The U.S. market for heating, ventilation and air conditioning (HVAC) manufacturing is recovering from a period of economic setback that started with the great U.S. recession of 2008. HVAC manufacturers had previously enjoyed a period of steady growth between 1997 to 2006 when equipment sales for heating systems and air conditioners increased 41% and 45%, respectively. But the economic downturn brought with it a stalled housing market, a stoppage of new home and commercial construction initiatives, and massive layoffs at factories that manufacture HVAC equipment market.
The year 2012 represents a pivotal point for HVAC companies that are seeking to capitalize on market opportunities domestic and abroad, as well as secure long-term contracts and borrow cash at low interest rates to fund capital investments. Meanwhile, the U.S. government continues to ignite the economic recovery by funding projects that invest in rebuilding the U.S. infrastructure.
In September, U.S. Energy Secretary Steven Chu announced awards totaling more than $76 million in funding from the American Recovery and Reinvestment Act to support advanced energy-efficient building technology projects and the development of training programs for commercial building equipment technicians, building operators, and energy auditors. The 58 projects will help make the nation's buildings more energy efficient and cost-effective. They will also support programs to train workers to service and operate new and existing buildings, to develop and deploy best practices resulting in fewer greenhouse gas emissions, and to establish a green workforce with technical expertise to reduce energy costs for consumers. These projects are considered a major spark to ignite HVAC manufacturing and lead to renewed confidence that shipments will increase. Still, many HVAC manufacturers are greeting the end of 2012 with cautious optimism as they await the outcome of the U.S. Presidential election. SBI Energy, in its new report, HVAC 3rd Edition, finds that through 2015, HVAC manufacturing growth will remain relative flat across all categories until the next administration solidifies its economic recovery plans and begins to assertively back additional initiatives that require the latest energy-saving HVAC equipment.
This report examines the competitive and economic challenges facing U.S. manufacturers and consumers of HVAC equipment. The chapters discuss the key constituents affected by the downturn in HVAC manufacturing and profiles the leading manufacturers. We size the market based on historical data between 2002 to 2011 and forecast growth through 2022. Market sizing focuses on the various segments of U.S. HVAC manufacturing, including:
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