Factors such as the prospering construction industry and the surging focus of people and government on energy efficiency are expected to drive the U.S. heating, ventilation, and air conditioning (HVAC) services market at a CAGR of 3.1% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $25,625.8 million in 2019 and it is projected to generate $35,714.5 million revenue by 2030. Additionally, the increasing construction activities and rising demand for replacing HVAC systems will also propel the market growth.
One of the primary growth drivers for the market is the booming construction industry in the country. The expansion of the construction sector can be credited to the soaring population, rising number of government initiatives aimed at increasing the home ownership rate, and escalating urbanization rate in the country. For instance, the World Bank estimates that the U.S. population surged from 328,329,953 in 2019 to 329,484,123 in 2020. Furthermore, the World Bank states that approximately 82.664% of the U.S. populace were urban dwellers in 2020.
In recent years, the escalating demand for smart HVAC systems has become a prominent trend in the U.S. HVAC services market. Nowadays, end users are increasingly deploying building energy management systems (BEMS) for their HVAC equipment, as they monitor the efficiency of HVAC systems and enable them to maximize the energy consumption of buildings. The BEMS and control systems need regular maintenance visits by extremely skilled and trained professionals, who acquire detailed knowledge of HVAC systems.
The type segment of the U.S. HVAC services market is categorized into installation, consulting, maintenance and repair, and upgradation/replacement. Among these, the upgradation/replacement category will generate the highest revenue during the forecast period. HVAC systems need constant upgradation as the ones that are not regularly serviced or maintained become a safe haven for several microorganisms, such as mold, owing to their inefficient air filtration. Additionally, these systems also take longer servicing time and result in energy wastage.
Currently, the U.S. HVAC services market is consolidated in nature with the presence of a few players, such as Johnson Controls International plc, CLS Facility Services, One Hour Heating & Air Conditioning, and Daikin Industries Ltd. They are focusing on mergers and acquisitions to stay ahead of their competitors. For instance, in July 2020, Wrench Group completed the acquisition of Easy A/C, a locally owned and operated company in Tampa, Florida. The former specializes in HVAC, electrical, and plumbing services, whereas, the latter offers plumbing, electrical, and AC services to customers in Hillsborough, Pasco, Pinellas, Polk, and Manatee counties.
Geographically, the southern region accounted for the largest share in the U.S. HVAC services market in 2019, owing to the varying climatic conditions of the southern cities. Additionally, the accelerating urbanization rate in the region is also driving the demand for HVAC systems there. Whereas, the western region is expected to exhibit the fastest growth in the forecast years due to the rapid construction of green buildings and office spaces. Moreover, the rising job opportunities, booming infrastructure sector, and flourishing economy will also steer the market growth in the region.
Therefore, the rising construction activities are expected to fuel the demand for HVAC services in the U.S.
Oct 14, 2022
U.S. HVAC Services Market to Generate $35,714.5 Million Revenue by 2030
Factors such as the prospering construction industry and the surging focus of people and government on energy efficiency are expected to drive the U.S. heating, ventilation, and air conditioning (HVAC) services market at a CAGR of 3.1% during the forecast...
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Oct 14, 2022
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