PUBLISHER: Grand View Research | PRODUCT CODE: 1376040
PUBLISHER: Grand View Research | PRODUCT CODE: 1376040
The U.S. residential HVAC systems market size is anticipated to reach USD 9.96 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 5.6% from 2023 to 2030. This can be attributed to the increasing demand for energy-efficient equipment coupled with the growing real estate market, which is expected to increase the demand for U.S. residential HVAC systems over the forecast period. For instance, as of today, customers or HVAC end users have high expectations concerning the desired safety, health, and comfort level. In addition to these expectations, product choices regarding reliability, efficiency, and performance are also crucial considerations for manufacturers. Thus, OEMs are anticipated to focus on meeting these requirements, which will subsequently play a key role in spurring product sales over the forecast period.
For instance, the integrated HVAC solutions provided by Panasonic Corporation and Schneider Electric establish a seamless connection between Panasonic Corporation's VRF-based HVAC systems and Schneider Electric's building management systems via ZigBee wireless communication standards. The integration enables the users or building owners to monitor all the HVAC equipment, power, electrical distribution, lighting, and security on a single platform. It also provides the users with actionable insights, which help reduce energy consumption resulting in cost savings.
A residential HVAC unit is used to keep the room temperature comfortable. Residential HVAC systems are often made of two independent units: the inner evaporator and the outer compressor. A closed-loop refrigerant system is used in residential HVAC equipment. This refrigerant is the force that continuously circulates between the evaporator and condenser to provide conditioned air inside the home.
The rapid use of new technologies such as AI, IoT, blockchain, machine learning, and others is having a significant positive impact on market growth. The rising acceptance of IoTs in both developing and developed countries has bolstered the demand for HVAC systems in the U.S. Thus, rising disposable income and increasing usage of HVAC equipment for personal comfort are rapidly driving this segment. For instance, in December 2021, Mitsubishi Electric Corporation launched a low-carbon heat pump Ecodan Hydrodan for the multi-residential market. The heat pump is the company's entry into the multi-residential market while already launching a wide variety of renewable heating technologies for single homes.
Furthermore, in November 2020, Emerson Electric Co. completed the acquisition of 7AC TECHNOLOGIES, INC. The acquisition is expected to provide residential customers with best-in-class solutions designed to ensure energy efficiency and human comfort. The two companies have already been collaborating on commercializing a new, fully modular, and flexible membrane-based liquid desiccant technology that can potentially help retailers achieve the desired temperature and relative humidity in a single step. These aforementioned factors are anticipated to drive the demand for residential HVAC systems.
Manufacturers of residential HVAC systems are looking for product launches, investments, and expansions to develop new products. For instance, in June 2022, Trane Technologies plc announced establishing operations in Greenville County to create new jobs and added nearly 300,000 square feet of manufacturing capacity in Greenville County. Furthermore, in May 2021, Mitsubishi Electric increased its air conditioner production capacity in Turkey in response to the growing demand for air conditioners due to stay-at-home protocols. This new production unit began manufacturing air conditioners in August 2022.