Hvac Services Market | Contrive Datum Insights

The Global HVAC Services Market stands at US$ 71.1 billion in 2022 and is anticipated to progress steadily at a CAGR of 6.2%.

HVAC Services Market Overview:

The coronavirus outbreak has impacted logistics and supply chains globally. For the HVAC industry, summer months saw major demand for retrofitting and new installations, which are expected to be severely impacted by parts shortages during the lockdown.

Growing construction businesses in major emerging economies and growth in end-user markets such as data center markets are major factors driving the growth of the HVAC services market during the forecast period. Some of the benefits of adopting an HVAC system include, among other things, energy efficiency, improved results, and longevity. According to British Petroleum (BP) PLC, China is the world's largest primary energy consumer, using about 3.3 million tonnes of oil equivalent in 2018.

The HVAC services market is directly related to the HVAC equipment market. Changes in demand for equipment will have a positive impact on the service market. This is because an increase in demand for new equipment translates into an increase in installation or retrofit services. HVAC companies offer a variety of services to both non-commercial and commercial property owners. Not only do these services focus on improving the performance of your equipment, but they can also potentially reduce energy costs.

HVAC Services market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global HVAC Services market in detail. Regional market sizes related to products by type, by application, and by the player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• February 2020 - Johnson Controls has introduced a fully integrated, factory-fabricated and installed Wraparound Heat Exchanger (WAHX) for its YORK Solutions indoor and outdoor air handling units. This newly developed product will help the company meet the growing demand for compact and energy-efficient dehumidification methods.
• February 2020 - Comfort Systems USA, Inc. has entered into an agreement to acquire Starr Electric Company, Inc., headquartered in Greensboro, North Carolina. Starr is a major force in electrical contracting and related services in North Carolina, with experience in the industrial, medical and educational sectors. This will help Comfort systems expand its footprint with the help of Starr's expertise.

Major Segments Covered in the Global HVAC Services Market:

Market Key Players:
Carrier, DAIKIN INDUSTRIES, Ingersoll Rand, Johnson Controls International, And Others.

HVAC Services Market by Types:

• Heating
• Ventilation
• Cooling
• Other

HVAC Services Market by Applications:

• Airflow and Quality
• Temperature and Humidity
• Electrical
• Others

By Service:

• Consulting
• Installation
• Maintenance & Repair
• Upgrade/Replacement
• Other

HVAC Services Market by Regions:

Asia Pacific dominates the HVAC systems market with a revenue share of over 40.0% in 2021. Increasing urbanization, growing population, and increasing disposable income of consumers are the key success factors behind the region's tremendous growth over the years. Recently, the commercial sector has been growing, creating prospects for future regional growth.

Following North America is the second largest consumer of HVAC systems in 2021. The HVAC systems market itself is mature; however, replacement sales due to aging infrastructure or retrofit projects are creating alternative revenue streams for OEMs rather than expanding into the service and maintenance category. North America is expected to register a CAGR of over 5.5% over the forecast period.

Significant Market Dynamics:

Drivers:

Governments around the world have imposed strict regulatory policies on suppliers while installing and retrofitting energy-efficient HVAC systems.

For example, in January 2015, the use of R-22 refrigerant was banned under ozone-depleting substance (ODS) regulations in all EU countries. The installed base of many HVAC systems currently relies on R-22. However, R-22 will become more expensive and rarer over time.

As a result, consumers are forced to replace their traditional HVAC systems, which is expected to fuel demand for modern and energy-efficient HVAC systems with programmable thermostats that help control temperature throughout the day.

Restraint:

The HVAC industry is poised for exponential growth. HVAC systems require fine-tuning and customizing of parts during installation in order to operate efficiently and prevent failures.

Therefore, you need a professional to properly install your HVAC system. If the installation is not performed by a professional, the end user may have to pay more for repairs in the long run or the HVAC system may not work effectively.

The requirement for skilled labor is expected to incur additional costs for users. Therefore, it may hinder the implementation of the HVAC systems market.

Opportunity:

The Internet of Things (IoT) refers to a scenario where HVAC systems can be linked to the internet to allow data sharing. It manages your HVAC system, collects data, and stores it in the cloud. Improve HVAC operations to increase efficiency. Run a predictive maintenance program.

It also monitors, controls, and diagnoses equipment cost-effectively over the Internet. IoT can also reduce the cost of ongoing maintenance and repair of HVAC systems. With IoT, you can access real-time performance data from your HVAC system and properly interpret this data. For example, IoT-enabled buildings can provide facility managers with early warning of operational anomalies and allow remote diagnostics and adjustments to devices, minimizing system failures and thus reducing costs.

Challenge:

As technology continues to evolve, it is important to educate end users about the benefits of new products.

As far as HVAC systems are concerned, awareness of the cost and environmental benefits of HVAC systems is low. They are often considered expensive, which challenges market penetration in developing countries. There lack of awareness of energy-efficient HVAC systems too.

Despite various innovations like the development of low GWP refrigerants for HVAC, the adoption rate of HVAC systems does not match the benefits they proposed. Additionally, HVAC system contractors lack awareness of HVAC system standards. More recently, higher SEER standards like 21 SEER units have been introduced and domestic HVAC construction companies are ignorant of them, ultimately hindering their business.

Report Scope of Global HVAC Services Market:

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
• The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Any special requirements about this report, please let us know and we can provide a custom report.

Note – In order to provide a more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19 and the Russia-Ukraine war.