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HVAC Equipment

  • ID: 4532922
  • Report
  • April 2019
  • Region: Global, Global
  • 257 Pages
  • The Freedonia Group
1 of 5

FEATURED COMPANIES

  • Daikin
  • Ingersoll-Rand
  • Johnson Controls
  • Lennox
  • LG Electronics
  • Nortek
  • MORE
HVAC Equipment

US demand for heating, ventilation, and air conditioning (HVAC) equipment is forecast to increase 3.9% per year through 2023 to $25.1 billion, a deceleration from the rate of the 2013-2018 period due to two main factors:

Moderating replacement sales, as pent up demand following the Great Recession has been alleviated.

Slowing building construction, which will reduce the number of HVAC systems installed in new buildings.

The majority of expected demand increases will continue to stem from the replacement of existing equipment that has reached the end of its operational lifespan with better performing, and typically higher value, equipment.

HVAC Equipment Products covered in this report include:

Air conditioning equipment, including unitary air conditioners, room air conditioners, packaged terminal air conditioners, chillers, and absorption chillers

Heating equipment, including warm air furnaces, boilers, and room and zone heating equipment

Heat pumps, including air source and geothermal types

Dehumidifiers and humidifiers

Markets for HVAC equipment include:

Commercial buildings

Residential buildings

Demand is also broken out by US Census regions:

