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U.S. Residential HVAC Market Trends

  • Report ID: GMI11267
  • Published Date: Sep 2024
  • Report Format: PDF

U.S. Residential HVAC Market Trends

A prominent trend is the heightened emphasis on indoor air quality (IAQ). In recent years, particularly post-COVID-19, homeowners have recognized the paramount importance of clean air in their homes. Consequently, there's been a notable uptick in demand for HVAC systems that do more than just regulate temperature; they also filter out pollutants, allergens, and pathogens. Features like advanced filtration systems, UV light purifiers, and humidity control are becoming standard in today's HVAC units, reflecting consumers' prioritization of health and wellness at home.
 

Another significant trend is the movement towards electrification and the embrace of renewable energy sources. In line with global efforts to curb greenhouse gas emissions, there's a pronounced shift towards electric HVAC systems, especially heat pumps, which outshine traditional gas-powered systems in energy efficiency and environmental friendliness. This transition is bolstered by government incentives and evolving local building codes that increasingly endorse electric solutions over fossil fuels. Furthermore, there's a growing trend of integrating HVAC systems with renewable energy sources, notably solar panels. This integration empowers homeowners to sustainably power their HVAC systems, leading to reduced energy costs and diminished grid reliance.
 

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of U.S. residential HVAC was worth over USD 14.2 billion in 2023 and is anticipated to register a CAGR of 7.3% between 2024 to 2032, owing to the growing housing sector and rapid urbanization.

The heat pump segment of the U.S. residential HVAC industry was worth around 6.8 billion in 2023 and is anticipated to record a CAGR of 7.7% through 2032, as they optimize energy use and cost efficiency by switching between an electric heat pump and a gas furnace, depending on outdoor temperatures.

The replacement/retrofit segment held around 55% market share in 2023 and is anticipated to record a CAGR of 7.2% through 2032, as homeowners in the U.S. are increasingly upgrading to high-efficiency HVAC systems to reduce energy costs and enhance comfort.

Bryant Heating & Cooling Systems, Carrier Corporation, Daikin, Goodman Manufacturing, Honeywell International Inc., Ingersoll Rand, Johnson Controls, Lennox International Inc., LG Electronics USA, and Midea Group among others.

U.S. Residential HVAC Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 311
  • Countries covered: 1
  • Pages: 390
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