Study #: 3536 | Published: 06/2017 | Pages: 119 | Individual User License: US$ 4,900

US demand for HVAC equipment will rise 3.9% per year through 2021 to $21.2 billion. Air conditiooning equipment will remain the leading product type in value terms, although heating equipment will register the most rapid gains. The residential market will outperform the commercial market, but will remain smaller due to higher heating and cooling requirements of larger buildings.

This study analyzes the United States market for HVAC equipment. For the purposes of this study, demand only includes non-portable equipment. Products covered include:

  • air conditioning equipment, including absorption chillers, chillers, packaged terminal air conditioners, room air conditioners, and unitary air conditioners
  • dehumidifiers
  • heat pumps
  • heating equipment, including boilers, room and zone heating equipment, and warm air furnaces
  • humidifiers

Demand for HVAC equipment is examined by product type, energy source, market, and region in US dollars at the manufacturers’ level. Unit demand estimates are also provided by product and market. Historical data for 2006, 2011, and 2016 and forecasts to 2021 are presented in current dollars (which are not adjusted to account for inflation.)

Residential

Commercial

Apartments & other multifamily structures

Institutional buildings

Other nonresidential structures

Manufactured housing

Educational facilities

Airports & bus terminals

Single family homes

Healthcare facilities

Recreational buildings

Religious establishments

Police & fire stations

Office & commercial structures

Prisons

Office buildings

Military installations

Retail establishments

Hospitality facilities

Warehousing & storage facilities (not located on industrial sites)

Other commercial structures (e.g., banks, theatres)