Northeast

Midwest

South

West

Scope of the Report

This Freedonia industry study analyzes the $20.7 billion US HVAC equipment industry. It presents historical demand data (2008, 2013, and 2018) and forecasts (2023) by product (air conditioning equipment, heating equipment, heat pumps, dehumidifiers & humidifiers), market (commercial buildings, residential buildings), and US region (Northeast, Midwest, South, West). The study also evaluates company market and competitive analysis on industry competitors including Daikin, Ingersoll-Rand, Johnson Controls, Lennox, LG Electronics, Nortek, Rheem, SPX, and United Technologies.
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Daikin
  • Ingersoll-Rand
  • Johnson Controls
  • Lennox
  • LG Electronics
  • Nortek
  • MORE
1. EXECUTIVE SUMMARY
2. OVERVIEW
Key Findings
Factors Influencing HVAC Equipment Demand
Considerations Influencing HVAC Equipment Purchases
Energy Costs
Energy Efficiency
Tax Credits
Refrigerant Regulations
Pricing Trends
Historical Demand Trends
HVAC Equipment Supply & Demand
Demand by Product Type
Shipments by Product Type
Trade
Imports by Source
Exports by Destination
Demand by Market
Demand by Region
3. AIR CONDITIONING EQUIPMENT
Key Findings
Historical Trends
Supply & Demand
Products
Demand by Product
Unitary Air Conditioners
Scope & Product Description
Supply & Demand
Demand by Type (Split vs. Packaged)
Room Air Conditioners
Packaged Terminal Air Conditioners
Scope & Product Description
Supply & Demand
Chillers
Absorption Chillers
Markets
Demand by Market & Segment
Commercial Buildings
Demand by Product
Demand by Segment (New vs. Existing Buildings)
Demand by Building Type
Residential Buildings
Demand by Product
Demand by Segment (New vs. Existing Buildings)
Demand by Building Type
Regions
Demand by Region
Northeast
Midwest
South
West
Market Share
4. HEATING EQUIPMENT
Key Findings
Historical Trends
Supply & Demand
Demand by Energy Source
Products
Demand by Product
Warm Air Furnaces
Supply & Demand
Demand by Energy Source
Boilers
Supply & Demand
Demand by Type (Cast Iron vs. Steel)
Room & Zone Heating Equipment
Supply & Demand
Demand by Energy Source
Markets
Demand by Market & Segment
Commercial Buildings
Commercial Demand by Product
Commercial Demand by Segment (New vs. Existing Buildings)
Commercial Demand by Building Type
Residential Buildings
Demand by Product
Demand by Segment (Existing vs. New Buildings)
Demand by Building Type
Regions
Demand by Region
Northeast
Midwest
South
West
Market Share
5. HEAT PUMPS
Key Findings
Historical Trends
Supply & Demand
Products
Demand by Product
Air Source Heat Pumps
Air Source Demand by Type (Split vs. Packaged)
Air Source Demand by Energy Source
Geothermal Heat Pumps
Scope & Product Description
Demand by Type (Closed vs. Open Loop)
Markets
Demand by Market
Commercial Buildings
Commercial Demand by Segment (Existing vs. New Buildings)
Commercial Demand by Building Type
Residential Buildings
Demand by Segment (Existing vs. New Buildings)
Demand by Building Type
Regions
Demand by Region
Northeast
Midwest
South
West
Market Share
6. DEHUMIDIFIERS & HUMIDIFIERS
Key Findings
Historical Trends
Supply & Demand
Demand by Product
Markets
Demand by Market
Commercial Buildings
Residential Buildings
Demand by Region
Leading Suppliers
7. INDUSTRY STRUCTURE
Key Findings & Industry Composition
Market Share
Competitive Strategies
Research & Development
Marketing
Distribution
Cooperative Agreements
Mergers & Acquisitions
List of Industry Participants
8. APPENDIX
Scope
Definitions
Abbreviations
Freedonia Methodology
Study-Specific Methodology
Sources
Associations & Agencies
Related Studies & Reports
Climate Zones
Macroeconomic Assumptions
Economic Environment
Demographic Trends
Consumer Spending
Building Construction
Residential Building Construction
Housing Completions
Housing Stock
Residential Improvements & Repairs
Commercial Building Construction
Commercial Building Improvements & Repairs
LIST OF TABLES
2. OVERVIEW
