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Key Market Dynamics:
One of the key factors driving the HVAC services market growth is the development of EVs charging infrastructure. Electric vehicles have the potential to become one of the most disruptive technologies changing our behavior, but they are also the most daunting challenges facing the automotive supply chain and electric companies across the grid in the last 100 years. The growth in the number of electric vehicles is impressive, and the future scenario is also very interesting; by 2025, it will reach 40-70 million. Heating, Ventilation, and Air Conditioning (HVAC) has been identified as a substantial contributor to EV power usage, in addition to the electric motor. The primary job of automobile climate controls has been to ensure the passengers' thermal comfort by controlling the HVAC system. In the three most advanced electric vehicle markets in China, the 27 EU countries and the United Kingdom, and the United States, the charging of residential and commercial buildings will dominate in the foreseeable future and will continue to be the key to expanding the industry.
High cost of batteries used in EVs is one of the key challenges hindering the HVAC services market growth. The global HVAC services market is geographically diverse and witnesses intense competition. The existence of numerous international and regional players has intensified market competition. Fierce competition exists among international vendors, in terms of technological innovations and modifications in existing products, for gaining a significant position in the market. As the market is intensive, it is essential for vendors to showcase product differentiation. Many international players are finding it difficult to retain their position in the market due to low-cost offerings of HVAC components and parts by regional vendors. Moreover, the emergence of local vendors has intensified market competition, especially in APAC. Local players enjoy low-cost advantages in manufacturing due to the low cost of raw material procurement because of well-established distribution channels within the supply chains of respective regions. Also, the cost of standardizing the product is minimal. Due to these factors, regional vendors sell HVAC chillers at a relatively lower price per unit when compared to other international players.
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Segmentation Analysis & Forecasts
The HVAC services market share growth by the non-residential will be significant during the forecast period. The non-residential sector has seen growth in terms of the number of office buildings, data centers, and healthcare facilities. The moderate development rate of China's economy is the key factor contributing to APAC's slow growth in the market. There are significant opportunities in the market in the Middle East. Such an increase in construction activities in the commercial sector will propel the growth of the global HVAC services market during the forecast period.
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Some of the Major Companies Mentioned
- AB Electrolux
- Daikin Industries Ltd.
- Emerson Electric Co.
- Gardner Denver Holdings Inc.
- Johnson Controls International Plc
- LG Electronics Inc.
- Nortek Inc.
- Robert Bosch GmbH
- Siemens AG
- United Technologies Corp.
The HVAC services market is fragmented and the vendors are deploying growth strategies such as expanding the product portfolio to compete in the market.
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HVAC Services Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.68% |
Market growth 2021-2025 |
$ 20.75 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.91 |
Regional analysis |
APAC, Europe, North America, and South America |
Performing market contribution |
APAC at 50% |
Key consumer countries |
China, US, Japan, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
AB Electrolux, Daikin Industries Ltd., Emerson Electric Co., Gardner Denver Holdings Inc., Johnson Controls International Plc, LG Electronics Inc., Nortek Inc., Robert Bosch GmbH, Siemens AG, and United Technologies Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value chain analysis: Specialized Consumer Services
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by End-user
- 5.1 Market segments
