HVAC Services Market

HVAC Services Market Outlook (2024 to 2034)

According to a revised industry report released by Fact.MR, global HVAC services market revenue is estimated at US$ 80.18 billion in 2024 and has been forecasted to increase at a CAGR of 6.2% to climb to US$ 146.32 billion by the end of 2034.

HVAC (heating, ventilation, and air conditioning) service providers offer consulting services regarding the installation of HVAC systems to meet energy efficiency standards. These service providers are technicians and specialists who take care of timely repair and maintenance, along with the replacement of HVAC systems as and when needed. With the significant rise in construction activity globally and the utility of HVAC systems, demand for HVAC services is rising in parallel.

Sales of HVAC systems are directly correlated with the adoption rate of HVAC services. The HVAC services market size expanding at a notable rate in several countries due to tax credit programs and favorable government initiatives for the installation of highly efficient HVAC systems.

Key Market Growth Drivers

• Growing demand for energy-efficient solutions is one of the key factors driving global HVAC services market growth.
• Replacement of older HVACs with new ones with greater energy efficiency along with timely repair & maintenance of HVAC systems is pushing the need for HVAC services.
• Favorable government initiatives regarding the installation of high-efficiency HVAC systems and increasing building construction activities in most countries are contributing to market expansion.
• Repair & maintenance of old HVAC systems and elevating the need to refurbish & upgrade commercial buildings are pushing the demand for HVAC services.
• Demand for HVAC services is increasing in both residential and commercial settings as new construction projects and renovations need HVAC solutions for air quality and temperature control.
• A key HVAC services market trend is ongoing advancements in its technology, such as energy-efficient systems, advanced HVAC controls, and smart thermostats.

Report Attribute	Detail
HVAC Services Market Size (2024E)	US$ 80.18 Billion
Forecasted Market Value (2034F)	US$ 146.32 Billion
Global Market Growth Rate (2024 to 2034)	6.2% CAGR
North America Market Share (2024E)	23.9%
East Asia Market Value (2024E)	US$ 17.96 Billion
Heating Segment Value (2034F)	US$ 56.77 Billion
Consulting Segment Value (2034F)	US$ 48.14 Billion
Key Companies Profiled	Carrier; Daikin Industries Ltd.; Dr. Energy Saver, Inc.; Dwyer Franchising, LLC; Electrolux AB; Fujitsu General Ltd.; Honeywell International Inc.; Johnson Controls International PLC; Lennox International Inc.; LG Electronics Inc.; Nortek Global HVAC; One Hour Heating & Air Conditioning Franchising SPE LLC; Robert Bosch GmbH; Siemens AG; The Home Depot; Watsco.

Why is Requirement for HVAC Service Increasing Globally?

“Technological Advancements and Changing Weather Conditions”

A key factor that is driving the demand for HVAC services is technological advancements in HVAC systems. The need for these services increasing due to innovations such as improved HVAC controls that optimize performance and improve comfort, energy-efficient systems that minimize consumption and utility costs, and smart thermostats that enable precise temperature control and remote access. These improved technologies are offering more convenience and improved user experiences for both residential and commercial users.

Drastically changing weather conditions in various countries due to global warming, pollution, and other factors are boosting the requirement for efficient temperature control solutions. The need for advanced cooling systems is rising to maintain comfortable indoor settings, which is driving the HVAC systems as well as services demand.

What’s Limiting Demand Growth of HVAC Services?

“High Expenditures Required for Maintenance and Repairs”

High costs associated with continuous maintenance and repairs are becoming a key barrier for end users who are thinking about investing in HVAC systems, which is limiting the HVAC services demand. After installing HVAC systems, over time, the costs of routine maintenance such as cleaning, servicing, and part replacements sometimes increase the total cost of ownership.

Other than this, the lack of skilled professionals is further hampering the adoption rate of HVAC services. These professionals need to have specific knowledge about the installation, repair & maintenance, and replacement of HVAC systems. Also, in-depth knowledge is required to operate software related to HVAC systems.

Country-wise Insights

The North American region is poised to account for 23.9% of the global HVAC services market share in 2024. Growing demand for energy-efficient systems to meet strict regulatory standards and high-focus sustainable solutions in the region, is driving the adoption of HVAC systems along with services. Other than this, the region is also experiencing drastic weather conditions which is further contributing to market expansion.

What is the Growth Scenario of the Market in the United States?

