Farmington, Jan. 16, 2023 (GLOBE NEWSWIRE) -- 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%. The spread of the coronavirus has affected logistics and supply chains around the world. During the summer, there was a lot of demand for retrofitting and new installations in the HVAC industry. During the lockdown, parts shortages are likely to have a big effect on these jobs.
During the forecast period, the growth of the HVAC services market will be mostly driven by the growth of construction businesses in major emerging economies and growth in end-user markets like data centre markets. Some of the benefits of using an HVAC system are that it saves energy, gives better results, and lasts longer. According to British Petroleum (BP) PLC, China used about 3.3 million tonnes of oil equivalent in 2018. This made it the world's largest primary energy consumer.
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Recent Developments:
- In 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.
- In 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.
Regional Outlook:
In 2021, Asia Pacific will have more than 40% of the market for HVAC systems. The region has grown a lot over the years because more people are moving to cities, the population is growing, and people's disposable income is going up. Recently, the business sector has been growing, which is good for the future growth of the region.
In 2021, North America will be the second largest market for HVAC systems. The HVAC systems market is mature, but replacement sales due to ageing infrastructure or retrofit projects are giving OEMs other ways to make money instead of expanding into service and maintenance. During the time frame of the forecast, North America is expected to have a CAGR of more than 5.5%.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 6.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 71.1 Billion |
| By Type | Heating, Ventilation, Cooling, Other |
| By Application | Airflow and Quality, Temperature and Humidity, Electrical, Other |
| By Service | Consulting, Installation, Maintenance & Repair, Upgrade/Replacement, Others |
| By Companies | Carrier, DAIKIN INDUSTRIES, Ingersoll Rand, Johnson Controls International |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
Governments all over the world have made suppliers follow strict rules when installing and repairing HVAC systems that use less energy.
For example, all EU countries banned the use of R-22 refrigerant in January 2015 because it was an ozone-depleting substance (ODS). R-22 is used in many HVAC systems that are already in place. But R-22 will get harder to find and cost more as time goes on.
Because of this, people have to replace their old HVAC systems, which is expected to increase demand for new, energy-efficient HVAC systems with programmable thermostats that help control the temperature throughout the day.
Market Opportunity:
The Internet of Things (IoT) is a concept that describes a situation in which HVAC systems can be connected to the internet to share data. It takes care of your heating and cooling system, gathers data, and stores it in the cloud. Improve how your HVAC system works to make it more efficient. Run a predictive maintenance programme.
It can also monitor, control, and diagnose equipment over the Internet in a cost-effective way. IoT can also cut down on the cost of repairing and maintaining HVAC systems. With IoT, you can get performance data from your HVAC system in real time and figure out how to use it. IoT-enabled buildings, for example, can let facility managers know right away if something isn't working right. They can also diagnose and make changes to devices from a distance, which reduces system failures and costs.
Key Segments Covered:
Top Market Players:
Carrier, DAIKIN INDUSTRIES, Ingersoll Rand, Johnson Controls International, and others.
By Type
- Heating
- Ventilation
- Cooling
- Other
By Application
- Airflow and Quality
- Temperature and Humidity
- Electrical
- Others
By Service
- Consulting
- Installation
- Maintenance & Repair
- Upgrade/Replacement
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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