U.S. HVAC Services Market

U.S. HVAC Services Market

  • January 2020 •
  • 116 pages •
  • Report ID: 5879079 •
  • Format: PDF
U.S. HVAC Services Market Research Report: By Type (Installation, Upgradation/Replacement, Maintenance & Repair, Consulting), Equipment (Heating, Ventilation, Cooling), Implementation (New Construction, Retrofit Buildings), End User (Commercial, Industrial, Residential) - Industry Trends Analysis and Growth Forecast to 2030

The biggest factor fuelling the demand for heating, ventilation, and air conditioning (HVAC) services in the U.S. is the booming construction sector in the country, primarily due to the rising population level and increasing urbanization rate. As per the U.S. Census Bureau, the population of the U.S. is set to increase by almost 7% during 2019–2029. As a result, the U.S. HVAC services market is predicted to see an increase in value from $25.6 billion in 2019 to $35.8 billion in 2030 and progress at a CAGR of 3.1% during the forecast period (2020–2030).

In the U.S, the demand for HVAC maintenance and repair, upgradation and replacement, installation, and consulting services is quite high. Amongst these, repair and maintenance services were demanded by a lot of American citizens during till 2019. It has been observed that HVAC systems that go through frequent maintenance and repair activities lead to 20% more savings in energy consumption and exhibit improved functional efficiency. The demand for consulting services for HVAC systems, including thorough inspection by technicians, is expected to register quick growth in demand during the coming years.

HVAC systems are widely used in the industrial, residential, and commercial sectors. Out of these, the highest sale of HVAC services was recorded in the commercial buildings in 2019. This is primarily attributed to the massive surge in the construction of various commercial buildings, especially those pertaining to the hospitality niche. Furthermore, the construction of new commercial spaces in the country is expected to propel the adoption of HVAC systems, thereby boosting the need for installation and maintenance services.

The biggest rage in the U.S. HVAC services market currently is the growing adoption of smart HVAC systems, which has, in turn, massively pushed the demand for associated maintenance and repair services. Additionally, the rapid advancements and innovations in data analytics have fuelled the rise in the demand for streamlined HVAC system processes, exhibiting improved efficiency. For instance, HVAC contractors employ the use of widgets and software, nowadays, in order to collect data, with the help of real-time tracking of the coolants in the HVAC systems.
The southern part of the country recorded the largest sale of HVAC services in 2019. This is mainly ascribed to the fact that the cities and towns in the southern part of the country experience varying weather conditions, as compared to those in other regions. This creates a huge need for efficient heating and cooling of residential, industrial, and commercial buildings, which in turn, powers the demand for HVAC systems. As a result, the need for various associated services remains consistently high in this part of the country.

Therefore, owing to the soaring population level and the resultant rise in the construction of residential buildings as well as the flourishing industrial sector, the demand for HVAC services wound continue to skyrocket in the U.S. in the coming years.