Demand in the US for heating, ventilation and air conditioning (HVAC) equipment is projected to increase 5.1 percent annually through 2015. Unitary air conditioners will offer the best opportunities in the cooling system market. Heat pumps will remain the largest type of heating equipment, and grow the fastest within that segment.

This study analyzes the $13.1 billion US HVAC equipment industry. It presents historical demand data for the years 2000, 2005 and 2010, and forecasts for 2015 and 2020 by fuel type, equipment type (e.g., heat pumps, warm air furnaces, boilers, room and zone heating equipment, humidifiers, unitary air conditioners, room air conditioners, chillers, dehumidifiers) and market (e.g., residential, nonresidential, new building, replacement).

The study also considers market environment factors, details industry structure, evaluates company market share and profiles 32 industry players, including United Technologies, Ingersoll-Rand and Goodman Global.

				    TABLE OF CONTENTS

     SECTION									    PAGE

		INTRODUCTION							       x

	I.	EXECUTIVE SUMMARY						       1

	II.	MARKET ENVIRONMENT						       4
		General								       4
		Macroeconomic Environment					       4
		Demographic Trends						       8
		   Population							       9
		   Households							      12
		Consumer Trends							      13
		   Personal Income & Expenditures				      13
		   Consumer Financing						      16
		Building Construction						      19
		   Residential							      22
		      New Housing						      25
		      Housing Stock						      30
		      Improvements & Repairs					      34
		   Nonresidential						      35
		      New							      35
		      Improvements & Repairs					      38
		Regulations & Standards						      39
		   Refrigerants							      40
		   Efficiency							      44
		Pricing Trends							      46
		World Market							      49
		Foreign Trade							      53
		   Exports							      54
		   Imports							      57

	III.	HEATING & COOLING FUEL TYPES					      60
		General								      60
		Electricity							      62
		Natural Gas	                                                      66
		   

		Geothermal Energy						      69
		Heating Oil							      72
		Others								      75

	IV.	HEATING EQUIPMENT						      78
		General								      78
		Supply & Demand							      79
		Shipments by Type						      82
		Heat Pumps							      86
		   Supply & Demand						      86
		   Types							      90
		      Air Source						      92
		      Geothermal						      97
		Warm Air Furnaces						     102
		   Supply & Demand						     102
		   Types							     105
		      Natural Gas						     107
		      Electric							     111
		      Heating Oil						     114
		Boilers								     117
		   Supply & Demand						     118
		   Types							     120
		      Cast Iron Boilers						     121
		      Steel Boilers						     125
		Room & Zone Heating Equipment					     128
		   Supply & Demand						     129
		   Types							     131
		   Manufacturers						     132
		Humidifiers							     133
		   Supply & Demand						     133
		   Characteristics						     135
		   Manufacturers						     137



	V.	COOLING EQUIPMENT						     138
		General								     138
		Supply & Demand							     139
		Shipments by Type						     142
		Unitary Air Conditioners					     146
		   Supply & Demand						     146
		   Characteristics						     148
		   Types							     151
		   Manufacturers						     152
		Room Air Conditioners						     153
		   Supply & Demand						     153
		   Characteristics						     156
		   Types							     159
		   Manufacturers						     159
		Chillers							     160
		   Supply & Demand						     160
		   Characteristics						     163
		Absorption Liquid Chilling Systems				     164
		   Supply & Demand						     165
		   Characteristics						     167
		Dehumidifiers							     167
		   Supply & Demand						     168
		   Characteristics						     170
		   Manufacturers						     172
		Packaged Terminal Air Conditioners				     172

	VI.	MARKETS								     175
		General								     175
		Residential							     178
		   New Building							     182
		      Heating Equipment						     186
		      Cooling Equipment						     188
		   Replacement							     190
		      Heating Equipment						     194
		      Cooling Equipment                     	                     196
			 Nonresidential						     197
		   New Building							     201
		   Replacement							     203

