The US HVAC Equipment Market is expected to reach $ 93.095 billion by 2023

Posted by Lohitha on August 8th, 2019

According to the new market research report by IndustryARC titled “US HVAC Equipment Market (By Heating (Heat pumps, Furnace, Boilers); By Cooling (Air Conditioners, Chillers, Cooling Towers); By Ventilation (Air handling and treatment equipment); Application (Residential, Commercial, Industrial, Automotive) – With Forecast (2018 – 2023)US HVAC Equipment Market (2018-2023)”, the market is driven by the government regulations and policies. The growth of the construction sector also boosts the market growth.

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Growing Demand For HVAC Equipment In Manufacturing Sector Drives The US HVAC Equipment Market

The manufacturing of pharmaceutical products should be cleaned and air conditioned to prevent airborne contamination which is specified by international standards. Hence, HVAC Equipment is needed for this sector. The manufacturing industry has certain regulations to be followed. The HVAC system increases the productivity with less delays and higher efficiency. 

The manufacturing sector for the US HVAC Equipment Market is expected to reach 7.7 million at a CAGR of 7.7%.

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Selected Analysis done in the full Report:

In the energy generation sector, the growing demand for energy drives the requirement for larger base load power plants. The new plants are efficient and reduce the cost of energy. The co-dependency of the HVAC systems has resulted in greater savings, in terms of electric rates. The US Department of Energy Plus Program used a model of the HVAC system in the power plant. This resulted in a reduction in the power demand of the home HVAC system by 21.7%.

This amount of energy saved per year can be around 87,600 kWh and will give average cost savings of ,512 per year. 

Excerpts on Market Growth Factors

Growing population and the strong demand for HFC refrigerants drive the growth of the home HVAC during the forecast period.
High consumer spending in the United States has driven the demand for HVAC USA across the residential spaces in the US. It has also impacted the growth of automobiles.
Growing demand for HVAC in the air conditioning unit of the passenger cars enhances the growth of HVAC USA.

Key players of the US HVAC Equipment Market

Daikin industries is the key player in US HVAC Equipment Marketv. It has remained as the dominant company with many product launches and developments. It produces air conditioners and systems for consumers. The next leading players are United Technologies(Carrier) and Mitsubishi Electric. United Technologies manufactures air conditioners, boilers, ductless systems, evaporator coils, fan coils, gas furnaces, etc. Mitsubishi Electric produces home appliances such as air conditioning systems, home equipment, and bulbs. It also produces energy and electric systems such as generators, circuit breakers, and building system appliances.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.