Paris, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, has studied the global HVAC services market and has revealed that its size is estimated at US$ 71.1 billion in 2022 and is expected to expand at a CAGR of 6.2% through 2032. The market is being driven by rising construction activities worldwide and the presence of favourable government norms for energy conservation.
With the primary focus of governments on energy conservation, highly energy-efficient HVACs are being introduced across the world. As HVAC accounts for 40% of energy conservation of any premises, demand for HVAC service providers is growing to offer effective consultancy and other installation-related services. Market growth is also being supported by strict government initiatives providing allowance or rebates and other tax credits to customers regarding the installation of energy-efficient HVACs.
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Key Takeaways from Market Study
- The global HVAC services market is projected to progress at a CAGR of 6.2% and reach US$ 129.8 billion by 2032.
- The market exhibited expansion at 4.8% CAGR from 2017 to 2021.
- Maintenance & repair services dominate the market with a share of 53%.
- East Asia is the leading regional market with 34% market share in 2021.
- Revenue from HVAC services is expected to increase at CAGRs of 6.1% and 7%, respectively, in Europe and East Asia.
Market Development
Despite intense rivalry, the business environment in the HVAC services market still reflects a rollup within the sector. Prominent manufacturers are using both organic and inorganic tactics to obtain a firm foothold in the market, such as the 2022 purchase of Williams Heating and Cooling by Heartland Home Services.
Additionally, market participants are making an attempt to grow their client base by concentrating on a variety of end consumers and geographical areas. Additionally, market players are concentrating on integrating cutting-edge technologies such as IoT by investing in R&D to provide valuable HVAC services to end users.
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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
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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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global HVAC services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of service (consulting, installation, maintenance & repair, upgrade/replacement), type (heating, ventilation, cooling), and end-use application (residential, commercial, industrial), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Table of Content
1. Executive Summary - Global HVAC Services Market
2. Market Overview
2.1. Market Definition and Introduction
2.2. Market Taxonomy/ Research Scope
3. Market Characteristic – Bird Eye View
3.1. Number of Active Enterprises by Key Countries
3.2. Number of People Employed
3.3. Average Operating Margin
3.4. Average Revenue Per Employee
3.5. Threshold of Revenue Volatility
3.6. Consistency in Demand
3.7. Key Barriers to Entry
3.8. Key Customer Archetypes
Contd…
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