	VII.	INDUSTRY STRUCTURE						     207
		General								     207
		Industry Composition						     207
		Market Share							     211
		Competitive Strategies						     217
		Research & Development						     219
		Distribution							     221
		Marketing							     224
		Mergers & Acquisitions						     226
		Cooperative Agreements						     227
		Company Profiles						     232
		   AAON Incorporated						     233
		   Airedale International Air Conditioning, see Modine Manufacturing
		   Airwell-Fedders North America, see Elco Holdings
		   Allied Air Enterprises, see Lennox International
		   American Standard Heating and Air Conditioning, see 
		      Ingersoll-Rand
		   Bradford White Corporation					     236
		   Bryan Steam, see Burnham Holdings
		   Burnham Holdings Incorporated				     238
		   Carrier, see United Technologies
		   Circul-Aire, see Dectron Internationale
		   ClimaCool, see LSB Industries
		   Climate Energy, see ECR International
		   ClimateCraft, see LSB Industries
		   ClimateMaster, see LSB Industries
		   Crown Boiler, see Burnham Holdings
		   Daikin Industries Limited					     243
		   Danfoss A/S							     247
		   Dectron Internationale Incorporated				     249
		   Dunham-Bush Holding Berhad					     252
		   Dunkirk, see ECR International
		   Ecosaire, see Dectron Internationale
		   ECR International Incorporated				     254
		   Elco Holdings Limited					     257
		   Electrolux AB						     259
		   Emerson Electric Company					     260
		   Enviromaster International, see ECR International
		   Friedrich Air Conditioning Company				     262
		   Fusite, see Emerson Electric
		   GD Midea Holding Company Limited				     265
		   GeoSystems, see Research Products
		   Goodman Global Holdings LP					     267
		   Governale, see Burnham Holdings
		   Haier Group Company						     269
		   Hartford Compressors, see Dunham-Bush Holding Berhad
		   Heat Controller Incorporated					     271
		   Ingersoll-Rand plc						     273
		   International Environmental, see LSB Industries
		   Johnson Controls Incorporated				     277
		   LAARS Heating Systems, see Bradford White
		   Lennox International Incorporated				     281
		   LG Electronics Incorporated					     285
		   LSB Industries Incorporated					     286
		   McQuay International, see Daikin Industries
		   Mestek Incorporated						     289
		   Modine Manufacturing Company					     294
		   New Yorker Boiler, see Burnham Holdings
		   Nordyne, see Nortek
		   Nortek Incorporated						     297
		   Olsen/Airco Heating & Cooling Products, see ECR International
		   Paloma Company Limited					     301
		   Panasonic Corporation					     304
		   PB Heat LLC							     306
		   Raypak, see Paloma Industries
		   RefPlus, see Dectron Internationale
		   Research Products Corporation				     308
		   Rheem Manufacturing, see Paloma Industries
		   SANYO Electric, see Panasonic
		   Sharp Corporation						     310
		   Tecumseh Products Company					     311
		   Thermal Solutions Products, see Burnham Holdings
		   Thermo Products, see Burnham Holdings
		   Therm-O-Disc, see Emerson Electric
		   Thermoplus Air, see Dectron Internationale
		   Thomas & Betts Corporation					     313
		   Trane, see Ingersoll-Rand
		   United Technologies Corporation				     316
		   US Boiler, see Burnham Holdings
		   Vilter Manufacturing, see Emerson Electric
		   Whirlpool Corporation					     323
		   White-Rodgers, see Emerson Electric
		   York International, see Johnson Controls
		Additional Companies in HVAC Equipment				     325


				      LIST OF TABLES

    TABLE NUMBER								    PAGE


		SECTION I -- EXECUTIVE SUMMARY
		Summary Table							       3

		SECTION II -- MARKET ENVIRONMENT
	1	Macroeconomic Indicators					       8
	2	Population & Households						       9
	3	Personal Consumption Expenditures				      15
	4	Consumer Financing Environment, 2000-2010			      19
	5	Building Construction Expenditures				      22
	6	Residential Building Construction Expenditures			      25
	7	New Housing Indicators						      30
	8	Housing Stock by Type						      33
	9	Residential Improvement & Repair Expenditures			      35
	10	Nonresidential Building Construction Expenditures		      38
	11	Nonresidential Building Improvement & Repair Expenditures	      39
	12	HVAC Equipment Prices						      49
	13	US Foreign Trade in HVAC Equipment				      54