Table 2-1 - Average Retail Energy Costs in the US by Type, 2008 – 2023 (dollars per
million Btu)
Table 2-2 - HVAC Equipment Pricing Trends, 2008 – 2023 (dollars per unit)
Table 2-3 - HVAC Equipment Demand by Product Type, 2008 – 2023 (million dollars
& thousand units)
Table 2-4 - HVAC Equipment Shipments by Product Type, 2008 – 2023
(million dollars)
Table 2-5 - Foreign Trade in HVAC Equipment, 2008 – 2023 (million dollars)
Table 2-6 - HVAC Equipment Imports by Source, 2008 – 2018 (million dollars)
Table 2-7 - HVAC Equipment Exports by Destination, 2008 – 2018 (million dollars)
Table 2-8 - HVAC Equipment Demand by Market, 2008 – 2023 (million dollars)
Table 2-9 - HVAC Equipment Demand by Region, 2008 – 2023 (million dollars)
3. AIR CONDITIONING EQUIPMENT
Table 3-1 - Air Conditioning Equipment Supply & Demand, 2008 – 2023
(million dollars)
Table 3-2 - Air Conditioning Equipment Demand by Product, 2008 – 2023
(million dollars & thousand units)
Table 3-3 - Unitary Air Conditioner Supply & Demand, 2008 – 2023 (million dollars)
Table 3-4 - Unitary Air Conditioner Demand by Type, 2008 – 2023 (million dollars &
thousand units)
Table 3-5 - Room Air Conditioner Supply & Demand, 2008 – 2023 (million dollars &
thousand units)
Table 3-6 - Packaged Terminal Air Conditioner Supply & Demand, 2008 – 2023
(million dollars & thousand units)
Table 3-7 - Chiller Supply & Demand, 2008 – 2023 (million dollars & units)
Table 3-8 - Absorption Chiller Supply & Demand, 2008 – 2023 (million dollars & units)
Table 3-9 - Air Conditioning Equipment Demand by Market & Segment, 2008 – 2023
(million dollars)
Table 3-10 - Commercial Air Conditioning Equipment Demand by Product, 2008 –
2023 (million dollars)
Table 3-11 - Commercial Air Conditioning Equipment Demand by Segment, 2008 –
2023 (million dollars & thousand units)
Table 3-12 - Commercial Air Conditioning Equipment Demand by Building Type, 2008
– 2023 (million dollars)
Table 3-13 - Residential Air Conditioning Equipment Demand by Product, 2008 –
2023 (million dollars)
Table 3-14 - Residential Air Conditioning Equipment Demand by Segment, 2008 –
2023 (million dollars & thousand units)
Table 3-15 - Residential Air Conditioning Equipment Demand by Building Type, 2008
– 2023 (million dollars)
Table 3-16 - Air Conditioning Equipment Demand by Region, 2008 – 2023
(million dollars)
Table 3-17 - Northeast: Air Conditioning Equipment Demand by Product & Market,
2008 – 2023 (million dollars)
Table 3-18 - Midwest: Air Conditioning Equipment Demand by Product & Market,
2008 – 2023 (million dollars)
Table 3-19 - South: Air Conditioning Equipment Demand by Product & Market, 2008
– 2023 (million dollars)
Table 3-20 - West: Air Conditioning Equipment Demand by Product & Market, 2008 –
2023 (million dollars)
4. HEATING EQUIPMENT
Table 4-1 - Heating Equipment Supply & Demand, 2008 – 2023 (million dollars)
Table 4-2 - Heating Equipment Demand by Energy Source, 2008 – 2023
(million dollars)
Table 4-3 - Heating Equipment Demand by Product, 2008 – 2023 (million dollars &
thousand units)
Table 4-4 - Warm Air Furnace Supply & Demand, 2008 – 2023 (million dollars)
Table 4-5 - Warm Air Furnace Demand by Energy Source, 2008 – 2023 (million dollars
& thousand units)
Table 4-6 - Boiler Supply & Demand, 2008 – 2023 (million dollars)
Table 4-7 - Boiler Demand by Type & Energy Source, 2008 – 2023 (million dollars &
thousand units)
Table 4-8 - Room & Zone Heating Equipment Supply & Demand, 2008 – 2023
(million dollars)
Table 4-9 - Room & Zone Heating Equipment Demand by Energy Source, 2008 – 2023
(million dollars & thousand units)
Table 4-10 - Selected Commercial & Residential Building Applications for Room &
Zone Heating Equipment
Table 4-11 - Heating Equipment Demand by Market & Segment, 2008 – 2023
(million dollars)
Table 4-12 - Commercial Heating Equipment Demand by Product, 2008 – 2023
(million dollars)
Table 4-13 - Commercial Heating Equipment Demand by Segment, 2008 – 2023
(million dollars & thousand units)
Table 4-14 - Commercial Heating Equipment Demand by Building Type, 2008 – 2023
(million dollars)
Table 4-15 - Residential Heating Equipment Demand by Product, 2008 – 2023
(million dollars)
Table 4-16 - Residential Heating Equipment Demand by Segment, 2008 – 2023
(million dollars & thousand units)
Table 4-17 - Residential Heating Equipment Demand by Building Type, 2008 – 2023
(million dollars)
Table 4-18 - Heating Equipment Demand by Region, 2008 – 2023 (million dollars)
Table 4-19 - Northeast: Heating Equipment Demand by Product & Market, 2008 –
2023 (million dollars)
Table 4-20 - Midwest: Heating Equipment Demand by Product & Market, 2008 –
2023 (million dollars)
Table 4-21 - South: Heating Equipment Demand by Product & Market, 2008 – 2023
(million dollars)
Table 4-22 - West: Heating Equipment Demand by Product & Market, 2008 – 2023
(million dollars)
5. HEAT PUMPS
Table 5-1 - Heat Pump Supply & Demand, 2008 – 2023 (million dollars)
Table 5-2 - Heat Pump Demand by Product, 2008 – 2023 (million dollars &
thousand units)
Table 5-3 - Air Source Heat Pump Demand by Type, 2008 – 2023 (million dollars &
thousand units)
Table 5-4 - Air Source Heat Pump Demand by Energy Source, 2008 – 2023
(million dollars)
Table 5-5 - Geothermal Heat Pump Demand by Type, 2008 – 2023 (million dollars &
thousand units)
Table 5-6 - Heat Pump Demand by Market & Segment, 2008 – 2023 (million dollars)
Table 5-7 - Commercial Heat Pump Demand by Segment, 2008 – 2023 (million dollars
& thousand units)
Table 5-8 - Commercial Heat Pump Demand by Building Type, 2008 – 2023
(million dollars)
Table 5-9 - Residential Heat Pump Demand by Segment, 2008 – 2023 (million dollars
& thousand units)
Table 5-10 - Residential Heat Pump Demand by Building Type, 2008 – 2023
(million dollars)
Table 5-11 - Heat Pump Demand by Region, 2008 – 2023 (million dollars)
Table 5-12 - Northeast: Heat Pump Demand, 2008 – 2023 (million dollars)
Table 5-13 - Midwest: Heat Pump Demand, 2008 – 2023 (million dollars)
Table 5-14 - South: Heat Pump Demand, 2008 – 2023 (million dollars)
Table 5-15 - West: Heat Pump Demand, 2008 – 2023 (million dollars)
6. DEHUMIDIFIERS & HUMIDIFIERS
Table 6-1 - Dehumidifier & Humidifier Supply & Demand, 2008 – 2023
(million dollars)
Table 6-2 - Dehumidifier & Humidifier Demand, 2008 – 2023 (million dollars &
thousand units)
Table 6-3 - Dehumidifier & Humidifier Demand by Market, 2008 – 2023
(million dollars)
Table 6-4 - Commercial Dehumidifier & Humidifier Demand by Segment & Building
Type, 2008 – 2023 (million dollars & thousand units)
Table 6-5 - Residential Dehumidifier & Humidifier Demand by Segment & Building
Type, 2008 – 2023 (million dollars & thousand units)
Table 6-6 - Dehumidifier & Humidifier Demand by Region, 2008 – 2023
(million dollars)
7. INDUSTRY STRUCTURE
Table 7-1 - HVAC Equipment Sales by Company, 2018 (million dollars)
Table 7-2 - Research & Development Spending for Selected HVAC Equipment
Companies, 2018 (million dollars)
Table 7-3 - Selected Cooperative Agreements
Table 7-4 - Selected Mergers & Acquisitions
8. APPENDIX
Table 8-1 - Study Scope: HVAC Equipment Markets
Table 8-2 - Study Scope: US Regions
Table 8-3 - Relevant Industry Codes
Table 8-4 - Relevant HS Codes
Table 8-5 - Acronyms Used in Study
Table 8-6 - US Macroeconomic Indicators, 2008 – 2023 (billion 2012 dollars)
Table 8-7 - US Population & Households, 2008 – 2023 (million persons)
Table 8-8 - US Personal Consumption Expenditures, 2008 – 2023 (billion dollars)
Table 8-9 - Building Construction Expenditures, 2008 – 2023 (billion dollars)
Table 8-10 - Residential Building Construction Expenditures, 2008 – 2023
(billion dollars)
Table 8-11 - New Housing Indicators, 2008 – 2023 (thousand units)
Table 8-12 - Housing Stock by Type, 2008 – 2023 (million units)
Table 8-13 - Residential Improvement & Repair Expenditures, 2008 – 2023
(billion dollars)
Table 8-14 - Commercial Building Construction Expenditures, 2008 – 2023
(billion dollars)
Table 8-15 - Commercial Building Improvement & Repair Expenditures, 2008 – 2023
(billion dollars)
