Author: Himanshu Patni
21 November 2022
The HVAC Services Market is expected to register a CAGR of around 7.0% during the forecast period (2021-2027F). A rise in disposable income, growing residential and commercial sectors coupled with the launch of new technology-enabled HVAC systems by the players are some of the prominent factors contributing to the growth of the HVAC services market. Moreover, the benefits of adopting HVAC systems include energy-efficient, improved results, and lifespan, among others.
The HVAC service market has a direct correlation with the HVAC equipment market. The growing demand for HVAC equipment is also resulting in the growth of the HVAC Service market. According to the report by the International Energy Agency (IEA), Global energy demand from air conditioners is anticipated to triple by 2050, requiring new electricity capacity equivalent to the combined electricity capacity of the US, the EU, and Japan today.
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Based on the implementation, the market is segmented into new constructions and retrofit buildings. During the forecast period, the new construction segment is expected to hold the majority of the market. This is mainly driven due to rising investments in the development of commercial and residential construction projects. However, increasing demand for retrofitting commercial and residential buildings with HVAC systems is expected to drive segment growth during the forecast period.
Based on end-use, the market is segmented into residential, commercial, and industrial. The residential market grabbed the majority of the market in 2020. Increasing ownership of apartments and single-family homes creates opportunities for the residential HVAC segment.
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For a better understanding of the market adoption of the HVAC services market, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (U.K, France, Germany, Spain, Italy, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. Asia Pacific region dominated the HVAC system market and accounted for a significant market revenue share. This is mainly due to rapid urbanization, population growth, and increased consumer disposable. The commercial sector in the Asia Pacific is on the continuous rise, creating prospects for future regional growth. The thriving construction activities in the commercial sector in India, Japan, South Korea, and China due to rapid urbanization are anticipated to propel the market growth in the forecast period. Also, the introduction of strict government regulations in emerging economies to boost energy conservation is likely to fuel the market growth in the region, which is projected to significantly contribute to the overall growth of the HVAC services industry in the coming years.
HVAC Services Market Segmentation
Market Insight, by Implementation
• New Construction
• Retrofit Buildings
Market Insight, by End-use
• Residential
• Commercial• Industrial
Market Insight, by region
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