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US HVAC Equipment Market, Freedonia

  • March 2015
  • -
  • Freedonia
  • -
  • 305 pages

US demand to rise 6.8% annually through 2019

Demand for HVAC equipment 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. In large part, advances will be the result of robust gains in building construction spending, especially growth in improvement and repair expenditures. Advances 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. However, federal tax incentives targeted at high-efficiency systems installed in the residential market expired at the end of 2014. Because a number of homeowners took advantage of those incentives and replaced their HVAC systems ahead of schedule, the pool of units which needs replacement will be smaller, reducing sales in the short term. Shipments of HVAC equipment will grow 6.0 percent per year through 2019 to $16.5 billion. Imports will account for a growing share of demand for all HVAC products, exceeding 25 percent of the total in 2019..

Regulations to continue driving replacement demand

Regulations regarding refrigerant usage and equipment efficiency will continue to have a positive effect on HVAC equipment demand. For instance, the phase-out of R-22, which will be complete by 2020, will spur many HVAC equipment owners to replace their existing units before then. Upgrading current equipment to utilize alternative refrigerants is difficult or impossible and any remaining R-22 will become prohibitively expensive as virgin stocks are depleted. Additionally, incremental increases in minimum efficiency standards will continue to drive sales toward high-efficiency models which generally command a pricing premium.

Heat pumps & warm air furnaces to grow the fastest

Unitary air conditioners will continue to comprise the largest share of total HVAC system demand, accounting for 44 percent of sales by 2019. Advances will benefit from the projected rebound in nonresidential construction spending and the continued improvement in residential construction activity. Heat pumps and warm air furnaces will both post the fastest gains through 2019. Demand for heat pumps, which have heating and cooling capabilities, will be supported by rising sales in the nonresidential market where efficiency gains are of primary importance, particularly as more of the high-value geothermal types are installed. On the other hand, growth of warm air furnaces will largely be in the residential market, where they benefit from low initial costs.

Growth in residential market to outpace nonresidential

The nonresidential market will continue to comprise the larger share of overall HVAC equipment demand in value terms, due to the larger size of HVAC systems used in these buildings and their subsequently higher cost. However, growth in the residential market will significantly outpace that in the nonresidential market through 2019. The number of new housing units will improve substantially through 2019, providing ample opportunities for new residential HVAC equipment installations.

Study coverage

Details on these and other key findings are offered in HVAC Equipment, an upcoming industry study. It presents historical demand data (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 US industry competitors, including Daikin, IngersollRand, Lennox and United Technologies

Table Of Contents

US HVAC Equipment Market, Freedonia
INTRODUCTION ix
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Macroeconomic Environment 4
Demographic Trends 9
Population 10
Households 12
Consumer Trends 13
Personal Income and Expenditures 13
Consumer Financing 16
Building Construction 19
Residential 21
New Housing 23
Housing Stock 28
Improvements and Repairs 31
Nonresidential 32
New 33
Improvements and Repairs 35
Regulations and Standards 36
Refrigerants 38
Efficiency 40
Pricing Trends 42
World Market 44
Foreign Trade 48
Exports 50
Imports 52
III. FUEL TYPES 55
General 55
Electricity 58
Natural Gas 61
Geothermal Energy 63
Heating Oil 66
Others 69
IV. PRODUCTS 71
General 71
Demand by Type 72
Shipments by Type 76
Unitary Air Conditioners 78
Supply and Demand 78
Characteristics 80
Types 83
Heat Pumps 86
Supply and Demand 87
Types 89
Air Source 92
Geothermal 96
Warm Air Furnaces 101
Supply and Demand 101
Types 105
Natural Gas 106
Electric 109
Heating Oil 111
Room Air Conditioners 114
Supply and Demand 114
Characteristics 117
Types 120
Other HVAC Equipment 121
Room and Zone Heating Equipment 122
Supply and Demand 123
Types 125
Humidifiers 125
Supply and Demand 126
Characteristics 128
Dehumidifiers 130
Supply and Demand 130
Characteristics 132
Boilers 134
Supply and Demand 134
Types 136
Packaged Terminal Air Conditioners 139
Supply and Demand 140
Characteristics 141
Absorption Liquid Chilling Systems 142
Supply and Demand 143
Characteristics 145
Chillers 146
Supply and Demand 146
Characteristics 148
V. MARKETS 150
General 150
Residential 153
New Building 156
Replacement 159
Nonresidential 163
New Building 167
Replacement 169
VI. INDUSTRY STRUCTURE 172
General 172
Industry Composition 172
Market Share 176
Competitive Strategies 179
Research and Development 181
Distribution 183
Marketing 185
Mergers and Acquisitions 188
Cooperative Agreements 191
Company Profiles 194
AAON Incorporated 195
ABB Limited 198
Advanced Distributor Products, see Lennox International
Airedale International Air Conditioning, see Modine
Manufacturing
Airwell-Fedders North America, see Elco
Alliance Compressors, see Emerson Electric, IngersollRand,
and Lennox International
Aprilaire, see Research Products
Argo Technology, see ECR International
Bradford White Corporation 199
Broan-NuTone, see Nortek
Bryan Steam, see Burnham Holdings
Burnham Holdings Incorporated 202
Carrier, see United Technologies
CES Group, see Nortek
ClimaCool, see LSB Industries
ClimateCraft, see LSB Industries
ClimateMaster, see LSB Industries
Crown Boiler, see Burnham Holdings
Dadanco, see Mestek
Daikin Industries Limited 209
Danfoss A/S 214
Dectron Internationale Incorporated 217
Dunham-Bush Holding Berhad 220
Dunkirk, see ECR International
ECR International Incorporated 222
Elco Limited 226
Electrolux AB 228
Emerson Electric Company 230
Enviromaster International, see ECR International
Friedrich Air Conditioning Company 232
Goodman Global Group, see Daikin Industries
Governale, see Burnham Holdings
Haier Group Company 235
Hartford Compressors, see Dunham-Bush Holding
Berhad
Heat Controller, see Motors and Armatures
Ingersoll-Rand plc 237
International Comfort Products, see United Technologies
International Environmental, see LSB Industries
Johnson Controls Incorporated 241
LAARS Heating Systems, see Bradford White
Lennox International Incorporated 245
LG Electronics Incorporated 252
LSB Industries Incorporated 254
Mestek Incorporated 257
Midea Group Company Limited 262
Modine Manufacturing Company 263
Motors and Armatures Incorporated 267
New Yorker Boiler, see Burnham Holdings
Nortek Incorporated 270
Olsen/Airco Heating and Cooling Products, see ECR
International
Paloma Company Limited 279
Panasonic Corporation 282
PB Heat LLC 283
Pennco, see ECR International
Raypak, see Paloma
Research Products Corporation 285
RetroAire, see ECR International
Reznor Manufacturing, see Nortek
Rheem Manufacturing, see Paloma
Sharp Corporation 287
Tecumseh Products Company 288
Thermal Solutions Products, see Burnham Holdings
Thermoplus Air, see Dectron Internationale
Thermo Products, see Burnham Holdings
Trane, see Ingersoll-Rand
United Technologies Corporation 290
US Boiler, see Burnham Holdings
Utica Boilers, see ECR International
Whirlpool Corporation 297
York International, see Johnson Controls
Additional Companies in US HVAC Equipment 299

