Opportunities for the US HVAC equipment market to reach $17.5 billion by 2022
According to a new market report published by Lucintel, the future of the US HVAC (heating, ventilation and air conditioning) equipment market looks good with opportunities in the residential and commercial construction industry. The US HVAC equipment market is expected to reach an estimated $17.5 billion by 2022 and it is forecast to grow at a CAGR of 3.4% from 2017 to 2022.
The major drivers of growth are higher rate of building renovation and federal tax credits offered in the US to make existing facilities energy efficient and to control greenhouse gas emissions.
In this market, furnace, heat pumps, central AC, and room AC are the segments by product type.
Within the US HVAC equipment market, residential is expected to remain the largest segment during the forecast period. Increasing housing starts and increasing penetration of air conditioners are the major driving force that will spur growth for this segment over the forecast period.
For business expansion, Lucintel’s report suggests innovation and new product development, particularly in terms of energy-efficiency, high performance and environmental friendly; to make more efficient HVAC equipment.
Emerging trends, which have a direct impact on the dynamics of the market, include the increasing usage of green HVAC, increasing usage of air purification technology, and increasing usage of smart thermostat. Lennox, Johnson Controls Inc., Daikin Industries, Ingersoll Rand Plc, and UTC (United Technology and Corporation) are the major manufacturers of the HVAC equipment in the US.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the US HVAC equipment market by end use, and product type and has compiled a comprehensive research report entitled “Growth Opportunities in the US HVAC Equipment Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a springboard for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the US HVAC equipment market by product type, and end use as follows:
By Product Type [Volume (M units) and Value ($ million) from 2011 to 2022]:
- Heat Pump
- Central AC
- Room AC
By End Use [Volume (M units) and Value ($ million) from 2011 to 2022]:
This 131-page research report will enable you to make confident business decisions in this globally competitive marketplace.
For more information:Make an Inquiry about this report HERE!