US to See Strong Residential HVAC Growth, Steady Commercial HVAC Growth
Residential momentum continues, commercial is stable
PUNE, India — The U.S. residential HVAC market is forecast to see significant growth due to lower unemployment and gas prices, coupled with higher consumer confidence and pent-up demand. The commercial HVAC market is expected to see more steady growth, with continued nonresidential construction recovery which still has some room to run, according to a new market research report from ReportsnReports.
Replacement rates have steadily risen over the past few years following historically low levels coming out of the recession, and are now accelerating towards the high end of historical ranges as replacement demand is released into the market. This will be further boosted by positive fundamentals with high consumer confidence and low unemployment and gas prices, which have historically correlated strongly with replacement rates. It is estimated that the U.S. residential HVAC market will achieve 11 percent growth in 2016 and 5 percent in 2017.