Heating & Air Conditioning Equipment Manufacturing in the US - Industry Market Research Report

Heating & Air Conditioning Equipment Manufacturing in the US - Industry Market Research Report

Heating & Air Conditioning Equipment Manufacturing in the US

The Heating and Air Conditioning Equipment Manufacturing industry manufactures residential, commercial and industrial heating, ventilation, air conditioning and refrigeration (HVACR) equipment. Rock-bottom interest rates and rising per capita disposable income have led to a sharp expansion of residential construction activity, bolstering industry sales, as HVACR equipment is required in most new buildings to regulate climate and provide ventilation. As disposable income has increased, consumers have had more funds to invest in home improvements, including HVACR upgrades. Conversely, the value of private nonresidential construction, a significant market for new HVACR equipment, has been hampered by reduced demand for commercial space throughout the COVID-19 pandemic, which resulted in severe economic disruptions. As a result of these trends, industry revenue declined 1.6% in 2020 alone, although revenue has surged back since 2021. Cumulatively, these disparate trends are projected to push the industry to growth, with revenue rising an average annual 1.9% to $58.4 billion over the past five years. In 2023, revenue will contract a slight 0.2%.

Companies in this industry manufacture residential, commercial and industrial heating, ventilation, air conditioning and refrigeration (HVACR) equipment. Industry revenue includes miscellaneous receipts for the resale of products without further manufacturing, contract work done for others on respective items and acknowledgements for repair, scrap and refuse sales. Automotive units are excluded from this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.