2014-04-23 15:53:04 - Heating & Air Conditioning in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
The United States Air Conditioning market is heavily influenced by activity in the construction market, with the majority of industry income generated from heating, ventilation and airconditioning (HVAC) installations in new residential and nonresidential structures.
Maintaining, monitoring and repairing existing equipment also accounts for a significant share of revenue, lending the industry some stability in the face of the volatile new construction markets of recent years. These service segments also make it susceptible to changes in levels of disposable income. In the five years to 2013, industry revenue is expected to fall at an annualized rate of 1.3% to $57.3 billion.
The total collapse of the housing market and subsequent economic recession caused new construction activity to decrease dramatically. During much of
the five years to 2013, demand for new housing was hampered by an oversupply of existing homes, a growing number of home mortgage foreclosures and declining property values.
Nonresidential building construction activity also declined as the recession caused a contraction in the business sector. As unemployment rose and businesses reduced operations, more vacancies in commercial buildings appeared and demand for new nonresidential structures weakened.
These factors hurt demand for HVAC installations across all construction markets.
After three years of declining revenue from 2008 to 2010, the industry turned a corner in 2011 and recorded strong 6.4% growth in 2012. Positive signs in the housing market, particularly in the first quarter of 2013, indicate the construction sector´s burgeoning return to health. As more homes and commercial structures are built and require HVAC system installation, demand for industry technicians will grow strongly.
Furthermore, national standards for energy efficiency and a growing trend toward lowering household and business energy use is projected to encourage building owners to upgrade to more efficient systems. With these positive trends in full swing, industry revenue is forecast to rise at an annualized rate of 6.1% during the next five years to $77.0 billion in 2018, beginning with 4.5% growth in 2013 alone.
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