Source: The Freedonia Group

Northeast

Midwest

South

West

Connecticut

Illinois

Alabama

Alaska

Maine

Indiana

Arkansas

Arizona

Massachusetts

Iowa

Delaware

California

New Hampshire

Kansas

District of Columbia

Colorado

New Jersey

Michigan

Florida

Hawaii

New York

Minnesota

Georgia

Idaho

Pennsylvania

Missouri

Kentucky

Montana

Rhode Island

Nebraska

Louisiana

Nevada

Vermont

North Dakota

Maryland

New Mexico

Ohio

Mississippi

Oregon

South Dakota

North Carolina

Utah

Wisconsin

Oklahoma

Washington

South Carolina

Wyoming

Tennessee

Texas

Virginia

West Virginia

Source: The Freedonia Group


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Table of Contents

EXECUTIVE SUMMARY

OVERVIEW

Key Findings

Factors Influencing HVAC Equipment Demand

Energy Profile

Energy Efficiency

Impact of Tax Credits on HVAC Equipment Demand

Refrigerant Regulations

Pricing Trends

Market Volatility

US Production & Foreign Trade

US Production & Foreign Trade Overview

Imports

Exports

PRODUCTS

Key Findings

Demand Forecast by Product Type

HVAC Equipment Forecast Overview

Air Conditioning Equipment

Heating Equipment

Heat Pumps

Dehumidifiers & Humidifiers

Demand Forecast by Energy Source

Demand Forecast in Units

HVAC Equipment Forecast Overview

Air Conditioning Equipment

Heating Equipment

Heat Pumps

Dehumidifiers & Humidifiers

Production Forecasts by Type

MARKETS

Key Findings

Demand Forecast by Market

HVAC Equipment Markets Overview

Commercial

HVAC Equipment Overview

Demand Forecast by Building Type

Demand Forecast by HVAC Equipment Product Type

Residential

HVAC Equipment Overview

Demand Forecast by Building Type

Demand Forecast by HVAC Equipment Product Type

REGIONS

Key Findings

HVAC Equipment Demand by Region

Regional Overview

Northeast

Regional Overview

Demand Forecast by Market

Demand Forecast by Product Type

Midwest

Regional Overview

Demand Forecast by Market

Demand Forecast by Product Type

South

Regional Overview

Demand Forecast by Market

Demand Forecast by Product Type

West

Regional Overview

Demand Forecast by Market

Demand Forecast by Product Type

INDUSTRY STRUCTURE

Key Findings & Industry Composition

Market Share

HVAC Equipment Market Leaders

Other HVAC Equipment Suppliers

Competitive Strategies

Product Development & Manufacturing

Marketing

Distribution

Cooperative Agreements

Mergers, Acquisitions, & Industry Restructuring

List of Industry Participants

APPENDIX

Scope

Methodology

Sources

Associations & Agencies

Related Freedonia Group Studies

Definitions

Abbreviations

Climate Zones

Macroeconomic Assumptions

Economic Environment

Demographic Trends

Consumer Spending

Building Construction

Residential Building Construction

New Housing

Housing Stock

Improvements & Repairs

Nonresidential Building Construction


List of Tables

OVERVIEW

Table 2-1 | Average Retail Energy Costs in the US by Source, 2006 - 2021 ($/mil Btu)

Table 2-2 | HVAC Equipment Pricing Trends, 2006 - 2021 (dollars/unit)

Table 2-3 | Foreign Trade in HVAC Equipment, 2006 - 2021 (million dollars)

Table 2-4 | HVAC Equipment Imports by Source, 2006 - 2016 (million dollars)

Table 2-5 | HVAC Equipment Exports by Destination, 2006 - 2016 (million dollars)

PRODUCTS

Table 3-1 | HVAC Equipment Demand by Product Type, 2006 - 2021 (million dollars)

Table 3-2 | HVAC Equipment Demand by Energy Source, 2006 - 2021 (million dollars)

Table 3-3 | HVAC Equipment Demand by Volume, 2006 - 2021 (000 units)

Table 3-4 | HVAC Equipment Shipments by Product Type, 2006 - 2021 (million dollars)

MARKETS

Table 4-1 | HVAC Equipment Demand by Market, 2006 - 2021 (million dollars)

Table 4-2 | Commercial HVAC Equipment Demand, 2006 - 2021 (million dollars)

Table 4-3 | Commercial HVAC Equipment Demand by Building Type, 2006 - 2021 (million dollars)

Table 4-4 | Commercial HVAC Equipment Demand by Product Type, 2006 - 2021 (million dollars)

Table 4-5 | Residential HVAC Equipment Demand, 2006 - 2021 (million dollars)

Table 4-6 | Residential HVAC Equipment Demand by Building Type, 2006 - 2021 (million dollars)

Table 4-7 | Residential HVAC Equipment Demand by Product Type, 2006 - 2021 (million dollars)

REGIONS

Table 5-1 | HVAC Equipment Demand by Region, 2006 - 2021 (million dollars)

Table 5-2 | Northeast: HVAC Equipment Demand by Market, 2006 - 2021 (million dollars)

Table 5-3 | Northeast: HVAC Equipment Demand by Product Type, 2006 - 2021 (million dollars)

Table 5-4 | Midwest: HVAC Equipment Demand by Market, 2006 - 2021 (million dollars)

Table 5-5 | Midwest: HVAC Equipment Demand by Product Type, 2006 - 2021 (million dollars)

Table 5-6 | South: HVAC Equipment Demand by Market, 2006 - 2021 (million dollars)

Table 5-7 | South: HVAC Equipment Demand by Product Type, 2006 - 2021 (million dollars)

Table 5-8 | West: HVAC Equipment Demand by Market, 2006 - 2021 (million dollars)

Table 5-9 | West: HVAC Equipment Demand by Product Type, 2006 - 2021 (million dollars)

INDUSTRY STRUCTURE

Table 6-1 | HVAC Equipment Sales by Company, 2016 (million dollars)

Table 6-2 | R&D Spending for Selected HVAC Equipment Companies, 2016 (million dollars)

Table 6-3 | Selected Cooperative Agreements

Table 6-4 | Selected Acquisitions & Divestitures

APPENDIX

Table 7-1 | Study Scope: Air Conditioning Equipment Markets

Table 7-2 | Study Scope: US Regions

Table 7-3 | Relevant NAICS Codes (2012)

Table 7-4 | Abbreviations & Acronyms Used in Study

Table 7-5 | Macroeconomic Indicators, 2006 - 2021 (billion 2009 dollars)

Table 7-6 | Population & Households, 2006 - 2021 (million persons)

Table 7-7 | Personal Consumption Expenditures, 2006 - 2021 (billion dollars)

Table 7-8 | Building Construction Expenditures, 2006 - 2021 (billion dollars)

