Market Size of United States HVAC Equipment & Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.21 % |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US HVAC Equipment & Services Market Analysis
The United States HVAC Equipment & Services market is expected to grow by registering a CAGR of 6.21% during the forecast period (2022 - 2027). Factors such as the increasing use of sophisticated technologies like artificial intelligence (A.I.) and the Internet of Things (IoT) are driving the use of technologically advanced products to make HVAC systems highly energy-efficient.
- The growing use of air conditioners in commercial office buildings and residential properties are some of the leading factors driving the demand for HVAC equipment and services in the country. For instance, according to the U.S. Department of Energy, about three-quarters of all homes in the United States have air conditioners.
- Additionally, air conditioners use about 6% of the total electricity produced in the United States, at an annual cost of about USD 29 billion to homeowners. Considering such trends, several initiatives are being taken to enhance the energy efficiency of air conditioning systems. For instance, in December 2021, The USA's National Renewable Energy Laboratory (NREL) received funding for two projects focused on using liquid desiccant in energy-efficient air conditioning.
- As part of this research program, NREL has partnered with Blue Frontier to develop an energy-storing efficient heating, ventilation, and air conditioning (HVAC) system. The system is expected to offer 80% energy savings by leveraging indirect evaporative air conditioning with separate humidity control.
- Although initiatives are being taken to enhance the energy efficiency of HVAC systems, the energy consumption of these devices is still high. This, along with factors such as high installation and maintenance costs, is challenging the growth of the studied market.
- The COVID-19 pandemic has significantly impacted the HVAC equipment and services market in the United States, owing to a simultaneous collapse of both the demand and supply. The vendors operating in the market experienced a fall in demand due to the closure of office buildings and several restrictions imposed by the government. However, the demand is expected to gain traction with the condition moving towards normalcy.