LIST OF FIGURES
1. EXECUTIVE SUMMARY
Figure 1-1 - US HVAC Equipment Demand
2. OVERVIEW
Figure 2-1 - Key Trends in the US HVAC Equipment Market
Figure 2-2 - Average Retail Energy Costs in the US, 2003 – 2018 (dollars per million
Btu)
Figure 2-3 - HVAC Equipment Pricing Trends, 2008 – 2023 (% CAGR)
Figure 2-4 - HVAC Equipment Demand, 2005 – 2018 (million dollars)
Figure 2-5 - HVAC Equipment Value Demand, 2006 – 2023 (percent annual change)
Figure 2-6 - HVAC Equipment Shipments Share by Product Type, 2018 (billion dollars)
Figure 2-7 - US Foreign Trade in HVAC Equipment, 2005 – 2018 (million dollars)
Figure 2-8 - HVAC Equipment Imports by Source, 2008 – 2018 (million dollars)
Figure 2-9 - HVAC Equipment Exports by Destination, 2008 – 2018 (million dollars)
Figure 2-10 - US States by Regions & Subregions
3. AIR CONDITIONING EQUIPMENT
Figure 3-1 - US Air Conditioning Equipment Trends
Figure 3-2 - Air Conditioning Equipment Demand, 2005 – 2018 (million dollars)
Figure 3-3 - US Foreign Trade in Air Conditioning Equipment, 2005 – 2018
(million dollars)
Figure 3-4 - Air Conditioning Equipment Demand Share by Product, 2018
(billion dollars & million units)
Figure 3-5 - Unitary Air Conditioner Value Demand, 2006 – 2018
(percent annual change)
Figure 3-6 - Unitary Air Conditioner Value Demand Share by Type, 2008 – 2023
(million dollars)
Figure 3-7 - Room Air Conditioner Share of Air Conditioning Equipment Demand,
2018 (billion dollars & million units)
Figure 3-8 - Packaged Terminal Air Conditioner Value Demand, 2006 – 2018
(percent annual change)
Figure 3-9 - Chiller Value Demand, 2006 – 2018 (percent annual change)
Figure 3-10 - Absorption Chiller Value Demand, 2006 – 2018 (percent annual change)
Figure 3-11 - Air Conditioning Equipment Demand Value Share by Market, 2008 –
2023 (million dollars)
Figure 3-12 - Commercial Air Conditioning Equipment Demand Share by Product,
2018 (billion dollars)
Figure 3-13 - Commercial Air Conditioning Equipment Demand, 2005 – 2018
(million dollars)
Figure 3-14 - Commercial Air Conditioning Equipment Demand Share by Building
Type, 2018 (billion dollars)
Figure 3-15 - Residential Air Conditioning Equipment Demand Share by Product,
2018 (billion dollars)
Figure 3-16 - Air Conditioning Equipment Demand in Existing Residential Buildings,
2005 – 2018 (million dollars)
Figure 3-17 - Air Conditioning Equipment Demand in New Residential Buildings, 2005
– 2018 (million dollars)
Figure 3-18 - Residential Air Conditioning Equipment Value Demand Share by
Building Type, 2008 – 2023 (million dollars)
Figure 3-19 - Air Conditioning Equipment Value Demand Share by Region, 2008 –
2023 (million dollars)
Figure 3-20 - Northeast: Air Conditioning Equipment Demand Share by Product, 2018
(billion dollars)
Figure 3-21 - Midwest: Air Conditioning Equipment Demand Share by Product, 2018
(billion dollars)
Figure 3-22 - South: Air Conditioning Equipment Demand Share by Product, 2018
(billion dollars)
Figure 3-23 - West: Air Conditioning Equipment Demand Share by Product, 2018
(billion dollars)
Figure 3-24 - Air Conditioning Equipment: Market Share by Company, 2018 (billion
dollars)
4. HEATING EQUIPMENT
Figure 4-1 - US Heating Equipment Trends
Figure 4-2 - Heating Equipment Demand by Product, 2005 – 2018 (million dollars)
Figure 4-3 - US Foreign Trade in Heating Equipment, 2005 – 2018 (million dollars)
Figure 4-4 - Heating Equipment Demand Share by Energy Source, 2018
(billion dollars)
Figure 4-5 - Heating Equipment Demand Share by Product, 2018 (billion dollars &
million units)
Figure 4-6 - Warm Air Furnace Value Demand, 2006 – 2018 (percent annual change)
Figure 4-7 - Warm Air Furnace Demand Share by Energy Source, 2018 (billion dollars)
Figure 4-8 - Boiler Value Demand, 2006 – 2018 (percent annual change)
Figure 4-9 - Boiler Value Demand Share by Type, 2008 – 2023 (million dollars)
Figure 4-11 - Heating Equipment Value Demand Share by Market, 2008 – 2023
(million dollars)
Figure 4-12 - Commercial Heating Equipment Demand Share by Product, 2018
