Table of Contents
EXECUTIVE SUMMARY
OVERVIEW
Key Findings
Factors Influencing HVAC Equipment Demand
Considerations Influencing HVAC Equipment Purchases
Energy Costs
Energy Efficiency
Tax Credits
Refrigerant Regulations
Pricing Trends
Historical Demand Trends
HVAC Equipment Supply & Demand
Demand by Product Type
Shipments by Product Type
Trade
Imports by Source
Exports by Destination
Demand by Market
Demand by Region
AIR CONDITIONING EQUIPMENT
Key Findings
Air Conditioning Equipment: Historical Trends
Air Conditioning Equipment: Supply & Demand
Air Conditioning Equipment: Products
Demand by Product
Unitary Air Conditioners
Unitary Air Conditioners: Scope & Product Description
Unitary Air Conditioners: Supply & Demand
Unitary Air Conditioners: Demand by Type (Split vs. Packaged)
Room Air Conditioners
Packaged Terminal Air Conditioners
Packaged Terminal Air Conditioners: Scope & Product Description
Packaged Terminal Air Conditioners: Supply & Demand
Chillers
Absorption Chillers
Air Conditioning Equipment: Markets
Air Conditioning Equipment: Demand by Market & Segment
Air Conditioning Equipment Markets: Commercial Buildings
Commercial Air Conditioning Equipment: Demand by Product
Commercial Air Conditioning Equipment: Demand by Segment (New vs. Existing Buildings)
Commercial Air Conditioning Equipment: Demand by Building Type
Air Conditioning Equipment Markets: Residential Buildings
Residential Air Conditioning Equipment: Demand by Product
Residential Air Conditioning Equipment: Demand by Segment (New vs. Existing Buildings)
Residential Air Conditioning Equipment: Demand by Building Type
Air Conditioning Equipment: Regions
Air Conditioning Equipment: Demand by Region
Air Conditioning Equipment Regional Demand: Northeast
Air Conditioning Equipment Regional Demand: Midwest
Air Conditioning Equipment Regional Demand: South
Air Conditioning Equipment Regional Demand: West
Air Conditioning Equipment: Market Share
HEATING EQUIPMENT
Key Findings
Heating Equipment: Historical Trends
Heating Equipment: Supply & Demand
Heating Equipment: Demand by Energy Source
Heating Equipment: Products
Heating Equipment: Demand by Product
Warm Air Furnaces
Warm Air Furnaces: Supply & Demand
Warm Air Furnaces: Demand by Energy Source
Boilers
Boilers: Supply & Demand
Boilers: Demand by Type (Cast Iron vs. Steel)
Room & Zone Heating Equipment
Room & Zone Heating Equipment: Supply & Demand
Room & Zone Heating Equipment: Demand by Energy Source
Heating Equipment: Markets
Heating Equipment: Demand by Market & Segment
Heating Equipment Markets: Commercial Buildings
Commercial Heating Equipment: Demand by Product
Commercial Heating Equipment: Demand by Segment (New vs. Existing Buildings)
Commercial Heating Equipment: Demand by Building Type
Heating Equipment Markets: Residential Buildings
Residential Heating Equipment: Demand by Product
Residential Heating Equipment: Demand by Segment (Existing vs. New Buildings)
Residential Heating Equipment: Demand by Building Type
Heating Equipment: Regions
Heating Equipment: Demand by Region
Heating Equipment Regional Demand: Northeast
Heating Equipment Regional Demand: Midwest
Heating Equipment Regional Demand: South
Heating Equipment Regional Demand: West
Heating Equipment: Market Share
HEAT PUMPS
Key Findings
Heat Pumps: Historical Trends
Heat Pumps: Supply & Demand
Heat Pumps: Products
Heat Pumps: Demand by Product
Air Source Heat Pumps
Air Source Heat Pumps: Demand by Type (Split vs. Packaged)
