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.Heating up: Recovering nonresidential construction activity is expected to support industry growth
Table of Contents
ABOUT THIS INDUSTRY
INDUSTRY PERFORMANCE
PRODUCTS & MARKETS
COMPETITIVE LANDSCAPE
OPERATING CONDITIONS
KEY STATISTICS
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Trane Technologies Plc
- Carrier Global Corporation
- Johnson Controls International Plc
- Gentherm Incorporated
- Lennox International Inc.
- AP Moller - Maersk Group
- Harbor Freight Tools Usa, Inc.
- Daikin Industries Ltd
- System Inc.
- Nederman Holding AB
- Legacy Chiller Systems Inc.
- Camfil
- True Manufacturing Co. Inc.
- Donaldson Company, Inc.
- Morris Group International Inc.
- Petra Engineering Industries Co.
- Mann+Hummel GmbH
- NIBE Industrier AB
- Aaon, Inc.
- Delta Electronics, Inc.
- Elkay Manufacturing Company
- Hoshizaki Corporation
- Lasko Products LLC
- Helen of Troy Limited
- Protect Plus Air Holdings, Llc
- Helmer, Inc.
- Everidge, Inc.
- Klinge Corporation
- The Bard Manufacturing Company, Inc.
- American Warming and Ventilating
- Arnold Refrigeration Inc.
- Allied Supply Company, Inc.
- Craig Industries Inc.
- Bunn-O-Matic Corporation
- Illinois Blower Inc.
- D & K Group, Inc.
- Excel Dryer Inc.
- Oasis International Inc.
- Jan-Air Inc.
- SRC Refrigeration Inc.
- Climatic Testing Systems, Inc.
- Motivair Corporation
- Cool-Rite Cooler Company Inc.
- Arctic Industries Inc.
- Uline, Inc.
- AGET Manufacturing Co.
- Mitsubishi Electric Corp
- Sylvane, Inc.
- Austin Air Systems Limited
- Dry Coolers Inc.
- Emco Corporation
- Filtrine Manufacturing Company
- Exair Corporation
- Paloma Co. Ltd.
- Petersen Manufacturing Company Inc.
- Mediclinics S.A.
- The Baker Company, Inc.
- TPI Corporation
- Haws Corporation
- Mars Air Systems LLC
- Powered Aire Inc.
- Kully Supply Inc.
- Air Science USA LLC
- Carrier Process Equipment Group, Inc.
- US Cooler
- Foxx Equipment Company
- Nv5 Global, Inc.
- Chase Doors
- ASI American Specialties Inc.
- KCH Services Inc.
- Delta T LLC
- Polypipe Group plc
- Air Master Systems Corp.
- Baileigh Industrial Holdings LLC
Methodology
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