LIST OF TABLES

SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Macroeconomic Indicators 8
2 Population and Households 9
3 Personal Consumption Expenditures 16
4 Consumer Financing Environment, 2004-2014 19
5 Building Construction Expenditures 21
6 Residential Building Construction Expenditures 23
7 New Housing Indicators 28
8 Housing Stock by Type 30
9 Residential Improvement and Repair Expenditures 32
10 Nonresidential Building Construction Expenditures 35
11 Nonresidential Building Improvement and Repair Expenditures 36
12 HVAC Equipment Prices 44
13 US Foreign Trade in HVAC Equipment 49
SECTION III -- FUEL TYPES
1 HVAC Equipment Demand by Fuel Type 57
2 Electric HVAC Equipment Demand 61
3 Natural Gas-Burning HVAC Equipment Demand 63
4 Geothermal Energy HVAC Equipment Demand 66
5 Heating Oil-Burning HVAC Equipment Demand 69
6 Other Energy-Powered HVAC Equipment Demand 70
SECTION IV -- PRODUCTS
1 HVAC Equipment Demand by Type 74
2 HVAC Equipment Shipments by Type 77
3 Unitary Air Conditioner Supply and Demand 80
4 Heat Pump Supply and Demand 89
5 Heat Pump Demand by Type 92
6 Air Source Heat Pump Demand 94
7 Geothermal Heat Pump Demand 99
8 Warm Air Furnace Supply and Demand 105
9 Warm Air Furnace Demand by Type 106
10 Natural Gas-Burning Warm Air Furnace Demand 109
11 Electric Powered Warm Air Furnace Demand 111
12 Heating Oil-Burning Warm Air Furnace Demand 113
13 Room Air Conditioner Supply and Demand 117
14 Other HVAC Equipment Supply and Demand 122
15 Room and Zone Heating Equipment Supply and Demand 124
16 Humidifier Supply and Demand 128
17 Dehumidifier Supply and Demand 132
18 Boiler Supply and Demand 136
19 Boiler Demand by Type 139
20 Packaged Terminal Air Conditioner Supply and Demand 142
21 Absorption Liquid Chilling System Supply and Demand 145
22 Chiller Supply and Demand 148
SECTION V -- MARKETS
1 HVAC Equipment Demand by Market 152
2 Residential HVAC Equipment Demand by Segment 155
3 New Residential HVAC Equipment by Building Type 158
4 Replacement Residential HVAC Equipment Demand 163
5 Nonresidential HVAC Equipment Demand by Segment 166
6 New Building Nonresidential HVAC Equipment Demand 169
7 Replacement Nonresidential HVAC Equipment Demand 171
SECTION VI -- INDUSTRY STRUCTURE
1 US HVAC Equipment Sales by Company, 2014 175
2 Selected Acquisitions and Divestitures 190
3 Selected Cooperative Agreements 192

LIST OF CHARTS

SECTION II -- MARKET ENVIRONMENT
1 Year of Construction of Housing Stock, 2014 31
2 US HVAC Equipment Exports by Destination, 2014 52
3 US HVAC Equipment Imports by Source, 2014 54
SECTION III -- FUEL TYPES
1 HVAC Equipment Demand by Fuel Type, 2014 57
SECTION IV -- PRODUCTS
1 HVAC Equipment Demand by Type, 2014 75
2 Unitary Air Conditioner Demand by Type, 2004-2014 86
SECTION V -- MARKETS
1 HVAC Equipment Demand by Market, 2004-2024 153
2 Residential HVAC Equipment Demand by Segment,
2004-2024 156
3 New Residential HVAC Equipment Demand
by Building Type, 2014 159
4 Nonresidential HVAC Equipment Demand
by Segment, 2004-2024 167
SECTION VI -- INDUSTRY STRUCTURE
1 US HVAC Equipment Market Share, 2014 177

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