Air Source Heat Pumps: Demand by Energy Source
Geothermal Heat Pumps
Scope & Product Description
Demand by Type (Closed vs. Open Loop)
Heat Pumps: Markets
Heat Pumps: Demand by Market
Heat Pump Markets: Commercial Buildings
Commercial Heat Pumps: Demand by Segment (Existing vs. New Buildings)
Commercial Heat Pumps: Demand by Building Type
Heat Pump Markets: Residential Buildings
Residential Heat Pumps: Demand by Segment (Existing vs. New Buildings)
Residential Heat Pumps: Demand by Building Type
Heat Pumps: Regions
Heat Pumps: Demand by Region
Heat Pump Regional Demand: Northeast
Heat Pump Regional Demand: Midwest
Heat Pump Regional Demand: South
Heat Pump Regional Demand: West
Heat Pumps: Market Share
DEHUMIDIFIERS & HUMIDIFIERS
Key Findings
Dehumidifiers & Humidifiers: Historical Trends
Dehumidifiers & Humidifiers: Supply & Demand
Dehumidifiers & Humidifiers: Demand by Product
Dehumidifiers & Humidifiers: Markets
Dehumidifiers & Humidifiers: Demand by Market
Dehumidifiers & Humidifiers: Commercial Buildings
Dehumidifiers & Humidifiers: Residential Buildings
Dehumidifiers & Humidifiers: Demand by Region
Dehumidifiers & Humidifiers: Leading Suppliers
INDUSTRY STRUCTURE
Key Findings & Industry Composition
Market Share
Competitive Strategies
Research & Development
Marketing
Distribution
Cooperative Agreements
Mergers & Acquisitions
List of Industry Participants
APPENDIX
Scope
Definitions
Abbreviations
Freedonia Methodology
Study-Specific Methodology
Sources
Associations & Agencies
Related Studies & Reports
Climate Zones
Macroeconomic Assumptions
Economic Environment
Demographic Trends
Consumer Spending
Building Construction
Residential Building Construction
Housing Completions
Housing Stock
Residential Improvements & Repairs
Commercial Building Construction
Commercial Building Improvements & Repairs
List of Tables
OVERVIEW
Table 2-1 | Average Retail Energy Costs in the US by Type, 2008 - 2023 (dollars per million Btu)
Table 2-2 | HVAC Equipment Pricing Trends, 2008 - 2023 (dollars per unit)
Table 2-3 | HVAC Equipment Demand by Product Type, 2008 - 2023 (million dollars & thousand units)
Table 2-4 | HVAC Equipment Shipments by Product Type, 2008 - 2023 (million dollars)
Table 2-5 | Foreign Trade in HVAC Equipment, 2008 - 2023 (million dollars)
Table 2-6 | HVAC Equipment Imports by Source, 2008 - 2018 (million dollars)
Table 2-7 | HVAC Equipment Exports by Destination, 2008 - 2018 (million dollars)
Table 2-8 | HVAC Equipment Demand by Market, 2008 - 2023 (million dollars)
Table 2-9 | HVAC Equipment Demand by Region, 2008 - 2023 (million dollars)
AIR CONDITIONING EQUIPMENT
Table 3-1 | Air Conditioning Equipment Supply & Demand, 2008 - 2023 (million dollars)
Table 3-2 | Air Conditioning Equipment Demand by Product, 2008 - 2023 (million dollars & thousand units)
Table 3-3 | Unitary Air Conditioner Supply & Demand, 2008 - 2023 (million dollars)
Table 3-4 | Unitary Air Conditioner Demand by Type, 2008 - 2023 (million dollars & thousand units)
Table 3-5 | Room Air Conditioner Supply & Demand, 2008 - 2023 (million dollars & thousand units)
Table 3-6 | Packaged Terminal Air Conditioner Supply & Demand, 2008 - 2023 (million dollars & thousand units)
Table 3-7 | Chiller Supply & Demand, 2008 - 2023 (million dollars & units)
Table 3-8 | Absorption Chiller Supply & Demand, 2008 - 2023 (million dollars & units)
Table 3-9 | Air Conditioning Equipment Demand by Market & Segment, 2008 - 2023 (million dollars)