		SECTION III -- HEATING & COOLING FUEL TYPES
	1	HVAC Equipment Demand by Fuel Type				      61
	2	Electric HVAC Equipment Demand					      65
	3	Natural Gas-Burning HVAC Equipment Demand			      68
	4	Geothermal Energy HVAC Equipment Demand				      71
	5	Heating Oil-Burning HVAC Equipment Demand			      74
	6	Other Energy-Powered HVAC Equipment Demand			      77

		SECTION IV -- HEATING EQUIPMENT
	1	Heating Equipment Supply & Demand				      82
	2	Heating Equipment Shipments by Type				      84
	3	Heat Pump Supply & Demand					      90
	4	Heat Pump Shipments by Type					      92
	5	Air Source Heat Pump Shipments					      94
	6	Geothermal Heat Pump Shipments					      99
	7	Warm Air Furnace Supply & Demand				     105
	8	Warm Air Furnace Shipments by Type				     107
	9	Natural Gas-Burning Warm Air Furnace Shipments by Type		     111
	10	Electric-Powered Warm Air Furnace Shipments by Type		     114
	11	Heating Oil-Burning Warm Air Furnace Shipments			     117
	12	Boiler Supply & Demand						     120
	13	Boiler Shipments by Type					     121
	14	Cast Iron Boiler Shipments by Fuel Type				     123
	15	Steel Boiler ShipmentS by Fuel Type				     128
	16	Room & Zone Heating Equipment Supply & Demand			     131
	17	Humidifier Supply & Demand					     135

		SECTION V -- COOLING EQUIPMENT
	1	Cooling Equipment Supply & Demand				     141
	2	Cooling Equipment Shipments by Type				     144
	3	Unitary Air Conditioner Supply & Demand				     148
	4	Room Air Conditioner Supply & Demand				     156
	5	Chiller Supply & Demand						     163
	6	Absorption Liquid Chiller Supply & Demand			     166
	7	Dehumidifier Supply & Demand					     170
	8	Packaged Terminal Air Conditioner Supply & Demand		     174

		SECTION VI -- MARKETS
	1	HVAC Equipment Demand by Segment & Market			     177
	2	Residential HVAC Equipment Demand by Market & Type		     181
	3	New Residential HVAC Equipment by Type & Building		     185
	4	Replacement Residential HVAC Equipment Demand 
		   by Type							     194
	5	Nonresidential HVAC Equipment by Market & Type			     200
	6	New Building Nonresidential HVAC Equipment Demand 
		   by Type							     203
	7	Replacement Nonresidential HVAC Equipment Demand 
		   by Type							     206

		SECTION VII -- INDUSTRY STRUCTURE
	1	US HVAC Equipment Sales by Company, 2010			     210
	2	Selected Cooperative Agreements					     230

				      LIST OF CHARTS

    CHART NUMBER								    PAGE


		SECTION II -- MARKET ENVIRONMENT
	1	Year of Construction of Housing Stock, 2010			      33
	2	US HVAC Equipment Exports by Destination, 2000-2010		      57
	3	US HVAC Equipment Imports by Source, 2000-2010			      59

		SECTION III -- HEATING & COOLING FUEL TYPES
	1	HVAC Equipment Demand by Fuel Type, 2010			      62

		SECTION IV -- HEATING EQUIPMENT
	1	Heating Equipment Shipments by Type, 2010			      85

		SECTION V -- COOLING EQUIPMENT
	1	Cooling Equipment Shipments by Type, 2010			     145

		SECTION VI -- MARKETS
	1	HVAC Equipment Demand by Market, 2000-2020			     178
	2	Residential HVAC Equipment Demand by Market, 
		   2000-2020							     182
	3	New Residential HVAC Equipment Demand by Building 
		   Type, 2010							     186
	4	Heating Equipment Installed in New Single Unit Housing 
		   by Type, 2010						     188
	5	Share of New Housing Units with a Central Air Conditioning System, 2000-2010								     190
	6	Nonresidential HVAC Equipment Demand by Market, 
		   2000-2020							     201

		SECTION VII -- INDUSTRY STRUCTURE
	1	US HVAC Equipment Market Share, 2010				     213