Table 7-9 | Residential Building Construction, 2006 - 2021 (billion dollars)

Table 7-10 | New Housing Indicators, 2006 - 2021 (thousand units)

Table 7-11 | Housing Stock by Type, 2006 - 2021 (million units)

Table 7-12 | Residential Improvement & Repair Expenditures, 2006 - 2021 (billion dollars)

Table 7-13 | Nonresidential Building Construction Expenditures, 2006 - 2021 (billion dollars)


List of Charts

EXECUTIVE SUMMARY

Figure 1-1 | Key Trends in the US Market for HVAC Equipment

OVERVIEW

Figure 2-1 | Key Trends in the US HVAC Equipment Market

Figure 2-2 | HVAC Equipment Picing Trends, 2006 - 2021 (annual percent change)

Figure 2-3 | HVAC Equipment Demand, 2006 - 2016 (million dollars)

Figure 2-4 | US Foreign Trade in HVAC Equipment, 2006 - 2016 (million dollars)

Figure 2-5 | HVAC Equipment Imports by Source, 2006 - 2016 (million dollars)

Figure 2-6 | HVAC Equipment Exports by Destination, 2006 - 2016 (million dollars)

PRODUCTS

Figure 3-1 | Key Trends in US HVAC Equipment Products

Figure 3-2 | HVAC Equipment Demand, 2006 - 2021 (percent annual change)

Figure 3-3 | Key Trends in Air Conditioning Equipment

Figure 3-4 | Key Trends in Heating Equipment

Figure 3-5 | Key Trends in Heat Pumps

Figure 3-6 | Key Trends in Dehumidifiers & Humidifiers

Figure 3-7 | HVAC Equipment Demand by Value & Volume, 2016 (percent of total)

Figure 3-8 | HVAC Equipment Shipments by Product Type, 2016 (billion dollars)

MARKETS

Figure 4-1 | Key Trends in US HVAC Equipment Markets

Figure 4-2 | HVAC Equipment Demand by Market, 2006 - 2021 (percent of total)

Figure 4-3 | Commercial HVAC Equipment Demand, 2006 - 2016 (million dollars)

Figure 4-4 | Commercial HVAC Equipment Demand by Building Type, 2016 (billion dollars)

Figure 4-5 | Commercial HVAC Equipment Demand by Product Type, 2016 (billion dollars)

Figure 4-6 | Residential HVAC Equipment Demand, 2006 - 2016 (million dollars)

Figure 4-7 | Residential HVAC Equipment Demand by Building Type, 2006 - 2021 (million dollars)

Figure 4-8 | Residential HVAC Equipment Demand by Product Type, 2016 (billion dollars)

REGIONS

Figure 5-1 | Key Trends in US HVAC Equipment Regions

Figure 5-2 | HVAC Equipment Demand by Region, 2016 (billion dollars)

Figure 5-3 | Northeast: Market Position

Figure 5-4 | Northeast: HVAC Equipment Demand by Product Type, 2016 (billion dollars)

Figure 5-5 | Midwest: Market Position

Figure 5-6 | Midwest: HVAC Equipment Demand by Product Type, 2016 (billion dollars)

Figure 5-7 | South: Market Position

Figure 5-8 | South: HVAC Equipment Demand by Product Type, 2016 (billion dollars)

Figure 5-9 | West: Market Position

Figure 5-10 | West: HVAC Equipment Demand by Product Type, 2016 (billion dollars)

INDUSTRY STRUCTURE

Figure 6-1 | US HVAC Equipment Market Share, 2016 (billion dollars)

Figure 6-2 | HVAC Equipment: Leading Supplier

Figure 6-3 | HVAC Equipment: Second Leading Supplier

Figure 6-4 | HVAC Equipment: Third Leading Supplier

Figure 6-5 | HVAC Equipment: Fourth Leading Supplier

APPENDIX

Figure 7-1 | Continental US Climate Zones

Figure 7-2 | Annual Growth in Real GDP, 2000 - 2016, Compared to 1980 - 2005 Average (percent)

Figure 7-3 | Annual Population Growth, 2001 - 2016 (percent)

Figure 7-4 | Housing Stock by Year of Construction, 2016 (percent)


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