Table 3-10 | Commercial Air Conditioning Equipment Demand by Product, 2008 - 2023 (million dollars)
Table 3-11 | Commercial Air Conditioning Equipment Demand by Segment, 2008 - 2023 (million dollars & thousand units)
Table 3-12 | Commercial Air Conditioning Equipment Demand by Building Type, 2008 - 2023 (million dollars)
Table 3-13 | Residential Air Conditioning Equipment Demand by Product, 2008 - 2023 (million dollars)
Table 3-14 | Residential Air Conditioning Equipment Demand by Segment, 2008 - 2023 (million dollars & thousand units)
Table 3-15 | Residential Air Conditioning Equipment Demand by Building Type, 2008 - 2023 (million dollars)
Table 3-16 | Air Conditioning Equipment Demand by Region, 2008 - 2023 (million dollars)
Table 3-17 | Northeast: Air Conditioning Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
Table 3-18 | Midwest: Air Conditioning Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
Table 3-19 | South: Air Conditioning Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
Table 3-20 | West: Air Conditioning Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
HEATING EQUIPMENT
Table 4-1 | Heating Equipment Supply & Demand, 2008 - 2023 (million dollars)
Table 4-2 | Heating Equipment Demand by Energy Source, 2008 - 2023 (million dollars)
Table 4-3 | Heating Equipment Demand by Product, 2008 - 2023 (million dollars & thousand units)
Table 4-4 | Warm Air Furnace Supply & Demand, 2008 - 2023 (million dollars)
Table 4-5 | Warm Air Furnace Demand by Energy Source, 2008 - 2023 (million dollars & thousand units)
Table 4-6 | Boiler Supply & Demand, 2008 - 2023 (million dollars)
Table 4-7 | Boiler Demand by Type & Energy Source, 2008 - 2023 (million dollars & thousand units)
Table 4-8 | Room & Zone Heating Equipment Supply & Demand, 2008 - 2023 (million dollars)
Table 4-9 | Room & Zone Heating Equipment Demand by Energy Source, 2008 - 2023 (million dollars & thousand units)
Table 4-10 | Selected Commercial & Residential Building Applications for Room & Zone Heating Equipment
Table 4-11 | Heating Equipment Demand by Market & Segment, 2008 - 2023 (million dollars)
Table 4-12 | Commercial Heating Equipment Demand by Product, 2008 - 2023 (million dollars)
Table 4-13 | Commercial Heating Equipment Demand by Segment, 2008 - 2023 (million dollars & thousand units)
Table 4-14 | Commercial Heating Equipment Demand by Building Type, 2008 - 2023 (million dollars)
Table 4-15 | Residential Heating Equipment Demand by Product, 2008 - 2023 (million dollars)
Table 4-16 | Residential Heating Equipment Demand by Segment, 2008 - 2023 (million dollars & thousand units)
Table 4-17 | Residential Heating Equipment Demand by Building Type, 2008 - 2023 (million dollars)
Table 4-18 | Heating Equipment Demand by Region, 2008 - 2023 (million dollars)
Table 4-19 | Northeast: Heating Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
Table 4-20 | Midwest: Heating Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
Table 4-21 | South: Heating Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
Table 4-22 | West: Heating Equipment Demand by Product & Market, 2008 - 2023 (million dollars)
HEAT PUMPS
Table 5-1 | Heat Pump Supply & Demand, 2008 - 2023 (million dollars)
Table 5-2 | Heat Pump Demand by Product, 2008 - 2023 (million dollars & thousand units)
Table 5-3 | Air Source Heat Pump Demand by Type, 2008 - 2023 (million dollars & thousand units)
Table 5-4 | Air Source Heat Pump Demand by Energy Source, 2008 - 2023 (million dollars)
Table 5-5 | Geothermal Heat Pump Demand by Type, 2008 - 2023 (million dollars & thousand units)
