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HVAC Equipment to 2019

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Date: 26-Mar-2015
No. of pages: 305
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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.

Company Profiles

Profiles 32 competitors in the US industry such as Daikin, Ingersoll-Rand, Lennox & United Technologies

Additional Information

This study covers the heating, ventilation, and air conditioning (HVAC) equipment industry in the US, defined here to include residential and nonresidential HVAC equipment. Specific products include unitary air conditioners, heat pumps, warm air furnaces, room air conditioners, and other equipment (room and zone heating equipment, humidifiers, dehumidifiers, boilers, packaged terminal air conditioners, absorption liquid chilling systems, and chillers). Ventilation systems and portable versions of equipment such as heaters, dehumidifiers, and humidifiers are not included in the scope of this study. In addition, the study discusses construction, consumer financing, regulatory, and other market environment factors.

Historical data for 2004, 2009, and 2014, and forecasts for 2019 and 2024 are provided in current US dollars (including inflation) for demand, shipments, imports, and exports for the various HVAC products, markets (i.e., residential and nonresidential new building, and replacement and improvement), and fuel sources (e.g., electricity, natural gas, heating oil, geothermal energy, and other). Demand is also provided in number of units for the major types of HVAC equipment.

HVAC Equipment to 2019

Table of Contents

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 & Expenditures   13
Consumer Financing  16
Building Construction  19
Residential  21
New Housing  23
Housing Stock  28
Improvements & Repairs  31
Nonresidential  32
New  33
Improvements & Repairs  35
Regulations & 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 & Demand  78
Characteristics  80
Types  83
Heat Pumps  86
Supply & Demand  87
Types  89
Air Source  92
Geothermal  96
Warm Air Furnaces  101
Supply & Demand  101
Types  105
Natural Gas  106
Electric  109
Heating Oil  111
Room Air Conditioners  114
Supply & Demand  114
Characteristics  117
Types  120
Other HVAC Equipment  121
Room & Zone Heating Equipment  122
Supply & Demand  123
Types  125
Humidifiers  125
Supply & Demand  126
Characteristics  128
Dehumidifiers  130
Supply & Demand  130
Characteristics  132
Boilers  134
Supply & Demand  134
Types  136
Packaged Terminal Air Conditioners  139
Supply & Demand  140
Characteristics  141
Absorption Liquid Chilling Systems  142
Supply & Demand  143
Characteristics  145
Chillers  146
Supply & 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 & Development  181
Distribution  183
Marketing  185
Mergers & 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, Ingersoll-Rand, 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 & 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 & Repair Expenditures  32
10 Nonresidential Building Construction Expenditures  35
11 Nonresidential Building Improvement & 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 & Demand   80
4 Heat Pump Supply & 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 & 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 & Demand  117
14 Other HVAC Equipment Supply & Demand  122
15 Room & Zone Heating Equipment Supply & Demand  124
16 Humidifier Supply & Demand   128
17 Dehumidifier Supply & Demand   132
18 Boiler Supply & Demand  136
19 Boiler Demand by Type  139
20 Packaged Terminal Air Conditioner Supply & Demand  142
21 Absorption Liquid Chilling System Supply & Demand  145
22 Chiller Supply & 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 & 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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