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Report
US Residential HVAC Market - Focused Insights 2023-2028
Market Report I 2024-02-06 I 79 Pages I Arizton Advisory & Intelligence
REPORT OVERVIEW
The U.S. residential HVAC market was valued at USD 16.43 billion in 2023 and is expected to grow at a CAGR of 3.23% during the forecast period. This report provides complete information regarding consumer purchasing behavior and the adoption of HVAC in the residential sector in the U.S. Increasing applications among sectors with a high expectancy of standards and manufacturing in the HVAC market must meet regulatory standards and provide robust solutions.
The demand for HVAC systems is due to different climatic conditions necessitating several types of equipment. Furthermore, major players focus on strategic agreements, acquisitions, and collaboration with emerging players to enter the U.S. residential HVAC market to access commercially launched products.
The future of the U.S. residential HVAC market thrives with the growth of energy-efficient solutions in construction, driven by smart home trends. Government initiatives and the popularity of Variable Refrigerant Flow (VRF) systems underscore a shift towards advanced, environmentally friendly HVAC solutions in the residential sector.
KEY HIGHLIGHTS:
- Air conditioning is a critical aspect of residential HVAC, especially in regions with warm climates. The market sees a demand for efficient and environmentally friendly cooling solutions. Innovations in ductless mini-split systems and smart thermostats contribute to the overall efficiency of cooling systems.
- Technological advancements, a focus on energy efficiency, and a growing emphasis on indoor air quality characterize the U.S. residential HVAC market. Given new developments in market conditions and the evolution of the HVAC industry, the future will likely remain positive, with innovation and strategic planning guiding the way.
- Growing awareness of indoor air quality has influenced product development in the residential HVAC market. Air purifiers, advanced filtration systems, and ventilation solutions are integral parts of HVAC systems to address concerns about allergens, pollutants, and indoor air quality.
- Companies are focusing on sustainable production processes and facilities. Most vendors in the market are developing new innovative products to gain attention. With the rise in SMART home technology and sustainability trends, the HVAC industry is on the path of innovation.
- The heating equipment in the equipment segment leads the segmental market share by having over 40% share. Furthermore, the heating equipment market in the U.S. is likely to gain higher traction than in other countries, owing to the extremely cold weather conditions that prevail in most parts of the country throughout the year.
- The furnace heating equipment segment is projected to witness the highest segmental CAGR of approximately 4.3% during the forecast period due to the increasing popularity of furnaces in residential segments, which has significantly overtaken the demand for heat pumps and boilers.
- By equipment, the HVAC air conditioning market is growing at a CAGR of 4.08%, in which residential air conditioners (RAC) have acquired a major market compared to commercial air conditioners (CAC) and chillers.
- The HVAC ventilation market is seeing steady growth, and adding value to its growth are air filter products, which are projected to reach a market size of over USD 1 billion in the forecast period.
- The Southern region held the largest U.S. residential HVAC market share. It has the highest number of households with rising annual household incomes. New construction in the South is anticipated to stimulate the adoption of HVAC systems. Furthermore, as consumers become more environmentally conscious and seek comfort and efficiency, the residential HVAC market will likely witness continued innovation and evolution during the forecast period.
- Regarding the competitive landscape, a few major players dominate the market: Carrier, Daikin, Johnson Controls, Rheem Manufacturing, and Lennox International.
REPORT HIGHLIGHTS
SEGMENTATION & FORECAST
- Equipment (Revenue)
- Heating
? Heat Pumps
? Boiler Units
? Furnaces
? Others
- Air Conditioning
? RACs
? CACs
? Chillers
? Heat Exchangers
? Others
- Ventilation
? Air Handling Units
? Air Filters
? Humidifiers & Dehumidifiers
? Fan Coil Units
? Others
- Region (Revenue)
? South
? West
? Midwest
? Northeast
MARKET STRUCTURE
- Market Dynamics
- Competitive Landscape of U.S. Residential HVAC
- Key Vendors
- Other Prominent Vendors
LIST OF VENDORS
Key Vendors
- Carrier
- Daikin
- Johnson Controls
- Lennox International
- Rheem Manufacturing
Other Prominent Vendors
- Alfa Laval
- Backer Springfield
- Bosch Thermotechnology
- Copeland
- Danfoss
- Dunham Bush
- Fujitsu
- G.E. Appliances
- Glen Dimplex Americas
- Gree Electric Appliances
- Hitachi
- LG Electronics
- Midea Group
- Mitsubishi Electric
- Panasonic Corporation
- S&P
- Samsung HVAC
- TCL Electronics
- Watts
- Whirlpool Corporation
KEY QUESTIONS ANSWERED:
