by Cooling (Unitary Air Conditioner, VRF), Heating (Heat Pump, Furnace), Ventilation (AHU, Air Filter), Service Type (Installation, Maintenance & Repair), Implementation Type (New Construction, Retrofit) - Global Forecast to 2029" The global HVAC system market in the US is expected to be valued at USD 22.35 billion in 2024 and is projected to reach USD 32.35 billion by 2029; it is expected to grow at a CAGR of 7.7 % from 2024 to 2029.
The HVAC system market is driven by increasing
demand for energy-efficient systems due to stricter federal and state
regulations for reducing carbon emissions and energy usage. The Inflation
Reduction Act of 2022, for instance, provides incentives for the installation
of energy-efficient HVAC systems. Severe weather conditions, such as heat waves
and cold snaps, also increase demand for effective heating and cooling systems.
The increase in residential and commercial buildings, especially in urban areas,
also fuels the demand for advanced HVAC systems. Moreover, the increasing use
of smart HVAC solutions, integrated with IoT and AI for improved energy
management, attracts consumers. The replacement of HVAC equipment in older
buildings is another major driver of market growth. These factors together
drive the growth of the HVAC industry in the US.
The heating equipment segment to grow fastest during
the forecast period.
The heating equipment segment is expected to grow
fastest in the HVAC system during the forecast period. The increasing demand
for energy-saving and intelligent heating systems, government policies
promoting sustainable energy, and increased use of renewable heating
technologies drive the demand. Due to severe weather fluctuations and rising
energy usage concerns, businesses and consumers are investing in
high-efficiency furnaces, heat pumps, and boilers. The shift towards
electrification, especially with heat pumps, is gaining momentum because of
incentives like federal tax credits and state rebates under programs like the
Inflation Reduction Act. Moreover, innovation in smart thermostats and
IoT-enabled HVAC systems is enhancing efficiency and fueling market expansion.
The growing emphasis on decarbonization is promoting substituting conventional
gas-fired heating systems with electric ones. In addition, increasing
construction activities, both commercial and residential, are also driving
demand for heating equipment. The trend towards green building certifications,
including LEED, also encourages developers to incorporate high-performance HVAC
systems. Furthermore, growth in the industrial and commercial sectors, as well
as growing consumer awareness of indoor air quality, is also driving investment
in sophisticated heating solutions that provide comfort while reducing
operating expenses.
The commercial segment projected to grow
significantly during the forecast period.
High energy efficiency regulations and growing
demand for smart and sustainable HVAC solutions fuel the commercial segment.
Stringent energy efficiency and sustainability regulations imposed by bodies
such as the US Department of Energy (DOE) and the American Society of Heating,
Refrigerating and Air-Conditioning Engineers (ASHRAE) are compelling commercial
buildings to retrofit their HVAC systems. Rules like the Energy Star
certification are promoting businesses to embrace energy-efficient heat pumps, Variable
Refrigerant Flow (VRF) systems, and rooftop units that reduce costs of
operation while minimizing carbon footprints. In March 2023, the US government
released revised energy efficiency standards for room air conditioners and
portable air cleaners, further driving the adoption of sustainable and
high-performance HVAC solutions. For example, most LEED-certified commercial
properties now incorporate high-performance HVAC solutions to meet
sustainability objectives.
The convergence of smart HVAC technologies is
revolutionizing commercial HVAC systems. IoT-based systems with AI-driven
predictive maintenance, for instance, utilized in intelligent offices and
airports, maximize energy usage and enhance indoor air quality. The growing use
of automated climate control systems, such as those in hotels and high-rise
commercial buildings, contributes to market growth.
The growth in healthcare and pharmaceutical plants
has boosted the demand for high-efficiency air filtration and climate control
environments. For instance, in May 2022, Johnson Controls (Ireland) invested
USD 7.5 million in new automation technology at its Norman, Oklahoma factory,
enhancing product quality, safety, and assembly productivity.
US is expected to grow significantly throughout
the forecast period.
The major factors driving the growth of the HVAC
system market in the US are the rising demand for energy-efficient and
intelligent HVAC systems, government regulations, and growing construction
activities in residential and commercial buildings. Extreme weather patterns
and an aging infrastructure also drive the demand for HVAC system upgrades and
replacements.
The market in the North American region, especially
the US, is driven by urbanization and rapid infrastructure growth, particularly
in smart cities. The increase in data centers and the growth of the healthcare
industry also drive demand for precise climate control systems.
The growing popularity of district heating and
cooling in cities also influences extensive HVAC implementations. The adoption
of HVAC-as-a-Service through which firms provide leasing and servicing over
sales, is on the rise, offering affordable solutions to businesses.
Increased consumer health and wellness awareness has
increased demand for HVAC systems with integrated next-generation air
purification and humidity control technologies. In addition, supply chain
disruptions and volatile raw material prices are compelling companies to invest
in localized manufacturing and alternative materials to facilitate market
stability.
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Heating equipment segment is expected to grow
significantly in US during the forecast period
The HVAC system market for different type such as
heating equipment, cooling equipment, and ventilation equipment in US is
expected to grow significantly owing to numerous factors as follows
- The
presence of key companies such as DAIKIN INDUSTRIES, Ltd., Johnson
Controls, LG Electronics, Midea, and so on to expand market growth based
on type.
- Increase
in demand for AI-powered HVAC systems, IoT, and sustainability in
commercial and residential industries.
- There
is a significant shift toward energy-efficient and smart HVAC systems and
stringent government regulations on emissions in different sectors.
Key Players
The HVAC system market includes significant Tier I
and II players such as DAIKIN INDUSTRIES, Ltd. (Japan), Johnson Controls
(Ireland), LG Electronics (Korea), Midea (China), Carrier (US), Trane
Technologies plc (Ireland), Honeywell International Inc. (US), Mitsubishi
Electric Corporation (Japan) among others.The report also covers various
startup players such as Brainbox AI (Canada), Sensibo (Israel), Smart Joules
(India) and others.
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