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HVAC, 3rd Edition

The U.S. market for heating, ventilation and air conditioning (HVAC) manufacturing is recovering from a period of economic setback that started with the great U.S. recession of 2008. The economic downturn brought with it a stalled housing market, a stoppage of new home and commercial construction initiatives, and massive layoffs at factories that manufacture HVAC equipment.

The year 2012 represents a pivotal point for HVAC companies that are seeking to capitalize on market opportunities domestic and abroad, as well as secure long-term contracts and borrow cash at low interest rates to fund capital investments as the U.S. government continues to ignite the economic recovery by funding projects that invest in rebuilding the U.S. infrastructure.

Still, many HVAC manufacturers are greeting the end of 2012 with cautious optimism as they await the outcome of the U.S. Presidential election. SBI Energy, in its new report, HVAC 3rd Edition, finds that through 2015, HVAC manufacturing growth will remain relative flat across all categories until the next administration solidifies its economic recovery plans and begins to assertively back additional initiatives that require the latest energy-saving HVAC equipment.

This report examines the competitive and economic challenges facing U.S. manufacturers and consumers of HVAC equipment. The chapters discuss the key constituents affected by the downturn in HVAC manufacturing and profiles the leading manufacturers. We size the market based on historical data between 2002 to 2011 and forecast growth through 2022. Market sizing focuses on the various segments of U.S. HVAC manufacturing, including:

  • Heat transfer equipment (excluding room and unitary air-conditioners)
  • Room air-conditioners and dehumidifiers (excluding portable humidifiers)
  • Warm air furnaces, including duct furnaces and humidifiers, and electric comfort heating
  • Unitary air-conditioners, excluding air source heat pumps
  • Air source heat pumps, excluding room air-conditioners
  • Ground and ground water source heat pumps (single and split systems)


