U.S. HVAC Programs Market Future Demand, Enterprise Methods,…
(MENAFN- GetNews) According to a new report released by Grand View Research, the availability of highly efficient equipment, extreme climates and increasing construction activity are the main drivers of the country’s demand for HVAC (Heating, Ventilation, and Air Conditioning).
the US market for HVAC systems Size is expected to reach $ 23.78 billion by 2028 , according to a new study by Grand View Research Inc. It is expected to a. to expand 6.0% CAGR from 2021 to 2028 . Changing climatic conditions are the main driver of the demand for HVAC (Heating, Ventilation, and Air Conditioning) in the country. In addition, the introduction of technologically advanced systems that provide intelligent connectivity and remote control is expected to be a major contributor to market growth.
Strict government regulations to reduce energy consumption and CO2 emissions from HVAC systems are expected to play a critical role in market growth. To help consumers make an informed choice, the US government introduced the Energy Star program, which provides energy ratings that show the efficiency performance and savings for each product. Such programs, coupled with the active efforts of HVAC suppliers to offer energy efficient products, are expected to spur the growth of energy efficient appliances over the forecast period.
The market for HVAC systems in the USA is characterized by intense competition, with several large players dominating the market. Companies pursue different strategies to assert themselves in the market. For example, Carrier Corporation, a name popular with consumers, completed its separation from United Technologies Corporation (UTC) in April 2020. The independent operation will help Carrier Corporation improve its product offering and geographic footprint, thereby enhancing its market presence.
Despite all of the above benefits and efforts, high installation and maintenance costs, coupled with the complexity of retrofitting HVAC systems, are expected to challenge market growth. However, companies are offering discounted repair and maintenance services to attract customers and promote HVAC sales across the country. In addition, government regulations to eliminate the use of refrigerants such as R-22 or HCFC-22 in refrigeration systems are expected to boost sales of newer systems over the next seven years.
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US HVAC Systems Market Report Highlights
• In 2020, cooling systems held the largest share of sales with over 55%. The high proportion of sales is due to the fact that the USA is one of the leading consumers of air conditioning systems worldwide
• Due to the increase in office space, hospitals, hotels and other commercial buildings, the commercial sector is expected to experience the strongest growth of 6.6% from 2021 to 2028
• The large population is the main factor behind the high revenue share and high CAGR of the western region
• Companies operating in the market invest heavily in research and development in order to offer a technologically advanced product in order to beat the market competition through product differentiation
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US HVAC system market segmentation
Grand View Research has segmented the US HVAC systems market by product, end use, and region:
U.S. HVAC Product Outlook (Revenue, $ Billion, 2017-2028)
• Heater
• ventilation
• cooling
US HVAC End Use Outlook (Revenue, $ Billion, 2017-2028)
• Living
• Advertising
• Industry
Regional Outlook for US HVAC System (Revenue, $ Billion, 2017-2028)
• Northeast
• South-East
• Middle West
• Southwest
• West
List of major players in the US HVAC (heating, ventilation, and air conditioning) systems market
• Transport companies
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Johnson Controls International plc
• Lennox International, Inc.
• Trane technologies
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HVAC systems market Report on size, share and trend analysis by product (ventilation, heating, cooling), by end use (residential, commercial, industrial), by region (APAC, North America) and segment forecasts, 2021-2028
Via Grand View Research
Grand View Research is a market research and advisory firm that provides market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from different domains. The clientele is based in different countries and has inquiries from more than 50 industries worldwide.
Grand View Research helps its clients make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research conducts more than 300 cross-border market studies to optimize advice for customers.
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