Demand for US HVAC Equipment to Increase Through 2019
Study Forecasts 2019 and 2024 by Fuel Type, Equipment Type, and Market
CLEVELAND — The demand for HVAC equipment in the U.S. is forecast to increase 6.8 percent annually through 2019 to $20.4 billion, recording gains at about twice the rate of the 2009-2014 period, according to a new study released in March by The Freedonia Group. The study presents historical demand data from 2004, 2009, and 2014, plus forecasts 2019 and 2024 by fuel type, equipment type, and market. The study also considers market environment factors, examines the industry structure, evaluates company market share, and profiles 32 U.S. HVAC manufacturers.
According to the study, a large part of advances will be the result of robust gains in building construction spending, especially growth in improvement and repair expenditures. The market will also be propelled by rising demand for increasingly efficient HVAC systems and other types that have a higher degree of technological sophistication as these are typically higher value systems.