Rising Demand for HVAC Systems in the U.S.
The demand for Heating, Ventilation, and Air Conditioning (HVAC) systems is set to rise at an annual rate of 3.2% to a total of $16.8 billion in the year 2011. Although the majority of increases spending will take place in the commercial market, a large number residential HVAC replacements as well as new home construction will make up the remainder. In fact nearly 75% of spending will be for replacement HVAC systems in both residential and commercial construction.
The growth in replacements will drive focus to newer, more energy efficient models due to necessities to cut rising energy costs. Environmental concerns as well as newer efficiency regulations will also create a higher demand for these energy saving models.
Although many different types of energy efficient HVAC units already exist, individuals and companies will determine their best model based on the convenience, environmental friendliness, and the local price and availability of different types of fuels. Although HVAC systems operating from geothermal energy stand to have the highest gains in sales in coming years, they have the smallest market. The majority of HVAC units sold (82%) are electric while units running on natural gas accounts for an additional 16%.
Heat pumps, a system designed to provide both heating and cooling from a single system, will remain the fastest growing heating product. These types of systems are best used in moderate climates and provide consumers with a single unit that has dual purpose. In 2006, these units made up 43% of the total heating equipment shipments and a total cost of $2.1 billion. Warm air furnaces came a close second in sales with a total of almost $2 billion in the same year.
Unitary air conditioners led the cooling equipment sales in 2006 with a total of $6.9 billion and taking 83% of all sales. These types of air conditioners are expected to rise in sales due to their use in the industrial as well as residential markets.
Resource Article: http://www.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20071116005179&newsLang=en
