Newark, June 13, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 22 billion in 2022 US HVAC systems market will reach USD 43.27 billion by 2032. Life automation and digitization are linked to modern lifestyles. Smart technologies have been developed due to technological development and product innovation, enhancing the quality of life. Over the past ten years, the development and growth of HVAC systems have been aided by rising consumer disposable income and falling HVAC retail costs. Electronic equipment like HVAC systems is in greater demand. Given the presence of numerous market players, these systems' rising availability and affordability also contribute to the industry's expansion. The government's campaign to raise awareness of energy-efficient HVAC systems has also accelerated the market's growth. Strong government accountability measures supporting green product development will open up lucrative market prospects.
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Key Insight of the US HVAC systems market
In 2022, the cooling segment dominated the market with the largest market share of 49% and market revenue of 10.78 billion.
The product type segment is divided into heating, cooling and ventilation. In 2022, the cooling segment dominated the market with the largest market share of 49% and market revenue of 10.78 billion.
In 2022, the commercial segment dominated the market with the largest market share of 43% and market revenue of 9.46 billion.
The end-user segment is divided into commercial, residential and industrial. In 2022, the commercial segment dominated the market with the largest market share of 43% and market revenue of 9.46 billion.
Advancement in market
May 2023 – A ribbon-cutting ceremony was held to commemorate the opening of the Distribution and Training Centre in Florence, New Jersey, for Mitsubishi Electric Trane HVAC US LLC, a well-known supplier of heat pump and air conditioning systems. This new 400,000-square-foot plant, situated close to the New Jersey and Pennsylvania Turnpikes, aims to improve the company's supply chain and offer effective heat pump distribution to the Northeastern United States.
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Market Dynamics
Drivers: The growing climate change crisis.
Climate change has worsened over the past century, with the worst temperatures ever recorded. This is due to the rising temperatures brought on by global warming. States now have higher mercury levels due to global warming. Additionally, mercury levels have been brought down to levels below average. The demand for HVAC systems has expanded due to the significant temperature changes. Additionally, industrial accidents, other environmental problems, and rising air pollution in metropolitan areas have all contributed to deteriorating air quality, raising the demand for HVAC systems. As a result, rising temperatures and temperature swings will propel the US HVAC systems industry.
Restraints: The high maintenance needs of HVAC systems.
HVAC systems must be routinely maintained because they operate 24 hours a day and require correct maintenance regularly. To keep it functioning at its best, they require occasional professional attention. However, users' ignorance, carelessness, and disregard frequently cause HVAC systems to malfunction. Sales are impacted, and the brand's reputation suffers, impeding the market's expansion.
Opportunities: The development of energy-efficient systems.
The need for HVAC systems has increased due to the climate change crisis. However, there is a focus on using sustainable and energy-efficient HVAC systems to promote a greener economy. The rising demand for energy-efficient HVAC systems is also a result of consumers' growing understanding. The development of HVAC technology that is energy efficient is also encouraged by government policies, rules, and regulations. Private sector participants are also investing in green HVAC technologies to keep their clients, grow their market share, and meet the increased demand for energy-efficient systems. Therefore, the growth of HVAC systems in the US throughout the projection period will be influenced by the development of energy-efficient systems.
Challenge: The increasing instances of HVAC systems Failures.
The HVAC system installation requires professionals. They also need an uninterrupted power supply. The increasing instances of storms, rains and cyclones increase the risk of system failures, power outages and grid breakdowns, which are difficult to fix and take a significant amount of time. The lack of backups or fail-safes and other preventive systems to avoid system failures increase the instances of HVAC systems failures which will challenge the market's growth by shrinking the market space.
Market Scope
| Base Year | 2022 |
| Forecast period | 2023-2032 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America and Latin America |
| Market Size(unit) | USD Billion |
| US HVAC Systems Market CAGR | 7% |
| Segments Covered | Product Type and End User |
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Some of the major players operating in the US HVAC systems market are:
• Carrier Corporation
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Haier Group
• Johnson Controls International plc
• L.G. Electronics
• Lennox International, Inc.
• Mitsubishi Electric Inc.
• Rheem Manufacturing Company
• Trane Technologies
Key Segments cover in the market:
By Product Type
• Heating
• Cooling
• Ventilation
By End User
• Commercial
• Residential
• Industrial
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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