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The Heating, Ventilating, and Air Conditioning Services market size is forecast to increase by USD 28.76 billion, at a CAGR of 7.43% between 2023 and 2028. Market growth hinges on various factors, notably the rapid escalation of surface temperatures due to climate change. This phenomenon spurs a heightened demand for retrofitting solutions in developed nations, driven by the imperative to mitigate environmental impact and comply with sustainability goals. Simultaneously, there is a pressing need across industries to curtail energy consumption and minimize operating expenses. These intertwined factors underscore a pivotal shift towards energy-efficient practices and sustainable infrastructure, including industrial HVAC. The market's trajectory is further driven by regulatory frameworks emphasizing eco-friendly initiatives and technological advancements enabling smarter energy management, including smart city information and communication technologies (ICT) infrastructure. As businesses and governments prioritize environmental responsibility, the market for retrofitting and energy-efficient solutions is expected for substantial growth, aligning with global efforts to combat climate change and promote resource conservation.
Market Forecast 2024-2028
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The HVAC services market encompasses a range of comfort systems and climate control technologies designed for both residential spaces and commercial spaces. These systems include temperature control systems, air quality systems, and energy-efficient solutions such as ground-source heat pumps and energy-saving products. The market caters to various building types, including residential buildings, commercial buildings, and industrial buildings. The demand for HVAC services, including commercial HVAC, is driven by the need for thermal comfort and indoor air quality in both affordable housing units and commercial infrastructure. Climate control technologies continue to evolve, with a focus on energy efficiency and sustainability in buildings. The federal tax credit for energy-efficient upgrades further incentivizes the adoption of these systems. In summary, the market offers innovative solutions to ensure optimal climate control and air quality in various types of buildings while promoting energy efficiency and sustainability.
With urbanization and the rise of smart buildings and homes, there is a growing demand for advanced HVAC systems, including Telecommunication and VRF systems. Retrofitting existing structures with energy-efficient Temperature Control Systems and Thermal Regulation Systems is also a priority. Shopping malls, theaters, and transportation hubs require reliable solutions to ensure thermal comfort for large crowds.
Moreover, sustainable buildings and water systems are essential for reducing greenhouse gas emissions and mitigating system failures. Smart HVAC systems and ventilation technologies play a crucial role in maintaining optimal temperature and ensuring the health and well-being of occupants. Consequently, the high temperature will require most air conditioning systems to equate the temperature, which will drive the market during the forecast period.
The market is experiencing significant growth due to the integration of intelligent technologies and monitoring systems, enabling energy regulation and building energy consumption measurement. Commercial buildings are leading the adoption of IoT, with retail spaces like shopping malls and smart buildings integrating these technologies for improved temperature control through Smart HVAC Systems and Thermal Regulation Systems. Sustainable buildings, theaters, and transportation sectors also benefit from IoT's capabilities in temperature management and ventilation.
Moreover, urbanization drives the need for efficient systems, reducing system failures and enhancing thermal comfort. VRF systems and water systems are essential components of these advanced technologies, contributing to the market's expansion. Telecommunication plays a crucial role in facilitating data exchange between connected devices, ensuring optimal performance. Hence, the advancement in technology will boost the growth of the market during the forecast period.
The market is significantly influenced by the volatility of raw material prices, particularly for stainless steel, iron, bronze, and copper. This instability can impact various sectors, including retail, such as shopping malls, and commercial establishments like offices, theaters, and telecommunication facilities. The adoption of retrofitting, smart building technologies, and sustainable buildings is on the rise, necessitating the use of advanced Temperature Control Systems and Thermal Regulation Systems. VRF systems and Water Systems are essential components of these modern structures.
However, price fluctuations can lead to system failures, affecting temperature maintenance and thermal comfort in urban areas, transportation systems, and even in smart homes. The use of sustainable materials and energy-efficient solutions is a potential mitigation strategy Hence, such challenges are expected to impede the growth of the market during the forecast period.
The air conditioning services segment is estimated to be significant during the forecast period. The Market encompasses various sectors, including residential and commercial buildings, industrial facilities, and infrastructure development projects. With the increasing focus on Green Building Development and certifications like LEED, there is a growing demand for energy-efficient HVAC systems, such as ground-source heat pumps and inverter-type air conditioners. Health concerns and healthcare spending have led to a heightened emphasis on indoor air quality, driving the adoption of advanced HVAC apparatus and implementation services. The HVAC industry is experiencing significant growth due to factors such as inflation, interest rates, and labor shortage. Industrial buildings, hotels, housing units, and residential spaces require heating and cooling solutions to maintain optimal temperatures and humidity levels.