Table 5-6 | Heat Pump Demand by Market & Segment, 2008 - 2023 (million dollars)
Table 5-7 | Commercial Heat Pump Demand by Segment, 2008 - 2023 (million dollars & thousand units)
Table 5-8 | Commercial Heat Pump Demand by Building Type, 2008 - 2023 (million dollars)
Table 5-9 | Residential Heat Pump Demand by Segment, 2008 - 2023 (million dollars & thousand units)
Table 5-10 | Residential Heat Pump Demand by Building Type, 2008 - 2023 (million dollars)
Table 5-11 | Heat Pump Demand by Region, 2008 - 2023 (million dollars)
Table 5-12 | Northeast: Heat Pump Demand, 2008 - 2023 (million dollars)
Table 5-13 | Midwest: Heat Pump Demand, 2008 - 2023 (million dollars)
Table 5-14 | South: Heat Pump Demand, 2008 - 2023 (million dollars)
Table 5-15 | West: Heat Pump Demand, 2008 - 2023 (million dollars)
DEHUMIDIFIERS & HUMIDIFIERS
Table 6-1 | Dehumidifier & Humidifier Supply & Demand, 2008 - 2023 (million dollars)
Table 6-2 | Dehumidifier & Humidifier Demand, 2008 - 2023 (million dollars & thousand units)
Table 6-3 | Dehumidifier & Humidifier Demand by Market, 2008 - 2023 (million dollars)
Table 6-4 | Commercial Dehumidifier & Humidifier Demand by Segment & Building Type, 2008 - 2023 (million dollars & thousand units)
Table 6-5 | Residential Dehumidifier & Humidifier Demand by Segment & Building Type, 2008 - 2023 (million dollars & thousand units)
Table 6-6 | Dehumidifier & Humidifier Demand by Region, 2008 - 2023 (million dollars)
INDUSTRY STRUCTURE
Table 7-1 | HVAC Equipment Sales by Company, 2018 (million dollars)
Table 7-2 | Research & Development Spending for Selected HVAC Equipment Companies, 2018 (million dollars)
Table 7-3 | Selected Cooperative Agreements
Table 7-4 | Selected Mergers & Acquisitions
APPENDIX
Table 8-1 | Study Scope: HVAC Equipment Markets
Table 8-2 | Study Scope: US Regions
Table 8-3 | Relevant Industry Codes
Table 8-4 | Relevant HS Codes
Table 8-5 | Acronyms Used in Study
Table 8-6 | US Macroeconomic Indicators, 2008 - 2023 (billion 2012 dollars)
Table 8-7 | US Population & Households, 2008 - 2023 (million persons)
Table 8-8 | US Personal Consumption Expenditures, 2008 - 2023 (billion dollars)
Table 8-9 | Building Construction Expenditures, 2008 - 2023 (billion dollars)
Table 8-10 | Residential Building Construction Expenditures, 2008 - 2023 (billion dollars)
Table 8-11 | New Housing Indicators, 2008 - 2023 (thousand units)
Table 8-12 | Housing Stock by Type, 2008 - 2023 (million units)
Table 8-13 | Residential Improvement & Repair Expenditures, 2008 - 2023 (billion dollars)
Table 8-14 | Commercial Building Construction Expenditures, 2008 - 2023 (billion dollars)
Table 8-15 | Commercial Building Improvement & Repair Expenditures, 2008 - 2023 (billion dollars)
List of Figures
EXECUTIVE SUMMARY
Figure 1-1 | US HVAC Equipment Demand
OVERVIEW
Figure 2-1 | Key Trends in the US HVAC Equipment Market
Figure 2-2 | Average Retail Energy Costs in the US, 2003 - 2018 (dollars per million Btu)
Figure 2-3 | HVAC Equipment Pricing Trends, 2008 - 2023 (% CAGR)
Figure 2-4 | HVAC Equipment Demand, 2005 - 2018 (million dollars)
Figure 2-5 | HVAC Equipment Value Demand, 2006 - 2023 (percent annual change)
Figure 2-6 | HVAC Equipment Shipments Share by Product Type, 2018 (billion dollars)
Figure 2-7 | US Foreign Trade in HVAC Equipment, 2005 - 2018 (million dollars)
Figure 2-8 | HVAC Equipment Imports by Source, 2008 - 2018 (million dollars)