(billion dollars)
Figure 4-13 - Heating Equipment Demand in Commercial Buildings, 2005 – 2018
(million dollars)
Figure 4-14 - Commercial Heating Equipment Demand Share by Building Type, 2018
(billion dollars)
Figure 4-15 - Residential Heating Equipment Demand Share by Product, 2018
(billion dollars)
Figure 4-16 - Heating Equipment Demand in Existing Residential Buildings, 2005 –
2018 (million dollars)
Figure 4-17 - Heating Equipment Demand in New Residential Buildings, 2005 – 2018
(million dollars)
Figure 4-18 - Residential Heating Equipment Demand Share by Building Type, 2018
(billion dollars)
Figure 4-19 - Heating Equipment Demand Share by Region, 2018 (billion dollars)
Figure 4-20 - Northeast: Heating Equipment Demand Share by Product, 2018
(million dollars)
Figure 4-21 - Midwest: Heating Equipment Demand Share by Product, 2018
(billion dollars)
Figure 4-22 - South: Heating Equipment Demand Share by Product, 2018
(billion dollars)
Figure 4-23 - West: Heating Equipment Demand Share by Product, 2018
(billion dollars)
Figure 4-24 - Heating Equipment: Market Share by Company, 2018 (billion dollars)
5. HEAT PUMPS
Figure 5-1 - US Heat Pump Trends
Figure 5-2 - Heat Pump Demand by Product, 2005 – 2018 (million dollars)
Figure 5-3 - US Foreign Trade in Heat Pumps, 2005 – 2018 (million dollars)
Figure 5-4 - Heat Pump Demand Share by Product, 2018 (billion dollars & million
units)
Figure 5-5 - Air Source Heat Pump Value Demand Share by Energy Source, 2008 –
2023 (million dollars)
Figure 5-6 - Heat Pump Value Demand Share by Market, 2008 – 2023 (million dollars)
Figure 5-7 - Heat Pump Demand in Commercial Buildings, 2005 – 2018
(million dollars)
Figure 5-8 - Commercial Heat Pump Demand Share by Building Type, 2018
(billion dollars)
Figure 5-9 - Heat Pump Demand in Existing Residential Buildings, 2005 – 2018
(million dollars)
Figure 5-10 - Heat Pump Demand in New Residential Buildings, 2005 – 2018
(million dollars)
Figure 5-11 - Residential Heat Pump Demand Share by Building Type, 2018
(billion dollars)
Figure 5-12 - Heat Pump Demand Share by Region, 2018 (billion dollars)
Figure 5-13 - Share of New Single & Multifamily Building Units with Heat Pumps
Installed by Region, 2008 & 2018
Figure 5-14 - Heat Pumps: Market Share by Company, 2018 (billion dollars)
6. DEHUMIDIFIERS & HUMIDIFIERS
Figure 6-1 - US Dehumidifier & Humidifier Trends
Figure 6-2 - Dehumidifier & Humidifier Demand, 2005 – 2018 (million dollars)
Figure 6-3 - US Foreign Trade in Dehumidifiers & Humidifiers, 2005 – 2018
(million dollars)
Figure 6-4 - Dehumidifier & Humidifier Demand Share, 2018 (million dollars & million
units)
Figure 6-5 - Dehumidifier & Humidifier Demand in Existing Commercial Buildings,
2005 – 2018 (million dollars)
Figure 6-6 - Dehumidifier & Humidifier Demand in Existing Residential Buildings,
2005 – 2018 (million dollars)
Figure 6-7 - Dehumidifier & Humidifier Demand in New Residential Buildings, 2005 –
2018 (million dollars)
Figure 6-8 - Dehumidifier & Humidifier Demand Share by Region, 2018
(million dollars)
7. INDUSTRY STRUCTURE
Figure 7-1 - US HVAC Equipment Market Share by Company, 2018 (billion dollars)
Figure 7-2 - HVAC Equipment: Leading Supplier
Figure 7-3 - HVAC Equipment: Second Leading Supplier
Figure 7-4 - HVAC Equipment: Third Leading Supplier
Figure 7-5 - HVAC Equipment: Fourth Leading Supplier
8. APPENDIX
Figure 8-1 - Continental US Climate Zones
Figure 8-2 - Annual Growth in Real GDP, 2000 – 2018, Compared to 1980 – 2005
Average (percent)
Figure 8-3 - Annual Population Growth, 2003 – 2018 (percent)
Figure 8-4 - Housing Stock Share by Decade of Construction, 2018 (million units)
Note: Product cover images may vary from those shown
3 of 5

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4 of 5
  • Daikin
  • Ingersoll-Rand
  • Johnson Controls
  • Lennox
  • LG Electronics
  • Nortek
  • Rheem
  • SPX
  • United Technologies
Note: Product cover images may vary from those shown
5 of 5

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