The U.S. HVAC systems market size is projected to account for USD 31.1 billion by 2025. It is predicted to exhibit 9.7% CAGR from 2019 to 2025. Increasing demand for energy-efficient heat pumps and air conditioners is driving the growth of the market. The demand for energy-efficient systems is also driven by stringent government regulation aimed at reducing the carbon emission.
HVAC systems are designed in the integration of innovative technologies such as sensors and remote control. These systems are known to offer enhanced consumer experience. Moreover, key market players are offering IoT-enabled air conditioners which can be controlled and monitored remotely.
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Impact of COVID-19
The United States is one of the most affected countries by a coronavirus. The pandemic outbreak has adversely affected the growth of the U.S. HVAC system market. Owing to the disruption in supply chain and closure of industrial operations, manufacturing of new HVAC systems were reduced significantly. In addition, the outbreak has affected millions of households and their earning witnessed considerable decline. As the financial crisis is looming large across the United States, people spending on new houses and HVAC systems are estimated to reduce drastically. However, these impacts are for short-term only and the country is expected to recover from the ongoing economic crisis.
However, the high cost involved in the installation and maintenance of HVAC systems is estimated to impede market growth. The high cost would encourage customers to opt for low priced HVAC systems which are not energy efficient.
Residential application is likely to witness significant growth owing to the rise in the construction of new houses in the United States. Fueled by rising disposable income, the country is witnessing a significant rise in the construction of smart homes. The residential sector needs compact HVAC systems.
Further key findings from the report suggest:
• Air conditioner systems were sold more than 15 million units in the United States in 2018.
• In 2018, the inverter AC systems held over 60% of the share in the market owing to the advantages such as energy-efficient.
• Emergence of the geothermal and dual-fuel heat pump is estimated to drive the heat pump segment growth.
U.S. HVAC Systems Market: Key Players
U.S. HVAC system market are Haier Inc., Trane, Daikin Industries, LG Electronics and Carrier Corporation
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