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The air conditioning services segment was valued at USD 26.37 billion in 2018. Additionally, HVAC industry consultants and manufacturers offer heat pump equipment, heat pump systems, and programmable thermostats to help businesses and individuals reduce energy consumption and greenhouse gas emissions. Maintenance and repair services are essential for ensuring the longevity and efficiency of the HVAC apparatus. Replacement parts and real-time data are crucial for addressing potential issues promptly. Regulatory programs and renewable energy initiatives are also influencing the HVAC market as investors seek to minimize their carbon footprint and reduce operating costs. The manufacturing sectors, IT infrastructure, and restaurants are among the many industries that rely on HVAC apparatus for their day-to-day operations. Hence, such factors are fuelling the growth of this segment, which in turn drives the market growth during the forecast period.
Based on end-user, the market has been segmented into non-residential and residential. The non-residential segment will account for the largest share of this segment.?The Market encompasses various sectors, with retail spaces, such as shopping malls and the entertainment industry, including theaters, being significant consumers. HVAC apparatus, including Temperature Control and Thermal Regulation Systems, are essential for maintaining optimal temperature and thermal comfort. In the context of urbanization and increasing demand for sustainable buildings, retrofitting existing structures with smart HVAC and VRF, sustainable Water Systems is a growing trend. Telecommunication and transportation industries also rely on HVAC services for temperature control and ventilation. Smart building technologies and smart homes integrate advanced HVAC systems for energy efficiency and system failure prevention. The chemicals industry is poised for significant growth due to the increasing demand for HVAC services in cooling hot oils and chemicals. Hence, such factors are fuelling the growth of this segment, which in turn drives the market during the forecast period.
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APAC is estimated to contribute 46% to the growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The Market in APAC is experiencing significant growth due to various factors. These include the expansion of Green Building Development, driven by certifications such as LEED, and the implementation of regulations aimed at reducing Greenhouse Gas Emissions. The construction sector, including residential housing units and commercial buildings like hotels and industrial structures, is a major driver for the demand for HVAC systems.
Moreover, health concerns and healthcare spending have led to increased demand for energy-efficient Heat Pump apparatus and Inverter-type Air Conditioners, which improve indoor air quality. Infrastructure Development Projects and IT Infrastructure require reliable HVAC Equipment, while the manufacturing sectors seek energy-efficient solutions like Ground-source heat pumps and programmable thermostats. Maintenance and Repair services are essential for the longevity of HVAC apparatus, and the market is also influenced by factors such as inflation, interest rates, labor shortage, and the adoption of renewable energy sources. Replacement parts and implementation services are crucial for the HVAC industry consultants to cater to the growing demand. Hence, such factors are expected to drive market growth in the APAC region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Air Comfort, Alexander Mechanical Inc., Blue Star Ltd., Carrier Global Corp., Daikin Industries Ltd., EMCOR Group Inc., Emerson Electric Co., ENGIE SA, Ferguson plc, Fujitsu General Ltd., Ingersoll Rand Inc., J and J Air Conditioning, Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Nortek, Samsung Electronics Co. Ltd., Service Logic, and Siemens AG
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The Heating, Ventilating, and Air Conditioning services market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
In the HVAC (Heating, Ventilation, and Air Conditioning) industry, marketing strategies are crucial for business growth. Housing units and commercial spaces require regular HVAC services to ensure comfort and efficiency. Carbon monoxide detection, filtration systems, and energy-efficient units are key considerations for consumers. HVAC companies offer various services, including installation, maintenance, and repair. Consumers are increasingly seeking sustainable and cost-effective solutions. Units with high SEER (Seasonal Energy Efficiency Ratio) and HSPF (Heating Seasonal Performance Factor), Internet of Things (IoT), ratings are popular choices. Brands that prioritize innovation, reliability, and customer service are preferred. Bulk buying and financing options are attractive to consumers. HVAC marketing should focus on these aspects to attract and retain customers. Regular communication, promotions, and educational content can help build brand awareness and trust.
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Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.43% |
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Market growth 2024-2028 |
USD 28.76 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.78 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABM Industries Inc., Air Comfort, Alexander Mechanical Inc., Blue Star Ltd., Carrier Global Corp., Daikin Industries Ltd., EMCOR Group Inc., Emerson Electric Co., ENGIE SA, Ferguson plc, Fujitsu General Ltd., Ingersoll Rand Inc., J and J Air Conditioning, Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Nortek, Samsung Electronics Co. Ltd., Service Logic, and Siemens AG |
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Market dynamics |
Parent market analysis, market report, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our Heating, Ventilating, and Air Conditioning Services market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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