Global HVAC Services Market size to grow by USD 28.76 billion during 2023-2028 - Technavio

Segments and Subsegments: A Detailed Breakdown

The HVAC services market is divided into three core segments: air conditioning services, heating services, and ventilation services, each with key subsegments. Air conditioning services lead, covering air conditioning repair, HVAC system replacement, and emergency HVAC repair. This segment thrives in countries like China, India, and the United States, where rising heat drives demand for energy-efficient HVAC solutions like inverter units.

Heating services, vital for residential HVAC and commercial HVAC, include heating system installation, furnace repair, heat pump services, and thermostat installation. These subsegments serve colder regions such as Canada, Germany, and Russia, with HVAC tune-ups ensuring efficiency. Ventilation services encompass duct cleaning, air duct installation, and indoor air quality solutions, growing in urban centers like Japan and the United Kingdom due to sustainability focus.

Supporting subsegments like HVAC equipment upkeep, HVAC contractors, and local HVAC companies bolster all areas. Technavio’s data tables outline market size and forecasts for 2023-2028, showing strong growth in HVAC maintenance and commercial HVAC upgrades.

Market Dynamics: Drivers, Trends, and Challenges

Drivers: Climate change fuels demand, with hotter climates in India, Brazil, and Australia boosting air conditioning repair and ventilation services. Urbanization in China, South Korea, and the UAE spurs heating system installation and HVAC system replacement in smart buildings. Regulations in the U.S., France, and Sweden push energy-efficient HVAC adoption. Explore key market drivers.

Trends: IoT and smart tech reshape HVAC services, enhancing thermostat installation and indoor air quality in Germany and Canada. Heat pump services and eco-friendly systems trend in Sweden and the UK, while duct cleaning and air duct installation rise in Japan and South Africa. Emergency HVAC repair and HVAC tune-ups grow as uptime becomes critical.

Challenges: Raw material price swings stainless steel, copper, iron impact HVAC equipment costs in China and the U.S. A shortage of skilled HVAC contractors in Australia, Brazil, and the UK hampers furnace repair and commercial HVAC projects, threatening growth unless addressed by local HVAC companies.

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Regional Insights

Asia-Pacific (APAC), led by China, Japan, and India, dominates with urbanization driving residential HVAC demand. North America, with the U.S. and Canada, excels in HVAC system replacement and energy-efficient HVAC retrofits. Europe’s Germany, France, and UK focus on heat pump services and ventilation services. The Middle East (UAE, Saudi Arabia) and Africa (South Africa) see commercial HVAC growth, while South America’s Brazil and Chile prioritize air conditioning repair.

Key Players

• ABM Industries Inc.
• Carrier Global Corp.
• Daikin Industries Ltd.
• Emerson Electric Co.
• Fujitsu General Ltd.
• Ingersoll Rand Inc.
• Johnson Controls International Plc.
• Lennox International Inc.
• LG Electronics Inc.
• Samsung Electronics Co. Ltd.

These firms, from Daikin’s VRF systems to Carrier’s energy-efficient HVAC, lead with innovation. Local HVAC companies in India, the U.S., and Germany offer tailored HVAC maintenance and emergency HVAC repair.

Sustainability and Future Outlook

Sustainability shapes the market, with heat pump services and thermostat installation rising in Sweden and Canada. The U.S. and France push indoor air quality and duct cleaning via regulations. The USD 28.76 billion growth by 2028 depends on overcoming labor and cost issues, with HVAC contractors and commercial HVAC poised to thrive.

Methodology and Availability

Technavio’s report blends primary and secondary research, with data tables (exhibits 35-41) detailing growth. Available on their site, it’s a key resource for tracking residential HVAC, HVAC tune-ups, and more through 2028.