  • Executive Summary
    • Zero-Energy Buildings are HVAC Growth Opportunity
      • Rebound of the U.S. Housing Market
      • Home Remodeling Will Add to Growth Contributed by Construction
    • U.S. HVAC Market Valued at $14.3B
      • Table U.S. Market Value (in $ millions) of HVAC Equipment Manufacturing, 2006, 2010, 2011 and 2012
      • Table U.S. Shipment Value (in $ millions) of HVAC Manufacturing by Type of Equipment, 2012, 2016 and 2017
    • Standards Affect the HVAC Industry
    • Air Quality, Comfort, Control, and Efficiency Drive HVAC Demand
      • Indoor Air Quality (IAQ) Market Offers Growing Opportunity
      • Control Systems Offer Additional HVAC Opportunity
    • Green Technology Driving the HVAC Market
    • IAQ Market Size
      • Table U.S. Market Value (in $ millions) of Indoor Air Quality Products, 2012, 2017 and 2023
    • Sensor and Control Devices Provide Green Efficiencies
      • Table U.S. Market Value (in $ millions) of Green HVAC Monitoring and Control Devices, 2012, 2017 and 2023
    • China Dominates Global HVAC Manufacturing
      • Table Global Market Value (in $ millions) of HVAC Manufacturing by Region, 2012 to 2017
    • Energy savings in the European Union
      • Table European Market Value (in $ millions) of HVAC Manufacturing by Country, 2012 to 2017
    • Unprecedented Increase in Cost of Raw Materials
    • Programmable Thermostats Bring Greater HVAC Control
  • Introduction
    • Scope of the Report
    • Methodology
    • U.S. HVAC Market Today
    • Product Definition and Classification
    • Types of HVAC Systems
    • Types of Heating Systems
    • Green Technology Gaining Traction
    • The International HVAC Market Centers in China
    • The SEER Rating
  • Market Trends
    • Table U.S. Government Funded Projects Involving Advanced Building Control Strategies, Communications, and IT for Net-Zero Energy Buildings
    • Table U.S. Government Funded Projects for Water Heating, Residential and Commercial Appliances and Misc. Electric Loads
    • Zero-Energy Buildings are HVAC Growth Opportunity
      • Table 2015 Projected Buildings Energy End-Use Expenditure Splits (in $ billions), by Fuel Type
    • The Recovery Act Aims to Increase Building Energy Efficiency (BEC)
      • Rebound of the U.S. Housing Market
        • Table Air Conditioning Equipment by Type of Housing Unit, 2012
      • Home Remodeling Will Add to Growth Contributed by Construction
        • Table U.S. Home Remodeling Index (RMI) Trend, 2011 and 2012
    • Standards Affect the HVAC Industry
      • Measures Used to Achieve 13 SEER
    • Air Quality, Comfort, Control, and Efficiency Drive HVAC Demand
      • Indoor Air Quality (IAQ) Market Offers Growing Opportunity
      • IAQ Standards: AINSI/ASHRAE Standards 62-200 and 55-2004
      • Control Systems Offer Additional HVAC Opportunity
      • Communication Improvements in HVAC Control
      • OBIX: Networking HVAC
    • Programmable Thermostats Bring Greater HVAC Control
  • Market Size
    • Table U.S. Market Value (in $ millions) of HVAC Equipment Manufacturing, 2006, 2010, 2011 and 2012
    • Table U.S. Shipment Value (in $ millions) of HVAC Manufacturing by Type of Equipment, 2006, 2010, 2011 and 2012
    • Table U.S. Shipment Value (in total units) of HVAC Manufacturing by Type of Equipment, 2006, 2010, 2011 and 2012
    • Table Cost Per Unit of HVAC Equipment Manufacturing, 2006, 2010, 2011 and 2012
    • Table U.S. Shipment Value (in $ millions) of HVAC Manufacturing, by Equipment Category, 2006, 2010, 2011 and 2012
    • Table U.S. Shipment Value (in Units) of HVAC Manufacturing, by Equipment Category, 2006, 2010, 2011 and 2012
    • Table U.S. Market Value (in $ millions) of HVAC Equipment Manufacturing, 2012 to 2017
    • Table U.S. Shipment Value (in $ millions) of HVAC Manufacturing by Type of Equipment, 2012, 2016 and 2017
    • Table U.S. Shipment Value (in units) of HVAC Manufacturing by Type of Equipment, 2012, 2016 and 2017
    • Table Cost Per Unit of HVAC Equipment Manufacturing, 2012, 2016 and 2017
    • Table U.S. Shipment Value (in $ millions) of HVAC Manufacturing, by Equipment Category, 2012, 2016 and 2017
    • Table U.S. Shipment Value (in units) of HVAC Manufacturing, by Equipment Category, 2012, 2016 and 2017
    • Green Technology Driving the HVAC Market
      • Table Total 2012 Cost Comparison of Geothermal Heat Pumps and Oil-fired Furnace and Electric Air Conditioner
