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HVAC Services Market - Growth, Trends, and Forecast (2020 - 2025)


News provided by

Reportlinker

Mar 24, 2020, 12:10 ET

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NEW YORK, March 24, 2020 /PRNewswire/ --

The HVAC Services Market was valued at USD 7.17 billion in 2019 and is expected to reach USD 14.77 billion by 2025, at a CAGR of 12.5% over the forecast period 2020 - 2025. The growing construction business in major emerging economies and the growing end-user markets, such as the data center market, etc., are major factors driving the growth of the HVAC services market, over the forecast period. Some of the benefits of adopting HVAC systems include energy-efficient, improved results, and lifespan, among others. According to British Petroleum (BP) PLC, China is the largest consumer of primary energy in the world, using some 3.3 million metric tons of oil equivalent in 2018.

Read the full report: https://www.reportlinker.com/p05877814/?utm_source=PRN 

- The HVAC service market has a direct correlation with the HVAC equipment market. Any changes in demand for the equipment will impact the service market positively as higher demand for new equipment leads to higher installation or retrofitting services. HVAC companies offer a variety of services for both non-commercial and commercial property owners. These services not only give attention to improving the performance of the equipment but can potentially reduce energy costs as well.
- Factors such as technological innovations and climate changes have increased the adoption of HVAC equipment. Global warming that has led to changing and unpredictable weather conditions has also increased the need for air conditioning equipment.For instance, According to the Japan Refrigeration and Air Conditioning Industry Association, in 2018, the global demand for air conditioners stood at 110.97 million units. 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 the equivalent to the combined electricity capacity of the US, the EU and Japan today. The global stock of air conditioners in buildings would grow to 5.6 billion by 2050.
- Moreover, At the 2019 AHR Expo in Atlanta, Samsung HVAC North America announced that it would expand its residential and commercial air conditioning business in the region by building, training, and supporting a network of specifying representatives, distributors, and installers. Hence with the growth in adoption of air conditioners, the need for installation and maintenance and repairs of such equipment is expected to boost the market's growth positively.
- The growth in the construction industry and the rising disposable income in developing countries, has increased the availability of HVAC equipment for a broader consumer base. For instance, According to the Bureau of Labor Statistics, the construction sector's output in the United States is expected to amount to approximately USD 1.58 trillion by 2028. HVAC services are expected to witness a significant market growth majorly due to the increased need to install and maintain the energy efficiency of the existing systems.

Key Market Trends
Residential Segment is Expected to Register a Significant Growth

- The HVAC services demand in the residential sector, is primarily due to the growing population in Asia-Pacific, thereby leading to new installations. The market in developed regions, like Europe and North America, is mainly from the maintenance and replacement services.
- With the backdrop of rising global temperatures and improving living standards, market penetration for A/C systems is expected to grow substantially from current levels in developing nations. For example.
- Amidst the global financial crisis and housing market collapse, an overhang of housing in many mature economies led to a breakdown in prices of existing homes and stifled new residential construction spending.
- Starting from 2023, all new residential central air-source heat pump systems and air-conditioning sold in the United States will be required to meet new minimum energy efficiency regulations and standards. The latest minimum energy efficiency standards for these equipment types went into effect in 2015, and for the first time, different standards were set for cooling central air conditioners sold in the southern parts of the United States and those sold in the northern regions. The new regulations continue to set different cooling efficiency levels for air conditioners in the south, and they also require an increase in the heating efficiency of all air-source heat pumps.
- Many buildings are serviced by an overall HVAC system while having problematic areas with different time and temperature requirements. A solution is to 'zone' your structure by installing separate time and temperature controls for individual areas - zoned areas can provide better conditions as occupants will have greater control over their respective environments. It is also an effective energy cost-saving measure as HVACs can then be turned down or off in unused or unoccupied zones.
- According to an Aeroseal report, Variable speed heat pumps can trim monthly homeowners' costs by up to 40%. Proper insulation for a building or home, on its own, can improve HVAC efficiencies by up to 30%.

The United States is Expected to Hold Major Share

- Growing government support, in the form of higher budget allocations, designed to increase home ownership and sustainable community development, and the increasing affordability of housing, may contribute to the ever-growing residential construction sector. In addition, increased construction activities, rapid urbanization, infrastructural reforms, and HVAC unit replacements, are some of the major factors supporting the growth of HVAC services market in the country.
- The HVAC Industry is moving towards smart technologies in the United States, as the region is witnessing a high level of IoT integrations. State policies and regulations also govern the demand for HVAC services in the country. For instance, according to Aeroseal, LLC, in the northern US, furnaces must have a 90% efficiency rating, but in southern states, only an 80% efficiency rating is required. This indicates that HVAC services industry tend to be fueled by local and regional regulations.
- The U.S. Energy Information Administration's (EIA) 2015 Residential Energy Consumption Survey (RECS) estimates that 76 million primary occupied U.S. homes (64% of the total) use central air-conditioning equipment, and about 13 million homes (11%) use heat pumps for heating or cooling, and by 2023, all new residential central air-conditioning and air-source heat pump systems sold in the United States will be required to meet new energy efficiency standards, thus fueling the growth of the HVAC services.
- According to IEA, in the United States, more than 90% of households have air conditioning equipment, compared to just 8% of the 2.8 billion people living in the hottest parts of the world. The growing use of air conditioners in homes and offices around U.S. will be one of the top drivers stressing the need for the HVAC services in the region.

Competitive Landscape
The HVAC services market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on HVAC services technologies to strengthen their product capabilities.

- March 2020 - Gardner Denver has completed the merger with the Ingersoll Rand's Industrial segment on February 29, 2020. The newly merged company, named Ingersoll Rand Inc.This newly merged company will have a significant dominance in the mission-critical flow control and industrial technologies market with an extended product portfolio.
- February 2020 - Johnson Controls has announced the launch of fully integrated, factory-built and installed wrap-around heat exchangers (WAHX) to its YORK Solution Indoor and Outdoor air-handling units. This newly developed product will help the company in terms of meeting a growing need for energy-efficient dehumidification methods in a compact footprint.
- February 2020 - Comfort Systems USA, Inc. has entered into a agreement to acquire the Starr Electric Company, Inc. headquartered in Greensboro, North Carolina. Starr is an important force in electrical contracting and related services across North Carolina, with deep experience in the industrial, medical and educational sectors. This will help Comfort systems to expand their footprints with the help of Starr's expertise.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

Read the full report: https://www.reportlinker.com/p05877814/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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