“Extreme Changes in Weather Conditions Boosting Need for Dependable HVAC Systems”

Attribute	United States
Market Value (2024E)	US$ 8.53 Billion
Growth Rate (2024 to 2034)	6.6% CAGR
Projected Value (2034F)	US$ 16.21 Billion

In North America, the United States is projected to hold 44.5% market share in 2024. The United States is experiencing extreme weather conditions, with summers that are extremely hot and winters that are quite cold. These factors are boosting the need for dependable HVAC systems. These systems are becoming necessary to maintain comfortable indoor surroundings, which is driving the need for HVAC services. Strong HVAC systems that withstand drastic temperature swings and provide year-round comfort are more important due to the rising severity of extreme weather events such as heat waves and harsh cold snaps in the country.

What is Triggering Demand for HVAC Services in Japan?

“Continuous Technical Innovation in HVAC Systems”

Attribute	Japan
Market Value (2024E)	US$ 5.19 Billion
Growth Rate (2024 to 2034)	6.7% CAGR
Projected Value (2034F)	US$ 9.94 Billion

Demand for smart HVAC systems which include the latest features and energy management capabilities is increasing in Japan. The continuous technological innovation in HVAC systems in Japan is further driving the need for HVAC services. Because of these developments, users can maximize performance and minimize energy usage with these systems since they incorporate the latest technology such as intelligent temperature control, IoT connection, and energy-efficient components. Adoption of HVAC systems increasing in both commercial as well as residential settings in Japan due to these advancements.

Category-wise Insights

Based on end use, the market is segmented into residential, commercial, and industrial. The residential segment is forecasted to hold a significant revenue share throughout the projection period (2024 to 2034). The construction of energy-efficient residential structures is growing as a result of the introduction of numerous strict government rules in several countries intended to reduce environmental pollution.

Why is Demand for HVAC Services High for Heating Systems?

“Higher Installation of HVAC Systems in Colder Regions”

Attribute	Heating
Segment Value (2024E)	US$ 31.75 Billion
Growth Rate (2024 to 2034)	6% CAGR
Projected Value (2034F)	US$ 56.77 Billion

The requirement for heating HVAC system services is high in comparison with cooling systems due to the high adoption of these devices in colder areas. Efficient and effective heating solutions are increasingly needed in areas with harsh winters since preserving indoor comfort is critical for both health and safety. Demand is further increasing because intensive usage wears down heating systems, necessitating more frequent maintenance and upgrades.

The necessity of heating for maintaining a habitable and cozy atmosphere in extremely cold weather leads to its greater demand in comparison to other HVAC services.

Why are Consulting Services So Important for HVAC System Owners?

“Need for Better Insights Regarding Usability and Regulations”

Attribute	Consulting
Segment Value (2024E)	US$ 27.1 Billion
Growth Rate (2024 to 2034)	5.9% CAGR
Projected Value (2034F)	US$ 48.14 Billion

The requirement for professional advice on system design, efficiency, and regulatory compliance is boosting the demand for consulting HVAC services. Consultants are good resources to end users for learning how to fulfil strict environmental criteria, save energy use, and maximize the performance of HVAC systems. Their knowledge aids companies and private individuals in making difficult choices about system selection, installation, and upkeep, guaranteeing longevity and affordability.

More importantly, HVAC systems are getting more advanced in terms of technology means they are getting complicated and laws change constantly, due to this professional consulting services are becoming more essential.

Competitive Landscape

Key players in the HVAC services market are focusing on expanding their service offerings such as maintenance, repair, and energy audits to increase revenue and build long-term customer relationships.

• In July 2024, The Master Trades Group (MTG), a well-known platform for residential plumbing and HVAC services, announced that it had successfully acquired Freedom Air & Plumbing, a full-service provider of residential HVAC and plumbing services situated in Rockledge, Florida.
• In October 2023, Panasonic, an expert in cutting-edge solutions, revealed a development in household heat pump technology that will revolutionize the way Canadians can heat and cool their houses on a budget. The newest model in Panasonic's Breathe Well range of indoor air quality enhancers, INTERIOS, is a central heat pump system that can be easily adjusted to provide heating and cooling for residential areas.
• In July 2022, M&T Air Conditioning, a service provider of HVAC in Vancouver, Canada, announced that it completed its rebranding process, which includes the creation of a new brand logo and website to support its vision for business expansion.
• In May 2022, Heartland Home Services, a leader in HVAC, plumbing, and electrical home services, announced the acquisition of Williams Heating and Cooling, a leading service provider of HVAC.

Fact.MR provides detailed information about the price points of key providers of HVAC services positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Segmentation of HVAC Services Market Research

• By Type :

  • Heating
  • Ventilation
  • Cooling

• By Service :

  • Consulting
  • Installation
  • Maintenance & Repair
  • Upgrade/Replacement

• By End Use :

  • Residential
  • Commercial
  • Industrial

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa