United States HVAC Market Report and Forecast 2024-2032

United States HVAC Market Size

The United States HVAC market is projected to grow at a CAGR of 5.58% between 2024 and 2032.

United States HVAC Market Outlook

• The construction spending  for March 2024 reached $2,083.9 billion, reflecting a marginal increase of 0.2 per cent.

• Annually, the U.S. replaces three million heating and cooling systems, spending approximately $14 billion on HVAC services and repairs.

• The U.S. HVAC service market, as per the U.S. Census Bureau, is forecast to grow at a steady pace during the forecast period.

United States HVAC Market Growth

The demand for furnaces in the United States HVAC market is driven by a combination of climatic necessity, technological advancement, economic consideration, and established fuel supply infrastructure.

Furnaces represent the predominant heating equipment in residential buildings, operating on various fuels like propane, electricity, natural gas, or oil. Furnaces, through heat transfer between indoor and outdoor spaces, offer both cooling and heating functionalities. While geothermal heat pumps boast higher efficiency despite requiring substantial initial investments, air-source heat pumps are more common in moderate climates.

In February 2024, Midea, a notable innovator in the HVAC industry, launched its primary national showroom and distribution hub in Queens, New York. This underscores Midea's commitment to broadening access to heat pump technology, aiming to seamlessly integrate it into American homes.

Heat pumps play a pivotal role in HVAC systems, providing efficient heating and cooling solutions for residential, commercial, and industrial settings. Renowned for their energy efficiency compared to conventional systems, they transfer heat rather than generate it, resulting in lower energy consumption. Modern heat pumps are engineered to operate effectively year-round, offering cooling in summers and warmth in winters, translating to significant savings on energy bills for homeowners and businesses.

United States HVAC Industry Segmentation

United States HVAC Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Equipment

• Heating
  • Heat Pumps
  • Furnaces
  • Unitary Heaters
• Ventilation
  • Air-Handling Units
  • Air Filters and Purifiers
  • Ventilation Fans
  • Dehumidifiers and Humidifiers
  • Others
• Cooling
  • Unitary Air Conditioners
  • VRF Systems
  • Chillers
  • Coolers
  • Cooling Towers
  • Others

Market Breakup by Implementation Type

• New Constructions

• Retrofits

Market Breakup by End Use

• Residential

• Commercial

• Industrial

Market Breakup by Region

• New England 

• Mideast 

• Great Lakes 

• Plains

• Southeast 

• Southwest 

• Rocky Mountains 

• Far West

United States HVAC Market Share

Residential HVAC systems offer year-round comfort with energy-efficient heating, ventilation, and air conditioning, improving indoor air quality and enabling convenient temperature control. These systems elevate home resale values, emphasising comfort and energy conservation. Commercial HVAC systems prioritise indoor comfort, boosting productivity and customer satisfaction while emphasising energy efficiency and regulatory compliance, promoting sustainability and a healthy work environment.

Leading Companies in the United States HVAC Market

• Lennox International Inc

• Carrier Global Corporation

• DAIKIN INDUSTRIES, Ltd

• Johnson Controls International plc.

• Robert Bosch GmbH

• LG Electronics Inc.

• Nortek Global HVAC LLC

• Mitsubishi Electric Corporation 

• Midea Group Co. Ltd.

• Fujitsu General Ltd.

• Trane Technologies International Limited

• Others

The company excels in crafting and producing an extensive array of products and solutions spanning automotive technology, industrial equipment, consumer goods, and energy and building technology sectors.

Key Highlights of the Report