HVAC Services Market is Projected to be $146.32 Billion, Expanding at 6.2% CAGR by 2034

Drastically Changing Climate Conditions in Several Countries Driving High Need for HVAC Services: Fact.MR Report

According to an updated industry analysis released by Fact. MR, the global HVAC services market is projected to reach a value of US$146.32 billion by the end of 2034, up from US$80.18 billion in 2024.

Global warming, pollution, and other issues are causing drastic changes in the weather patterns in several countries, driving up the need for effective temperature control solutions. The growing requirement for sophisticated cooling systems to maintain comfortable indoor environments is driving demand for heating, ventilation, and air conditioning (HVAC) systems and services.

Technological developments in HVAC systems have also pushed the need for related HVAC services. Innovations such as smart thermostats that allow for exact temperature control and remote access, energy-efficient systems that reduce consumption and utility costs, and enhanced HVAC controls that maximize efficiency and improve comfort have all contributed to the growing demand for these services.

North America is forecasted to hold a leading position in the global market over the next ten years. The adoption of HVAC systems and services is being driven by the region's growing demand for energy-efficient systems to fulfill stringent regulatory standards and high-focus sustainable solutions. In addition, the region is also dealing with extreme weather conditions more frequently than before, which is driving market growth.

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Key Takeaways from Market Study:

• The global HVAC services market is forecasted to expand at a CAGR of 6.2% from 2024 to 2034.
• North America is estimated to account for 23.9% of the global market share in 2024.
• The United States is forecasted to account for 45.6% of the market share in the North American region by 2034.
• The market in South Korea is estimated to expand at a CAGR of 7% from 2024 to 2034.
• The market in China is projected to generate revenue worth US$ 16.06 billion by the end of 2034.
• Based on service, the consulting segment is projected to generate revenue of US$ 48.14 billion by the end of 2034.
• In East Asia, revenue from HVAC services is forecasted to reach US$ 33.8 billion by 2034.

“To boost income and create excellent client connections, leading providers of HVAC services are focusing on broadening the range of services they offer, including maintenance, repair, and energy audits,” says a Fact.MR analyst

Leading Players Driving Innovation in the HVAC Services Market:

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.

Increasing Preference for Consulting Services

The need for professional guidance on efficiency, design, and regulatory compliance in systems is driving the demand for consulting HVAC services. End users can learn how to meet stringent environmental standards, reduce energy consumption, and optimize HVAC system performance by consulting with consultants. Their expertise ensures longevity and affordability by assisting businesses and private individuals in making challenging decisions regarding system selection, installation, and maintenance. More significantly, as HVAC systems get more advanced technologically and as rules change constantly, professional consulting services are becoming more necessary.

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HVAC Services Market News:

1. In July 2024, The Master Trades Group (MTG), a renowned residential plumbing and HVAC platform, declared that it had effectively acquired Freedom Air & Plumbing, a full-service residential HVAC and plumbing company based in Rockledge, Florida.
2. Panasonic, a master of innovative solutions, unveiled in October 2023 a breakthrough in home heat pump technology that will change how Canadians can afford to heat and cool their homes. The latest addition to Panasonic's Breathe Well family of indoor air quality improvers, INTERIOS, is an in-house central heat pump solution that can be simply tuned to deliver heating and cooling for homes.
3. In July 2022, M&T Air Conditioning, a Vancouver-based HVAC service provider in Canada, announced that it has finalized its rebranding exercise, including the development of a new brand logo and website to complement its business growth vision.
4. In May 2022, Heartland Home Services, a premier HVAC, plumbing, and electrical home services company, announced the acquisition of Williams Heating and Cooling, a top service provider of HVAC.

More Valuable Insightson Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the HVAC services market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (heating, ventilation, cooling), service (consulting, installation, maintenance & repair, upgrade/replacement), and end use (residential, commercial, industrial), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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