Rising interest in more energy-efficient, higher-priced HVAC systems, in part
spurred by regulatory changes, will help support increased demand --
particularly in value terms.
US demand to rise 5.1% annually through 2015
Demand in the US for heating, ventilation and air conditioning (HVAC)
equipment is projected to increase 5.1 percent annually to $16.8 billion in
2015. Advances will be stimulated by growth in residential and many types of
nonresidential construction spending from a low 2010 base. Rising interest in
more energy-efficient HVAC systems, in part spurred by regulatory changes,
will also support increased demand -- particularly in value terms since more
efficient systems and those using less environmentally harmful refrigerants
are typically priced at a premium. Furthermore, public and private incentives
will encourage owners to upgrade to models with efficiency ratings that are at
or above ENERGY STAR levels.
Geothermal energy systems to post strongest growth
The choice between various HVAC equipment fuels is largely influenced by the
convenience, environmental friendliness, availability and price of the fuels,
as well as the initial costs, operating costs and efficiency of the equipment.
In 2010, electricity was the dominant fuel source, accounting for 78 percent
of the market. Sales of geothermal energypowered systems are expected to post
the strongest average annual growth through 2015, driven by interest in these
efficient and environmentally friendly HVAC systems, as well as by tax
incentives encouraging their installation.
Unitary air conditioners to remain largest cooling system segment
Unitary air conditioners are the largest segment of the cooling system market,
accounting for nearly three-quarters of the total in 2010. In addition, demand
for unitary systems will increase at an above-average pace, benefiting from
the continuing development of higherefficiency models and from gains in the
share of homes with central air conditioning. The cooling equipment industry
is affected by a variety of regulations, including those involving
ozone-depleting hydrochlorofluorocarbon refrigerants. For example, in 2010 the
production and import of HCFC-142b and R-22 were banned.
Heat pumps to be fastest growing heating equipment
Heat pumps accounted for the largest share of heating equipment value demand
in 2010 and have been supplanting less efficient equipment and those that
provide heating only. Through 2015, demand for heat pumps is expected to post
the strongest gains of any heating equipment, supported by their ability to
provide efficient heating and cooling in moderate climates, and by rising
interest in geothermal versions. Demand for boilers will also post
aboveaverage gains benefiting from the rebound in nonresidential and
residential multiunit construction, and interest in radiant heating systems.
About The Freedonia Group
The Freedonia Group, Inc., is a leading international industry market research
company that provides its clients with information and analysis needed to make
informed strategic decisions for their businesses. Studies help clients
identify business opportunities, develop strategies, make investment decisions
and evaluate opportunities and threats. Freedonia research is designed to
deliver unbiased views and reliable outlooks to assist clients in making the
right decisions. Freedonia capitalizes on the resources of its proprietary
in-house research team of experienced economists, professional analysts,
industry researchers and editorial groups. Freedonia covers a diverse group of
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world markets.
Table of Contents
INTRODUCTION
I. EXECUTIVE SUMMARY
II. MARKET ENVIRONMENT
General
Macroeconomic Environment
Demographic Trends
Population
Households
Consumer Trends
Personal Income & Expenditures
Consumer Financing
Building Construction
Residential
New Housing
Housing Stock
Improvements & Repairs
Nonresidential
New
Improvements & Repairs
Regulations & Standards
Refrigerants
Efficiency
Pricing Trends
World Market
Foreign Trade
Exports
Imports
III. HEATING & COOLING FUEL TYPES
General
Electricity
Natural Gas
Geothermal Energy
Heating Oil
Others
IV. HEATING EQUIPMENT
General
Supply & Demand
Shipments by Type
Heat Pumps
Supply & Demand
Types
Air Source
Geothermal
Warm Air Furnaces
Supply & Demand
Types
Natural Gas
Electric
Heating Oil
Boilers
Supply & Demand
Types
Cast Iron Boilers
Steel Boilers
Room & Zone Heating Equipment
Supply & Demand
Types
Manufacturers
Humidifiers
Supply & Demand
Characteristics
Manufacturers
V. COOLING EQUIPMENT
General
Supply & Demand
Shipments by Type
Unitary Air Conditioners
Supply & Demand
Characteristics
Types
Manufacturers
Room Air Conditioners
Supply & Demand
Characteristics
Types
Manufacturers
Chillers
Supply & Demand
Characteristics
Absorption Liquid Chilling Systems
Supply & Demand
Characteristics
Dehumidifiers
Supply & Demand
Characteristics
Manufacturers
Packaged Terminal Air Conditioners
VI. MARKETS
General
Residential
New Building
Heating Equipment
Cooling Equipment
Replacement
Heating Equipment
Cooling Equipment
Nonresidential
New Building
Replacement
VII. INDUSTRY STRUCTURE
General
Industry Composition
Market Share
Competitive Strategies
Research & Development
Distribution
Marketing
Mergers & Acquisitions
Cooperative Agreements
COMPANY PROFILES
AAON Incorporated
Airedale International Air Conditioning, see Modine Manufacturing
Airwell-Fedders North America, see Elco Holdings
Allied Air Enterprises, see Lennox International
American Standard Heating and Air Conditioning, see Ingersoll-Rand
Bradford White Corporation
Bryan Steam, see Burnham Holdings
Burnham Holdings Incorporated
Carrier, see United Technologies
Circul-Aire, see Dectron Internationale
ClimaCool, see LSB Industries
Climate Energy, see ECR International
ClimateCraft, see LSB Industries
ClimateMaster, see LSB Industries
Crown Boiler, see Burnham Holdings
Daikin Industries Limited
Danfoss A/S
Dectron Internationale Incorporated
Dunham-Bush Holding Berhad
Dunkirk, see ECR International
Ecosaire, see Dectron Internationale
ECR International Incorporated
Elco Holdings Limited
Electrolux AB
Emerson Electric Company
Enviromaster International, see ECR International
Friedrich Air Conditioning Company
Fusite, see Emerson Electric
GD Midea Holding Company Limited
GeoSystems, see Research Products
Goodman Global Holdings LP
Governale, see Burnham Holdings
Haier Group Company
Hartford Compressors, see Dunham-Bush Holding
Berhad
Heat Controller Incorporated
Ingersoll-Rand plc
International Environmental, see LSB Industries
Johnson Controls Incorporated
LAARS Heating Systems, see Bradford White
Lennox International Incorporated
LG Electronics Incorporated
LSB Industries Incorporated
McQuay International, see Daikin Industries
Mestek Incorporated
Modine Manufacturing Company
New Yorker Boiler, see Burnham Holdings
Nordyne, see Nortek
Nortek Incorporated
Olsen/Airco Heating & Cooling Products, see ECR
International
Paloma Company Limited
Panasonic Corporation
PB Heat LLC
Raypak, see Paloma Industries
RefPlus, see Dectron Internationale
Research Products Corporation
Rheem Manufacturing, see Paloma Industries
SANYO Electric, see Panasonic
Sharp Corporation
Tecumseh Products Company
Thermal Solutions Products, see Burnham Holdings
Thermo Products, see Burnham Holdings
Therm-O-Disc, see Emerson Electric
Thermoplus Air, see Dectron Internationale
Thomas & Betts Corporation
Trane, see Ingersoll-Rand
United Technologies Corporation
US Boiler, see Burnham Holdings
Vilter Manufacturing, see Emerson Electric
Whirlpool Corporation
White-Rodgers, see Emerson Electric
York International, see Johnson Controls
Additional Companies in HVAC Equipment
LIST OF TABLES
SECTION I -- EXECUTIVE SUMMARY
Summary Table
SECTION II -- MARKET ENVIRONMENT
Macroeconomic Indicators
Population & Households
Personal Consumption Expenditures
Consumer Financing Environment, 2000-2010
Building Construction Expenditures
Residential Building Construction Expenditures
New Housing Indicators
Housing Stock by Type
Residential Improvement & Repair Expenditures
Nonresidential Building Construction Expenditures
Nonresidential Building Improvement & Repair Expenditures
HVAC Equipment Prices
US Foreign Trade in HVAC Equipment
SECTION III -- HEATING & COOLING FUEL TYPES
HVAC Equipment Demand by Fuel Type
Electric HVAC Equipment Demand
Natural Gas-Burning HVAC Equipment Demand
Geothermal Energy HVAC Equipment Demand
Heating Oil-Burning HVAC Equipment Demand
Other Energy-Powered HVAC Equipment Demand
SECTION IV -- HEATING EQUIPMENT
Heating Equipment Supply & Demand
Heating Equipment Shipments by Type
Heat Pump Supply & Demand
Heat Pump Shipments by Type
Air Source Heat Pump Shipments
Geothermal Heat Pump Shipments
Warm Air Furnace Supply & Demand
Warm Air Furnace Shipments by Type
Natural Gas-Burning Warm Air Furnace Shipments by Type
Electric-Powered Warm Air Furnace Shipments by Type
Heating Oil-Burning Warm Air Furnace Shipments
Boiler Supply & Demand
Boiler Shipments by Type
Cast Iron Boiler Shipments by Fuel Type
Steel Boiler ShipmentS by Fuel Type
Room & Zone Heating Equipment Supply & Demand
Humidifier Supply & Demand
SECTION V -- COOLING EQUIPMENT
Cooling Equipment Supply & Demand
Cooling Equipment Shipments by Type
Unitary Air Conditioner Supply & Demand
Room Air Conditioner Supply & Demand
Chiller Supply & Demand
Absorption Liquid Chiller Supply & Demand
Dehumidifier Supply & Demand
Packaged Terminal Air Conditioner Supply & Demand
SECTION VI -- MARKETS
HVAC Equipment Demand by Segment & Market
Residential HVAC Equipment Demand by Market & Type
New Residential HVAC Equipment by Type & Building
Replacement Residential HVAC Equipment Demand by Type
Nonresidential HVAC Equipment by Market & Type
New Building Nonresidential HVAC Equipment Demand by Type
Replacement Nonresidential HVAC Equipment Demand by Type
SECTION VII -- INDUSTRY STRUCTURE
US HVAC Equipment Sales by Company, 2010
Selected Cooperative Agreements
LIST OF CHARTS
SECTION II -- MARKET ENVIRONMENT
Year of Construction of Housing Stock, 2010
US HVAC Equipment Exports by Destination, 2000-2010
US HVAC Equipment Imports by Source, 2000-2010
SECTION III -- HEATING & COOLING FUEL TYPES
HVAC Equipment Demand by Fuel Type, 2010
SECTION IV -- HEATING EQUIPMENT
Heating Equipment Shipments by Type, 2010
SECTION V -- COOLING EQUIPMENT
Cooling Equipment Shipments by Type, 2010
SECTION VI -- MARKETS
HVAC Equipment Demand by Market, 2000-2020
Residential HVAC Equipment Demand by Market, 2000-2020
New Residential HVAC Equipment Demand by Building Type, 2010
Heating Equipment Installed in New Single Unit Housing by Type, 2010
Share of New Housing Units with a Central Air Conditioning System,
2000-2010
Nonresidential HVAC Equipment Demand by Market, 2000-2020
