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HVAC Equipment

HVAC Equipment

US demand for heating, ventilation, and air conditioning (HVAC) equipment is forecast to increase 3.9% per year through 2023 to $25.1 billion, a deceleration from the rate of the 2013-2018 period due to two main factors:
Moderating replacement sales, as pent up demand following the Great Recession has been alleviated.

Slowing building construction, which will reduce the number of HVAC systems installed in new buildings.

The majority of expected demand increases will continue to stem from the replacement of existing equipment that has reached the end of its operational lifespan with better performing, and typically higher value, equipment.

HVAC Equipment Products covered in this report include:
Air conditioning equipment, including unitary air conditioners, room air conditioners, packaged terminal air conditioners, chillers, and absorption chillers
Heating equipment, including warm air furnaces, boilers, and room and zone heating equipment
Heat pumps, including air source and geothermal types
Dehumidifiers and humidifiers

Markets for HVAC equipment include:
Commercial buildings
Residential buildings
Demand is also broken out by US Census regions:
Northeast
Midwest
South
West

Scope of the Report
This Freedonia industry study analyzes the $20.7 billion US HVAC equipment industry. It presents historical demand data (2008, 2013, and 2018) and forecasts (2023) by product (air conditioning equipment, heating equipment, heat pumps, dehumidifiers & humidifiers), market (commercial buildings, residential buildings), and US region (Northeast, Midwest, South, West). The study also evaluates company market and competitive analysis on industry competitors including Daikin, Ingersoll-Rand, Johnson Controls, Lennox, LG Electronics, Nortek, Rheem, SPX, and United Technologies.


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

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