1. How big is the U.S. residential HVAC market?
2. Which region dominates the U.S. residential HVAC market?
3. Who are the key players in the U.S. residential HVAC market?
4. What are the growth drivers of the U.S. residential HVAC market?
CHAPTER - 1: U.S. Residential HVAC Market Overview
- Executive Summary
- Introduction
- Key Findings
CHAPTER - 2: U.S. Residential HVAC Market Projected Revenue
- U.S.: Projected Revenue of Residential HVAC (2023-2029; $Billions)
CHAPTER - 3: U.S. Residential HVAC Market Segmentation Data
- US: Projected Revenue by Equipment (2023-2029); (Revenue $ B.N.)
o Heating
o Product Snapshot
o Heat Pumps
o Boiler Units
o Furnaces
o Others
o Air Conditioning
o Product Snapshot
o RACs
o CACs
o Chillers
o Heat Exchangers
o Others
o Ventilation
o Product Snapshot
o Air Handling Units
o Air Filters
o Humidifiers & Dehumidifiers
o Fan Coil Units
o Others
- U.S.: Projected Revenue by Region (2023-2029); (Revenue $ B.N.)
o Region Snapshot
o South
o West
o Midwest
o Northeast
CHAPTER - 4: U.S. Residential HVAC Market Prospects & Opportunities
- U.S. Residential HVAC Market Trends
- U.S. Residential HVAC Market Drivers
- U.S. Residential HVAC Market Constraints
CHAPTER - 5: U.S. Residential HVAC Market Industry Overview
- U.S. Residential HVAC Market - Competitive Landscape
- U.S. Residential HVAC Market - Key Players
- U.S. Residential HVAC Market - Other Prominent Vendors
LIST OF EXHIBITS
Exhibit 1: U.S. Residential HVAC Market 2020-2029 ($ billion)
Exhibit 2: Market by Heating Equipment 2020-2029 ($ billion)
Exhibit 3: Heating Equipment Market by Types 2020-2029 ($ billion)
Exhibit 4: Market by Heat Pump 2020-2029 ($ billion)
Exhibit 5: Market by Boiler Unit 2020-2029 ($ billion)
Exhibit 6: Market by Furnace 2020-2029 ($ billion)
Exhibit 7: Market by Others 2020-2029 ($ billion)
Exhibit 8: Market by Air Conditioning Equipment 2020-2029 ($ billion)
Exhibit 9: Air Conditioning Equipment Market by Types 2020-2029 ($ billion)
Exhibit 10: Market by RAC 2020-2029 ($ billion)
Exhibit 11: Market by CAC 2020-2029 ($ billion)
Exhibit 12: Market by Chillers 2020-2029 ($ billion)
Exhibit 13: Market by Heat Exchangers 2020-2029 ($ billion)
Exhibit 14: Market by Others 2020-2029 ($ billion)
Exhibit 15: Market by Ventilation Equipment 2020-2029 ($ billion)
Exhibit 16: Ventilation Equipment Market by Types 2020-2029 ($ billion)
Exhibit 17: Market by Air Handling Units 2020-2029 ($ billion)
Exhibit 18: Market by Air Filters 2020-2029 ($ billion)
Exhibit 19: Market by Humidifier & Dehumidifiers 2020-2029 ($ billion)
Exhibit 20: Market by Fan Coil Unit 2020-2029 ($ billion)
Exhibit 21: Market by Others 2020-2029 ($ billion)
Exhibit 22: U.S. Residential HVAC Market by Regions 2020-2029 ($ billion)
Exhibit 23: Southern US Residential HVAC Market 2020-2029 ($ billion)
Exhibit 24: Western U.S. Residential HVAC Market 2020-2029 ($ billion)
Exhibit 25: Midwestern U.S. Residential HVAC Market 2020-2029 ($ billion)
Exhibit 26: Northeastern U.S. Residential HVAC Market 2020-2029 ($ billion)
LIST OF TABLES
Table 1: Quantitative Summary Revenue U.S. Residential HVAC Market
Table 2: Quantitative Summary Projected Revenue by Equipment
Table 3: Quantitative Summary Projected Revenue by Heating Equipment
Table 4: Quantitative Summary Projected Revenue by Air Conditioning Equipment
Table 5: Quantitative Summary Projected Revenue by Ventilation Equipment
Table 6: Quantitative Summary Projected Revenue by Region
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