- Exhibit 15: End-user - Market share 2020-2025 (%)
- 5.2 Comparison by End-user
- Exhibit 16: Comparison by End-user
- 5.3 Non-residential - Market size and forecast 2020-2025
- Exhibit 17: Non-residential - Market size and forecast 2020-2025 ($ million)
- Exhibit 18: Non-residential - Year-over-year growth 2020-2025 (%)
- 5.4 Residential - Market size and forecast 2020-2025
- Exhibit 19: Residential - Market size and forecast 2020-2025 ($ million)
- Exhibit 20: Residential - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by End-user
- Exhibit 21: Market opportunity by End-user
6 Customer landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 23: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 24: Geographic comparison
- 7.3 APAC - Market size and forecast 2020-2025
- Exhibit 25: APAC - Market size and forecast 2020-2025 ($ million)
- Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
- 7.4 Europe - Market size and forecast 2020-2025
- Exhibit 27: Europe - Market size and forecast 2020-2025 ($ million)
- Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
- 7.5 North America - Market size and forecast 2020-2025
- Exhibit 29: North America - Market size and forecast 2020-2025 ($ million)
- Exhibit 30: North America - Year-over-year growth 2020-2025 (%)
- 7.6 MEA - Market size and forecast 2020-2025
- Exhibit 31: MEA - Market size and forecast 2020-2025 ($ million)
- Exhibit 32: MEA - Year-over-year growth 2020-2025 (%)
- 7.7 South America - Market size and forecast 2020-2025
- Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
- Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 35: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 36: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.2 Market challenges
- Exhibit 37: Impact of drivers and challenges
9 Vendor Landscape
- 9.1 Overview
- Exhibit 38: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 39: Landscape disruption
- Exhibit 40: Industry risks
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 41: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 42: Market positioning of vendors
- 10.4 Air Comfort
- Exhibit 48: Air Comfort - Overview
- Exhibit 49: Air Comfort - Product and service
- Exhibit 50: Air Comfort - Key offerings
- 10.5 Alexander Mechanical
- Exhibit 51: Alexander Mechanical - Overview
- Exhibit 52: Alexander Mechanical - Product and service
- Exhibit 53: Alexander Mechanical - Key offerings
- 10.6 Blue Star Ltd.
- Exhibit 54: Blue Star Ltd. - Overview
- Exhibit 55: Blue Star Ltd. - Business segments
- Exhibit 56: Blue Star Ltd. - Key news
- Exhibit 57: Blue Star Ltd. - Key offerings
- Exhibit 58: Blue Star Ltd. - Segment focus
- 10.7 Carrier Global Corp.
- Exhibit 59: Carrier Global Corp. - Overview
- Exhibit 60: Carrier Global Corp. - Business segments
- Exhibit 61: Carrier Global Corp. - Key offerings
- Exhibit 62: Carrier Global Corp. - Segment focus
- 10.8 Daikin Industries Ltd.
- Exhibit 63: Daikin Industries Ltd. - Overview
- Exhibit 64: Daikin Industries Ltd. - Business segments
- Exhibit 65: Daikin Industries Ltd. - Key offerings
- Exhibit 66: Daikin Industries Ltd. - Segment focus
- 10.9 ENGIE SA
- Exhibit 67: ENGIE SA - Overview
- Exhibit 68: ENGIE SA - Business segments
- Exhibit 69: ENGIE SA - Key offerings
- Exhibit 70: ENGIE SA - Segment focus
- 10.10 J and J Air Conditioning
- Exhibit 71: J and J Air Conditioning - Overview
- Exhibit 72: J and J Air Conditioning - Product and service
- Exhibit 73: J and J Air Conditioning - Key offerings
- 10.11 National HVAC Service
- Exhibit 74: National HVAC Service - Overview
- Exhibit 75: National HVAC Service - Product and service
- Exhibit 76: National HVAC Service - Key offerings
- 10.12 Samsung Electronics Co. Ltd.
- Exhibit 77: Samsung Electronics Co. Ltd. - Overview
- Exhibit 78: Samsung Electronics Co. Ltd. - Business segments
- Exhibit 79: Samsung Electronics Co. Ltd. - Key news
- Exhibit 80: Samsung Electronics Co. Ltd. - Key offerings
- Exhibit 81: Samsung Electronics Co. Ltd. - Segment focus
11 Appendix
- 11.2 Currency conversion rates for US$
- Exhibit 82: Currency conversion rates for US$
- 11.3 Research methodology
- Exhibit 83: Research Methodology
- Exhibit 84: Validation techniques employed for market sizing
- Exhibit 85: Information sources
- 11.4 List of abbreviations
- Exhibit 86: List of abbreviations
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