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- Air-conditioning prices have risen 15% in 2021 thanks to a supply squeeze, United CoolAir told Fox Business.
- One air-con company said demand was booming, but that it didn't have enough staff to install units.
- A heat wave has hit parts of the US in recent weeks, putting electricity grids under strain.
- See more stories on Insider's business page.
The price of air-conditioning units has shot up thanks to a shortage of key components – and a lack of installers means some customers are waiting longer for their units, Fox Business reports.
Over the past few months, multiple manufacturers have announced rising equipment costs for units of between 3% and 9%. Brad Dunn, vice president of marketing and sales at United CoolAir, told Fox Business that air-con unit prices had risen 15% since the start of this year, and that he expected them to rise further.
AMHAC, a New York air-con company, told Fox Business that it had a long waiting list for new units, but was struggling to source key parts, such as circuit boards, motors, and engines.
Some companies were also struggling to find staff to install units, it said. "Our industry is booming, but unfortunately we don't have enough tradesmen to come on board," Natalie Llyod, AMHAC's general manager, told Fox Business. "We're hiring, and we have a lot of demand and we're ready to go to get the season off right."
The comments come as a heatwave rips through parts of America, and companies continue to return to offices.
Equipment shortages have also delayed construction projects: Nearly 70% of builders reported shortages of heating, ventilation, and air conditioning (HVAC) equipment in May, according to a National Association of Home Builders report published June 2, cited by Fox News.
A heatwave hit the southwest US this week - California governor Gavin Newsom declared a statewide emergency on June 17, and called on residents to conserve energy because of pressure on the state's electricity grid. Hot weather expected in the western part of the country this summer could put further strain on already fragile grids, which are vulnerable to the surge in demand caused by extreme weather events.
The global HVAC market is expected to grow 7.55% year-on-year to reach nearly $352 billion by 2026, according to market research site ResearchAndMarkets.com