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Heating & Air Conditioning Equipment Manufacturing in the US - Market Research Report

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    Report

  • 91 Pages
  • November 2024
  • Region: United States
  • IBISWorld
  • ID: 239477

Heating up: Recovering nonresidential construction activity is expected to support industry growth

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

The Heating and Air Conditioning Equipment Manufacturing industry manufactures residential, commercial and industrial heating, ventilation, air conditioning and refrigeration (HVACR) equipment. Rock-bottom interest rates and rising per capita disposable income have led to a sharp expansion of residential construction activity, bolstering industry sales, as HVACR equipment is required in most new buildings to regulate climate and provide ventilation. As disposable income has increased, consumers have had more funds to invest in home improvements, including HVACR upgrades. Conversely, the value of private nonresidential construction, a significant market for new HVACR equipment, has been hampered by reduced demand for commercial space throughout the COVID-19 pandemic, which resulted in severe economic disruptions. As a result of these trends, industry revenue declined 1.6% in 2020 alone, although revenue has surged back since 2021. Cumulatively, these disparate trends are projected to push the industry to growth, with revenue rising an average annual 1.9% to $58.4 billion over the past five years. In 2023, revenue will contract a slight 0.2%. Companies in this industry manufacture residential, commercial and industrial heating, ventilation, air conditioning and refrigeration (HVACR) equipment. Industry revenue includes miscellaneous receipts for the resale of products without further manufacturing, contract work done for others on respective items and acknowledgements for repair, scrap and refuse sales. Automotive units are excluded from this industry.

Table of Contents

ABOUT THIS INDUSTRY
  • Industry Definition
  • Main Activities
  • Similar Industries
  • Additional Resources
INDUSTRY AT A GLANCE

INDUSTRY PERFORMANCE
  • Executive Summary
  • Key External Drivers
  • Current Performance
  • Industry Outlook
  • Industry Life Cycle
PRODUCTS & MARKETS
  • Supply Chain
  • Products & Services
  • Demand Determinants
  • Major Markets
  • International Trade
  • Business Locations
COMPETITIVE LANDSCAPE
  • Market Share Concentration
  • Key Success Factors
  • Cost Structure Benchmarks
  • Basis of Competition
  • Barriers to Entry
  • Industry Globalization
MAJOR COMPANIES

OPERATING CONDITIONS
  • Capital Intensity
  • Technology & Systems
  • Revenue Volatility
  • Regulation & Policy
  • Industry Assistance
KEY STATISTICS
  • Industry Data
  • Annual Change
  • Key Ratios
JARGON & GLOSSARY

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Trane Technologies Plc
  • Carrier Global Corporation
  • Johnson Controls International Plc
  • Gentherm Incorporated
  • Lennox International Inc.
  • AP Moller - Maersk Group
  • Harbor Freight Tools Usa, Inc.
  • Uline, Inc.
  • Mitsubishi Electric Corp
  • Petersen Manufacturing Company Inc.
  • The Baker Company, Inc.
  • Baileigh Industrial Holdings LLC

Methodology

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