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Heating & Air-Conditioning Equipment Manufacturing in the US Industry Data and Analysis
Over the past five years, the US heating and air conditioning manufacturing industry has navigated a volatile environment shaped by shifting interest rates, evolving construction markets and persistent supply chain disruptions. Residential construction was an early growth engine, with surging demand in 2021 driven by low borrowing costs and a spike in homebuilding. However, rising interest rates in 2022 quickly cooled this momentum, leading to sharp declines in residential and broader construction activity through 2025. Commercial markets were even more volatile, facing setbacks during the pandemic but rebounding as investments in industrial facilities and hyperscale data centers picked up. Manufacturers also contended with fluctuating raw material prices and tariffs on imports from major trading partners, which complicated sourcing while elevating costs. Revenue has been expanding at a CAGR of 1.6% over the past five years and is expected to reach $62.5 billion in 2026, when revenue will fall by an estimated 0.5%.
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What's included in this industry analysis
IBISWorld's research coverage on the Heating & Air-Conditioning Equipment Manufacturing industry in the United States includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released February 2026.
About this industry
What's this industry report about?
The Heating & Air-Conditioning Equipment Manufacturing industry in the United States operates under the NAICS industry code 33341. Companies in this industry manufacture residential, commercial and industrial heating, ventilation, air-conditioning and refrigeration (HVACR) equipment. Industry revenue includes miscellaneous receipts for the resale of products without further manufacturing, contract work done for others on respective items and acknowledgments for repair, scrap and refuse sales. Automotive units are excluded from this industry. Related terms covered in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States include chlorofluorocarbons (cfcs), hydrochlorofluorocarbons and refrigerant.
What's included in this industry?
Products and services covered in Heating & Air-Conditioning Equipment Manufacturing industry in the United States include Air-conditioning, warm air heating and refrigeration equipment, Unitary air conditioners and Heating equipment .
What companies are included in this industry?
Companies covered in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States include Trane Technologies Plc, Carrier Global Corporation and Lennox International Inc.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Heating & Air-Conditioning Equipment Manufacturing industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Heating & Air-Conditioning Equipment Manufacturing industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Heating & Air-Conditioning Equipment Manufacturing industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States.
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Frequently Asked Questions
What is the market size of the Heating & Air-Conditioning Equipment Manufacturing industry in the United States in 2026?
The market size of the Heating & Air-Conditioning Equipment Manufacturing industry in the United States is $62.5bn in 2026.
How many businesses are there in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States in 2026?
There are 1,405 businesses in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States, which has grown at a CAGR of 0.4 % between 2021 and 2026.
How may import tariffs affect the Heating & Air-Conditioning Equipment Manufacturing industry in the United States?
The Heating & Air-Conditioning Equipment Manufacturing industry in the United States is likely to be impacted by import tariffs with imports accounting for a moderate share of industry revenue.
How may export tariffs affect the Heating & Air-Conditioning Equipment Manufacturing industry in the United States?
The Heating & Air-Conditioning Equipment Manufacturing industry in the United States is likely to be impacted by export tariffs with exports accounting for a moderate share of industry revenue.
Has the Heating & Air-Conditioning Equipment Manufacturing industry in the United States grown or declined over the past 5 years?
The market size of the Heating & Air-Conditioning Equipment Manufacturing industry in the United States has been growing at a CAGR of 1.6 % between 2021 and 2026.
What is the forecast growth of the Heating & Air-Conditioning Equipment Manufacturing industry in the United States over the next 5 years?
Over the next five years, the Heating & Air-Conditioning Equipment Manufacturing industry in the United States is expected to grow.
What are the biggest companies in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States?
The biggest companies operating in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States are Trane Technologies Plc, Carrier Global Corporation and Lennox International Inc.
What does the Heating & Air-Conditioning Equipment Manufacturing industry in the United States include?
Air-conditioning, warm-air heating and refrigeration equipment and Unitary air conditioners are part of the Heating & Air-Conditioning Equipment Manufacturing industry in the United States.
Which companies have the highest market share in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States?
The company holding the most market share in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States is Trane Technologies Plc.
How competitive is the Heating & Air-Conditioning Equipment Manufacturing industry in the United States?
The level of competition is moderate and increasing in the Heating & Air-Conditioning Equipment Manufacturing industry in the United States.
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