Figure 2-9 | HVAC Equipment Exports by Destination, 2008 - 2018 (million dollars)
Figure 2-10 | US States by Regions & Subregions
AIR CONDITIONING EQUIPMENT
Figure 3-1 | US Air Conditioning Equipment Trends
Figure 3-2 | Air Conditioning Equipment Demand, 2005 - 2018 (million dollars)
Figure 3-3 | US Foreign Trade in Air Conditioning Equipment, 2005 - 2018 (million dollars)
Figure 3-4 | Air Conditioning Equipment Demand Share by Product, 2018 (billion dollars & million units)
Figure 3-5 | Unitary Air Conditioner Value Demand, 2006 - 2018 (percent annual change)
Figure 3-6 | Unitary Air Conditioner Value Demand Share by Type, 2008 - 2023 (million dollars)
Figure 3-7 | Room Air Conditioner Share of Air Conditioning Equipment Demand, 2018 (billion dollars & million units)
Figure 3-8 | Packaged Terminal Air Conditioner Value Demand, 2006 - 2018 (percent annual change)
Figure 3-9 | Chiller Value Demand, 2006 - 2018 (percent annual change)
Figure 3-10 | Absorption Chiller Value Demand, 2006 - 2018 (percent annual change)
Figure 3-11 | Air Conditioning Equipment Demand Value Share by Market, 2008 - 2023 (million dollars)
Figure 3-12 | Commercial Air Conditioning Equipment Demand Share by Product, 2018 (billion dollars)
Figure 3-13 | Commercial Air Conditioning Equipment Demand, 2005 - 2018 (million dollars)
Figure 3-14 | Commercial Air Conditioning Equipment Demand Share by Building Type, 2018 (billion dollars)
Figure 3-15 | Residential Air Conditioning Equipment Demand Share by Product, 2018 (billion dollars)
Figure 3-16 | Air Conditioning Equipment Demand in Existing Residential Buildings, 2005 - 2018 (million dollars)
Figure 3-17 | Air Conditioning Equipment Demand in New Residential Buildings, 2005 - 2018 (million dollars)
Figure 3-18 | Residential Air Conditioning Equipment Value Demand Share by Building Type, 2008 - 2023 (million dollars)
Figure 3-19 | Air Conditioning Equipment Value Demand Share by Region, 2008 - 2023 (million dollars)
Figure 3-20 | Northeast: Air Conditioning Equipment Demand Share by Product, 2018 (billion dollars)
Figure 3-21 | Midwest: Air Conditioning Equipment Demand Share by Product, 2018 (billion dollars)
Figure 3-22 | South: Air Conditioning Equipment Demand Share by Product, 2018 (billion dollars)
Figure 3-23 | West: Air Conditioning Equipment Demand Share by Product, 2018 (billion dollars)
Figure 3-24 | Air Conditioning Equipment: Market Share by Company, 2018 (billion dollars)
HEATING EQUIPMENT
Figure 4-1 | US Heating Equipment Trends
Figure 4-2 | Heating Equipment Demand by Product, 2005 - 2018 (million dollars)
Figure 4-3 | US Foreign Trade in Heating Equipment, 2005 - 2018 (million dollars)
Figure 4-4 | Heating Equipment Demand Share by Energy Source, 2018 (billion dollars)
Figure 4-5 | Heating Equipment Demand Share by Product, 2018 (billion dollars & million units)
Figure 4-6 | Warm Air Furnace Value Demand, 2006 - 2018 (percent annual change)
Figure 4-7 | Warm Air Furnace Demand Share by Energy Source, 2018 (billion dollars)
Figure 4-8 | Boiler Value Demand, 2006 - 2018 (percent annual change)
Figure 4-9 | Boiler Value Demand Share by Type, 2008 - 2023 (million dollars)
Figure 4-11 | Heating Equipment Value Demand Share by Market, 2008 - 2023 (million dollars)
Figure 4-12 | Commercial Heating Equipment Demand Share by Product, 2018 (billion dollars)
Figure 4-13 | Heating Equipment Demand in Commercial Buildings, 2005 - 2018 (million dollars)
Figure 4-14 | Commercial Heating Equipment Demand Share by Building Type, 2018 (billion dollars)
