The demand for HVAC systems and services in this country has been rising. According to an analysis of the HVAC systems market, the U.S. market size is expected to register a compound annual growth rate (CAGR) of 9.7% through 2025. Let's break down the factors fueling this rising HVAC demand.
HVAC systems have been accounting for a significant share of domestic energy consumption. As a result, consumers have been actively seeking energy-efficient systems to bring their energy costs down. The U.S. Department of Energy (DOE) has also been raising the minimum energy efficiency standards for heating and cooling systems.
It's no wonder that HVAC manufacturers have been working to develop environmentally friendly and energy-efficient technology. Homeowners are upgrading to newer, more efficient, and eco-friendly HVAC systems instead of repairing their old, inefficient systems.
For instance, heat-pump technology has improved considerably. That has allowed homes in the colder northern climates to enjoy the energy-efficient heating that heat pumps provide. The phaseout of R-22 refrigerant for the environmentally friendly R-410A has also led to a surge in demand for newer heat pumps and air conditioners.
Increase in Construction Activities
The United States Census Bureau reports that construction spending in 2010 was $809.26 billion. It increased to around $1.29 trillion in 2018. In July 2019, completions of privately owned houses were 6.3% higher than those in July 2018.
The increased construction activities in the commercial and residential sectors have paved the way for high HVAC demand.
Extreme Weather Events
The rising average spring and summer temperatures increase people's use of air conditioners. This increases breakdowns and quickens wear and tear. As a result, the need for A/C replacement and desire for more efficient cooling systems rises.
Heavy storms, hurricanes, tornadoes, and flooding across the country necessitate HVAC repair and replacement services.
With the increasing HVAC demand, the industry is expected to move toward more sustainable and efficient heating and cooling solutions. If you'd like to know more about the HVAC developments that could help you further reduce your energy consumption, contact Aggressive Mechanical Contractors. We offer top-notch HVAC solutions to homeowners in Monmouth and Ocean counties.