United States HVAC Market Insights Report 2023-2028: US Government Offers Tax Credits for Energy-Saving Products, Driving Adoption of High-Efficiency HVAC Systems

DUBLIN, July 13, 2023 /PRNewswire/ -- The "US HVAC Market - Focused Insights 2023-2028" report has been added to ResearchAndMarkets.com's offering.

US HVAC Market is projected to reach a value of $33.81 billion by 2028 from $27.85 billion in 2022, growing at a CAGR of 3.3%

The report offers comprehensive insights into consumer purchasing behavior and the widespread adoption of HVAC systems across various sectors in the United States.

In recent years, HVAC systems have gained significant traction across multiple end-user applications, driven by the increasing demand for regulated and robust solutions that meet industry standards. The residential sector stands out as a dominant force in the HVAC market, owing to diverse climatic conditions that necessitate a range of equipment options.

While catering to the commercial sector, most HVAC vendors dedicate a significant portion of their operations to meet the unique requirements of commercial buildings. The choice of HVAC equipment varies based on the structure, purpose, and specific needs of these commercial establishments.

Key players in the US HVAC market have been actively pursuing strategic agreements, acquisitions, and collaborations with emerging players to expand their market presence and gain access to commercially launched products. These partnerships aim to leverage technological advancements and innovation, providing customers with cutting-edge HVAC solutions.

KEY HIGHLIGHTS:

Rising demand for energy-efficient HVAC systems in the US is anticipated to surge the demand for services during the forecast period. This is since all new residential air-source heat pump systems and central air-conditioning sold in the region will be required to meet new energy efficiency standards.

The US market is witnessing significant growth due to changing and diverse climatic conditions. In 2022, the US recorded around 122,638 heating and air conditioning contractors.

In 2022, the Southern region held the largest market share in the US HVAC market. 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.

The US focuses on accelerating sustainability goals by rejoining the Paris Agreement and strengthening 2030 greenhouse gas emission objectives, decarbonization, electrification, and low-global warming potential (GWP) refrigerant evolutions.

With the increase in awareness of global warming, harmful gas emission, and other factors, the US government offers several tax credits programs that reward consumers adopting products promoting high energy savings. For this purpose, the Energy Star Program came forth, and the ENERGY STAR is awarded to products for offices and homes that are highly energy efficient.

Factors such as wellness, ventilation, indoor air quality, thermal health, and humidity are a few key pillars of healthy commercial buildings. The launch of the US Environmental Protection Agency's (EPA) Clean Air in Buildings Challenge, along with the factors mentioned earlier, makes HVAC performance and a healthy indoor environment more significant than before.

Advanced controls play an essential role in supporting HVAC system efficiency. Incorporating artificial intelligence (AI) with advanced commercial building management systems offers operators a complete set of apps to monitor and expand energy competence, asset performance, maintenance operations, and occupant satisfaction and well-being.

Commercial building managers take advantage of electric-based heating, cooling systems, and advanced controls that improve performance and competence. According to Johnson Controls, one of the prominent vendors in the energy efficiency indicator survey 2022, 62% of commercial organizations is anticipated to rise investments in energy effectiveness, renewable energy, or smart building technology in 2023.

LIST OF VENDORS

Key Vendors

• Daikin
• Carrier
• Lennox International
• Ingersoll Rand
• Johnson Controls
• Rheem Manufacturing

Other Prominent Vendors

• Honeywell
• Danfoss
• Mitsubishi Electric
• Zehnder
• S&P
• Hitachi
• Alfa Laval
• Nortek
• TCL Electronics
• Camfil
• Dunham Bush
• Backer Springfield
• Fujitsu
• Onda

SEGMENTATION

• 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
• End-User (Revenue)
• Residential
• Commercial
• Office Space
• Airport & Public Utilities
• Hospitality
• Hospitals
• Industrial & Others

MARKET STRUCTURE

• Market Dynamics
• Competitive Landscape of US HVAC
• Key Vendors
• Other Prominent Vendors

For more information about this report visit https://www.researchandmarkets.com/r/urxl3p

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