Figure 4-15 | Residential Heating Equipment Demand Share by Product, 2018 (billion dollars)
Figure 4-16 | Heating Equipment Demand in Existing Residential Buildings, 2005 - 2018 (million dollars)
Figure 4-17 | Heating Equipment Demand in New Residential Buildings, 2005 - 2018 (million dollars)
Figure 4-18 | Residential Heating Equipment Demand Share by Building Type, 2018 (billion dollars)
Figure 4-19 | Heating Equipment Demand Share by Region, 2018 (billion dollars)
Figure 4-20 | Northeast: Heating Equipment Demand Share by Product, 2018 (million dollars)
Figure 4-21 | Midwest: Heating Equipment Demand Share by Product, 2018 (billion dollars)
Figure 4-22 | South: Heating Equipment Demand Share by Product, 2018 (billion dollars)
Figure 4-23 | West: Heating Equipment Demand Share by Product, 2018 (billion dollars)
Figure 4-24 | Heating Equipment: Market Share by Company, 2018 (billion dollars)
HEAT PUMPS
Figure 5-1 | US Heat Pump Trends
Figure 5-2 | Heat Pump Demand by Product, 2005 - 2018 (million dollars)
Figure 5-3 | US Foreign Trade in Heat Pumps, 2005 - 2018 (million dollars)
Figure 5-4 | Heat Pump Demand Share by Product, 2018 (billion dollars & million units)
Figure 5-5 | Air Source Heat Pump Value Demand Share by Energy Source, 2008 - 2023 (million dollars)
Figure 5-6 | Heat Pump Value Demand Share by Market, 2008 - 2023 (million dollars)
Figure 5-7 | Heat Pump Demand in Commercial Buildings, 2005 - 2018 (million dollars)
Figure 5-8 | Commercial Heat Pump Demand Share by Building Type, 2018 (billion dollars)
Figure 5-9 | Heat Pump Demand in Existing Residential Buildings, 2005 - 2018 (million dollars)
Figure 5-10 | Heat Pump Demand in New Residential Buildings, 2005 - 2018 (million dollars)
Figure 5-11 | Residential Heat Pump Demand Share by Building Type, 2018 (billion dollars)
Figure 5-12 | Heat Pump Demand Share by Region, 2018 (billion dollars)
Figure 5-13 | Share of New Single & Multifamily Building Units with Heat Pumps Installed by Region, 2008 & 2018
Figure 5-14 | Heat Pumps: Market Share by Company, 2018 (billion dollars)
DEHUMIDIFIERS & HUMIDIFIERS
Figure 6-1 | US Dehumidifier & Humidifier Trends
Figure 6-2 | Dehumidifier & Humidifier Demand, 2005 - 2018 (million dollars)
Figure 6-3 | US Foreign Trade in Dehumidifiers & Humidifiers, 2005 - 2018 (million dollars)
Figure 6-4 | Dehumidifier & Humidifier Demand Share, 2018 (million dollars & million units)
Figure 6-5 | Dehumidifier & Humidifier Demand in Existing Commercial Buildings, 2005 - 2018 (million dollars)
Figure 6-6 | Dehumidifier & Humidifier Demand in Existing Residential Buildings, 2005 - 2018 (million dollars)
Figure 6-7 | Dehumidifier & Humidifier Demand in New Residential Buildings, 2005 - 2018 (million dollars)
Figure 6-8 | Dehumidifier & Humidifier Demand Share by Region, 2018 (million dollars)
INDUSTRY STRUCTURE
Figure 7-1 | US HVAC Equipment Market Share by Company, 2018 (billion dollars)
Figure 7-2 | HVAC Equipment: Leading Supplier
Figure 7-3 | HVAC Equipment: Second Leading Supplier
Figure 7-4 | HVAC Equipment: Third Leading Supplier
Figure 7-5 | HVAC Equipment: Fourth Leading Supplier
APPENDIX
Figure 8-1 | Continental US Climate Zones
Figure 8-2 | Annual Growth in Real GDP, 2000 - 2018, Compared to 1980 - 2005 Average (percent)
Figure 8-3 | Annual Population Growth, 2003 - 2018 (percent)
Figure 8-4 | Housing Stock Share by Decade of Construction, 2018 (million units)
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