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U.S. HVAC Services Market to Reach $35.8 Billion by 2030

Published Date:   January 2020

The U.S. heating, ventilation, and air conditioning (HVAC) services market generated revenue worth $25.6 billion in 2019 and is projected to advance at a CAGR of 3.1% during the forecast period (2020–2030). Rising focus on green energy and environmental sustainability is resulting in the increased adoption of HVAC systems, which help lower energy consumption, and related services, which ensure the efficient and smooth functioning of these systems.

The upgradation/replacement category held the largest share in the U.S. HVAC services market in 2019. This can be ascribed to the growing need for the upgradation or replacement of filters, coils, and refrigerants in HVAC systems. Dirty filters and coils of such systems harbor mold or bacteria, which further cause health hazards for the people residing or working in the vicinity.

Growing Need for Maintaining Smart HVAC Systems

In recent years, U.S. has witnessed large-scale deployment of smart HVAC systems. The trend has led to an increase in demand for associated maintenance services. Moreover, with advancements in data analytics, the need for streamlining HVAC system processes for improved efficiency has increased. For instance, HVAC contractors, nowadays, use widgets and software to gather data through the real-time monitoring of coolants in their HVAC systems. This further helps them to schedule maintenance and service calls as a part of preventive measure.

Segmentation Analysis of U.S. HVAC Services Market

U.S. HVAC Services Market

  • During the forecast period, the residential category is projected to witness the fastest growth in the U.S. HVAC services market. Residential end users of HVAC systems prefer on-demand services. Moreover, increase in disposable income and growth in the construction of housing units will continue to positively impact the market for HVAC systems and associated services in the residential category.
  • Among industrial end-user categories, the food & beverage category held the largest share in the U.S. industrial HVAC services market in 2019. Expansion in the food & beverage sector has been a major factor driving the demand for industrial HVAC systems. Food & beverage manufacturing units require these systems to maintain the safety and hygiene levels mandated by the U.S. Food and Drug Administration (FDA).

Regional Analysis of U.S. HVAC Services Market

The southern region held the largest share in the U.S. HVAC services market in 2019. On account of increasing urbanization, several cities in the southern region of the country are offering opportunities to HVAC service providers to penetrate and gain foothold in the market. For instance, Metropolitan Atlanta has been witnessing rapid urbanization, with the addition of around 69,200 residents every year. Moreover, since the climate of the southern region demands the installation of HVAC systems, especially in commercial spaces, the demand for related maintenance services is considerably increasing in the region.

Competitive Landscape of U.S. HVAC Services Market

The U.S. HVAC services market is highly fragmented in nature, with over 100 service providers present 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.

Browse report overview with detailed TOC on "U.S. HVAC Services Market Research Report: By Type (Installation, