The market for HVAC services is expected to grow gradually at a CAGR of 6.2% to reach US$ 129.8 billion by the end of 2032 from its current value of US$ 71.1 billion in 2022. About 60% of the worldwide market is collectively accounted for by North America and East Asia.
HVAC services market growth is anticipated to be fueled by a sharp increase in building activity globally, as well as rising urbanization and infrastructure reforms, throughout the course of the projected period (2022-2032). HVAC systems are extremely useful for ensuring thermal comfort and efficient air circulation inside of buildings.
Providers of HVAC services provide consultancy services for the installation of HVAC systems that adhere to energy efficiency requirements. These service providers are professionals and specialists that handle the replacement of HVAC systems as well as their prompt repair and maintenance.
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Segmentation of HVAC Services Industry Research
- By Type :
- Heating
- Ventilation
- Cooling
- By Service :
- Consulting
- Installation
- Maintenance & Repair
- Upgrade/Replacement
- By End-use Application :
- Residential
- Commercial
- Industrial
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Companies Profiled
- Carrier
- Daikin Industries Ltd.
- Dr. Energy Saver, Inc
- Dwyer Franchising, LLC
- Electrolux AB
- Fujitsu General Ltd.
- Honeywell International Inc.
- Johnson Controls International PLC
- Lennox International Inc.
- LG Electronics Inc.
- Nortek Global HVAC
- One Hour Heating & Air Conditioning Franchising SPE LLC
- Robert Bosch GmbH
- Siemens AG
- The Home Depot
- Watsco
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Competitive Landscape
Prominent HVAC service providers are Carrier, Daikin Industries Ltd., Dr. Energy Saver, Inc., Dwyer Franchising, LLC, Electrolux AB, Fujitsu General Ltd., Honeywell International Inc., Johnson Controls International PLC, Lennox International Inc., LG Electronics Inc., Nortek Global HVAC, One Hour Heating & Air Conditioning Franchising SPE LLC, Robert Bosch GmbH, Siemens AG, The Home Depot, and Watsco.
The global market for HVAC services is highly competitive with the presence of numerous market players. They are taking strategic initiatives such as service launches, acquisitions, and rebranding to stay competitive in the market.
For instance :
- In July 2022, M&T Air Conditioning, a service provider of HVAC in Vancouver, Canada, announced that it completed its rebranding process, which includes the creation of a new brand logo and website to support M&T’s vision for business expansion.
- In May 2022, Heartland Home Services, a leader in HVAC, plumbing and electrical home services, announced the acquisition of Williams Heating and Cooling, a leading service provider of HVAC.
