NEW YORK - Capitalizing on energy efficiency upgrades mandated by the U.S. Department of Energy's 13 SEER standard for residential air conditioners and heat pumps, the market for HVAC equipment experienced double-digit growth in 2005 reaching a value of $13.3 billion. Market findings in “HVAC Equipment in the U.S.,” a new report from market research firm SBI, show the market surpassing $18 billion by 2010.
Unitary air conditioners and ground source heat pumps lead growth in domestic shipment values, with unitary air conditioners - making up a 68 percent share of total market shipment values - growing 16 percent in 2005 to reach $8.5 billion. Conversely, room air conditioners and dehumidifiers declined in both volume and value, with volume declining 11 percent in 2005.
SBI projects the market will continue to see annual increases in value due primarily to continued growth in the residential and nonresidential construction markets. New construction, reconstruction, and remodeling were key influences on increases in HVAC system retrofits and upgrades in 2006. While household purchases of HVAC systems went from 6.1 percent in 2004 to 5.5 percent in 2006, purchasing rates jumped to 14 percent among those who acquired a home in the previous year and 13 percent among those undertaking major home improvements.
"Increased energy efficiency in new units and retrofits along with increased interest in newer conditioning modalities such as whole-house ventilation systems, geothermal HVAC systems, and underfloor air distribution systems (UFADs) are helping to stimulate interest in the market," noted Tatjana Meerman, managing editor of SBI. "At the same time, the SEER 13 standard and newer technologies are making for superior products, which are winning favor with both consumers and contractors."
Containing comprehensive data on U.S. shipments, imports and exports, end-use markets, purchaser demographics, and the competitive environment, “HVAC Equipment in the U.S.” identifies key issues, regulations, and trends affecting the marketplace, and profiles major marketers along with manufacturer and retailer strategies. Priced at $3,000, this report is available from SBI by visiting www.sbireports.com/HVAC-Equipment-1281486. It is also available at MarketResearch.com.
SBI, a division of MarketResearch.com, publishes research reports in the construction, materials, and consumer goods markets. For more information, visit www.sbireports.com.