HVAC Services Market, By Services (Maintenance and Repair and Installation), By Implementation Type (New Construction and Retrofit Buildings), By End User (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Report Code: PMI396420 | Publish Date: March 2024 | No. of Pages: 165

Global HVAC Services Market By Overview

HVAC stands for heating, ventilation and air conditioning. HVAC services are used in constructions to help control the climate indoors. The HVAC services market involves the different services provided to the end-users by the OEMs and other regional players. The services mainly include maintenance, and repair, installation and system integration, etc. The end-users include homeowners, building contractors and owners (non-residential), food services companies, pharmaceutical, retail stores, and healthcare companies, among others. The market for HVAC service is directly associated with the HVAC equipment market. Any deviations in demand for the equipment will impact the service market positively as higher demand for new equipment leads to higher retrofitting or installation services.

Drivers and Restraints:

Increasing construction business in major emerging economies and the growing end-user markets, like the data centre market, etc., are major factors driving the growth of the HVAC services market over the forecast period. Additionally, changing trends in industrialization, urbanization, and migration are some of the factors propelling the growth of the target market. This has given rise to the number of manufacturing units, factories, and residential complexes, which use HVAC systems. Moreover, factors like technological innovations and climate changes have increased the adoption of HVAC equipment. Global warming has led to unpredictable weather conditions has also improved the need for air conditioning equipment. Further, the growing importance of monitoring and maintenance systems have increased adoption of HVAC services which in turn id boosting the growth of the global market. Rising disposable income and growth in the construction industry in developing countries, has enlarged the availability of HVAC services for a broader consumer base. However, the high costs of skilled labour and labour shortage hamper the growth of the target market. Since the service companies depend widely on labour for their operations, the existing demand and supply gap in the labour/HVAC technicians clubbed with high-cost technicians is projected to restrain the growth of the target market. Nevertheless, increased need to install and maintain the energy efficiency of the existing systems creates growth opportunities for the target market.

Segmentation:

The HVAC services market is segmented based on services, implementation type, end-user, and region.

Based on services, the HVAC services market is segmented into maintenance and repair and installation. Based on the implementation type, the target market is classified into new construction and retrofit buildings. Based on end-user, the market is segmented into residential, commercial, and industrial.

On the region, the HVAC services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounts for major market share and is expected to dominate the global market over the forecast period. Rising government support in the form of higher budget allocations, designed to increase sustainable community development and homeownership, coupled with the increasing affordability of housing, may lead to the ever-increasing residential construction sector. The Asia-Pacific market is experiencing a growth in public-private investments and multiple real estate projects in various residential, industrial, and commercial development zones, owing to a boom in urbanization. Construction activities in commercial and residential infrastructure are anticipated to grow due to the growing housing needs of the urban population.

Key Players:   

The key players operating the HVAC services market include Ingersoll-Rand PLC, Carrier Corporation, Johnson Controls Inc., Daikin Industries Ltd., Nortek Global HVAC, Lennox International, Inc., Fujitsu General Ltd., Robert Bosch GmbH, Electrolux AB, and Siemens AG. Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the products to gain a competitive edge in the target market. For instance, in April 2018, Johnson Controls acquired Triatek, a leading manufacturer of innovative airflow solutions for critical environments across the world. This acquisition is expected to enable the company to better serve customers in the building automation and HVAC markets.

Detailed Segmentation:

HVAC Services Market, By Service:

  • Maintenance and Repair
  • Installation

HVAC Services Market, By Implementation Type:

  • New Construction
  • Retrofit Buildings

HVAC Services Market, By End-user:

  • Residential
  • Commercial
  • Industrial

HVAC Services Market, By Region:

      • North America
        • North America HVAC Services Market, By Service
        • North America HVAC Services Market, By Implementation Type
        • North America HVAC Services Market, By End-user
        • North America HVAC Services Market, By Country
          • U.S.
          • Canada
      • Europe
        • Europe HVAC Services Market, By Service
        • Europe HVAC Services Market, By Implementation Type
        • Europe HVAC Services Market, By End-user
        • Europe HVAC Services Market, By Country
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
        • Asia Pacific HVAC Services Market, By Service
        • Asia Pacific HVAC Services Market, By Implementation Type
        • Asia Pacific HVAC Services Market, By End-user
        • Asia Pacific HVAC Services Market, By Country
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
      • Latin America
        • Latin America HVAC Services Market, By Service
        • Latin America HVAC Services Market, By Implementation Type
        • Latin America HVAC Services Market, By End-user
        • Latin America HVAC Services Market, By Country
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
        • Middle East & Africa HVAC Services Market, By Service
        • Middle East & Africa HVAC Services Market, By Implementation Type
        • Middle East & Africa HVAC Services Market, By End-user
        • Middle East & Africa HVAC Services Market, By Country
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Company Profile:

      • Ingersoll-Rand PLC
        • Company Overview 
        • Product Portfolio
        • Key Highlights
        • Financial Performance
        • Business Strategies
  • Carrier Corporation
  • Johnson Controls Inc.
  • Daikin Industries Ltd.
  • Nortek Global HVAC
  • Lennox International, Inc.
  • Fujitsu General Ltd.
  • Robert Bosch GmbH
  • Electrolux AB
  • Siemens AG

“*” marked represents similar segmentation in other categories in the respective section

FAQs

HVAC service market size was valued at USD 5.9 Billion in 2024 and is expected to reach USD 10.6 Billion by 2034, growing at a CAGR of 6.6%

The HVAC service market is segmented into Services, Implementation, End-User, and Region.

Factors driving the market include the growing demand for services and urbanization.

The HVAC service market's major constraints to growth include the expensive research, development, and production costs for specialty enzymes.

The specialty enzyme market is segmented by region into North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.

The key players operating the HVAC service market include Ingersoll-Rand PLC, Carrier Corporation, Johnson Controls Inc., Daikin Industries Ltd., Nortek Global HVAC, Lennox International, Inc., Fujitsu General Ltd., Robert Bosch GmbH, Electrolux AB, and Siemens AG.