Heating & Air Conditioning Equipment Manufacturing in the US - Market Research Report (2014-2029)

Heating and air conditioning manufacturing produces residential, commercial and industrial heating, ventilation, air conditioning and refrigeration (HVACR) equipment. Rock-bottom interest rates in 2020 and rising per capita disposable income supported residential construction activity, bolstering industry sales. As disposable income increased, consumers had more funds to invest in home improvements, including HVACR upgrades. The value of private nonresidential construction, a significant market for new HVACR equipment, has been hampered by reduced demand for commercial space since the pandemic. Interest rate cuts and strong building activity in the Southwest are expected to support demand for heating and cooling equipment. Industry revenue is forecast to drop at a CAGR of 0.1% to $52.4 billion through the end of 2024, with a 1.2% climb expected during 2024 as renovation and building activity continue to expand.