      • Table U.S. Shipments of Geothermal Heat Pumps by Model Type, 1997 to 2023
    • IAQ Market Size
      • Table U.S. Market Value (in $ millions) of Indoor Air Quality Products, 2012, 2017 and 2023
    • Sensor and Control Devices Provide Green Efficiencies
      • Table U.S. Market Value (in $ millions) of Green HVAC Monitoring and Control Devices, 2012, 2017 and 2023
    • China Dominates Global HVAC Manufacturing
      • Table Global Market Value (in $ millions) of HVAC Manufacturing by Region, 2012 to 2017
      • Table Global Market Value (in $ millions) of HVAC Manufacturing by Region, 2018 to 2023
      • Table Asian Market Value (in $ millions) of HVAC Manufacturing by Country, 2012 to 2017
      • Table Market Value (in $ millions) of HVAC Manufacturing in Asia, 2018 to 2023
      • Table China Market Value (in $ millions) of HVAC Manufacturing by Type of Equipment, 2012 to 2017
      • Table China Market Value (in $ millions) of HVAC Manufacturing by Type of Equipment, 2018 to 2023
      • Energy savings in the European Union
        • Table European Market Value (in $ millions) of HVAC Manufacturing by Country, 2012 to 2017
        • Table European Market Value (in $ millions) of HVAC Manufacturing by Country, 2018 to 2023
    • China Leads U.S. HVAC Import Market
      • Table Value of U.S. Imports (in $ thousands) of HVAC Manufacturing, 2006, 2010, 2011 and 2012
      • Table U.S. Import Value (in $ thousands) of Air Conditioners, Window or Wall Type, Self-Contained, Less than 2.93 KW per Hour, 2006, 2010, 2011 and 2012
      • Table U.S. Import Value (in $ thousands) of Air Conditioners, Window or Wall Type, Self-Contained, 4.98 KW-HR or Greater
      • Table U.S. Imports (in $ thousands) of Air Conditioners, Window or Wall Type, Self-Contained, 2.93 KW-HR or Greater But Less than 4.98KW-HR, 2006, 2010, 2011 and 2012
      • Table U.S. Imports (in $ thousands) of Air Conditioning Machines, Window or Wall Type, Not Self-Contained, NESOI, 2006, 2010, 2011 and 2012
      • Table U.S. Imports (in $ thousands) of Air Conditioners, Incorporating a Refrigerating Unit and a Valve for Reversal of the Cooling/Heat Cycle, except Self-Contained, NESOI, 2006, 2010, 2011 and 2012
      • Table U.S. Imports (in $ thousands) of Air Humidifiers or Dehumidifiers, Not Incorporating a Refrigerating Unit, 2006, 2010, 2011 and 2012
      • Table Value of U.S. Exports (in $ thousands) of HVAC Manufacturing by Country, 2006, 2010, 2011 and 2012
    • Canada and Mexico Are Leading Export Nations
      • Table U.S. Exports (in $ thousands) of Air Conditioners, Window or Wall Type, Self-Contained, Less than 2.93 kW-hr, 2006, 2010, 2011 and 2012
      • Table U.S. Exports (in $ thousands) of Air Conditioners, Window or Wall Type, Self-Contained, 4.98 KW-HR or Greater, 2006, 2010, 2011 and 2012
      • Table U.S. Exports of Air Conditioners, Window or Wall Type, Self-Contained, 2.93 KW-HR or Greater but less than 4.98 KW-HR, 2006, 2010, 2011 and 2012
      • Table U.S. Exports (in $ thousands) of Air Conditioners, Year-Round Units, 2006, 2010, 2011 and 2012
      • Table U.S. Exports (in $ thousands) of Air Humidifiers or Dehumidifiers, 2006, 2010, 2011 and 2012
    • Rising Prices Heat Up HVAC Market
      • Table U.S. Market Value (in $ millions) of HVAC Manufacturing, 2018, 2022 and 2023
      • Table U.S. Market Value (in $ millions) of HVAC Manufacturing by Type of Equipment, 2018, 2022 and 2023
      • Table U.S. Market Value (in units) of HVAC Manufacturing by Equipment Category, 2018, 2022 and 2023
    • Unprecedented Increase in Cost of Raw Materials
      • Table U.S. Market Value (in $ millions) of HVAC Manufacturing by Type of Equipment, 2018, 2022 and 2023
      • Table U.S. Market Value (in units) of HVAC Manufacturing by Type of Equipment, 2018, 2022 and 2023
  • Manufacturer Profiles
    • Aaon
    • Carrier
    • Continental Materials Corp.
    • Daiken Group (Goodman Global)
    • Ingersoll-Rand (Trane)
    • Johnson Controls
      • Lennox International
    • Watsco
  • Consumer Market
    • Air Conditioned Space Increases Since 1992
    • Residential Heating Options
    • Decreased Construction Leads to Fewer HVAC Installations
    • Commercial HVAC Sector has Different Needs
    • Employment Outlook for HVAC

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