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The U.S. heating, ventilation, and air conditioning (HVAC) services market was valued at $25.6 billion in 2019 and is expected to reach $35.8 billion by 2030, registering a CAGR of 3.1% during the forecast period (2020–2030).
Among all regions, the western U.S. is projected to witness the fastest growth in the U.S. HVAC services market during the forecast period. This can be attributed to the large number of commercial and residential construction projects being carried out in the region, with a special focus on green buildings and office space development. The population in the region is also increasing, complemented by infrastructural developments, growth in the economy, and increasing job opportunities, thus offering ample scope for the adoption of HVAC systems and related services.
Factors Governing U.S. HVAC Services Market
Growing demand for smart HVAC systems is a key trend observed in the U.S. HVAC services market. The end users in the HVAC market are increasingly adopting building energy management systems (BEMSs) for their HVAC systems. The BEMS allows the end users to monitor HVAC systems in terms of efficiency and enables them to optimize energy consumption in the building. Such systems require a minimum of two service maintenance visits by highly trained and skilled professionals.
Growing construction market is a major factor driving the growth of the U.S. HVAC services market. Rising population and increasing urbanization have led to the growth in construction activities across the country. According to the U.S. Census Bureau, the population in the U.S. is expected to increase by around 7% during 2019–2029. Further, with rising government initiatives toward increasing home ownership, the country is exhibiting increased construction activities in the residential sector.
Segmentation Analysis of U.S. HVAC Services Market
The upgradation/replacement category held the largest share in the U.S. HVAC services market in 2019, under segmentation by type. Moreover, the maintenance & repair category registered a significant share in the same year. It has been observed that HVAC systems that undergo regular maintenance result in 20% higher energy savings. In addition, an HVAC system that is maintained or serviced on a regular basis offers more efficiency in terms of functioning. During the forecast period, however, the market is projected to witness the fastest growth in the consulting category. Consulting services also include a visual inspection, carried out by an HVAC technician, who identifies potential issues in the system before recommending its thorough maintenance.
The commercial category generated the highest revenue in the U.S. HVAC services market in 2019, among all end-user categories. The country is witnessing significant growth in the construction of commercial buildings, especially in the hospitality sector. The construction of new commercial spaces is further expected to have a positive impact on the market for HVAC systems across the U.S, thereby boosting the demand for installation and maintenance services.
Regional Analysis of U.S. HVAC Services Market
In 2019, the southern region was the largest revenue-generating category in the U.S. HVAC services market. This can primarily be attributed to the fact that southern cities in the country observe varying climatic conditions as compared to cities in other regions. This directly impacts the market for HVAC systems, thereby increasing the demand for associated services.
Competitive Landscape of U.S. HVAC Services Market
The U.S. HVAC services market is highly fragmented in nature, with over 100 service providers operating in each state of the country. Some of the key players in the market are Johnson Controls International plc, Daikin Industries Ltd., United Technologies Corporation, Lennox International Inc., Ingersoll-Rand plc, Emerson Electric Co., Murphy & Miller Inc., One Hour Heating & Air Conditioning, National HVAC Service Company, Americool LLC, and CLS Facility Services.
In March 2019, United Technologies Corporation, under its HVAC brand Carrier, launched the Service 2.0 initiative, under which eight new field service offices were opened across the U.S. The initiative primarily focused on improving the company’s customer service offerings in the country.
U.S. HVAC Services Market Size Breakdown by Segment
The U.S. HVAC services market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Equipment Type
Based on Implementation Type
Based on End User
Key Questions Answered in the Report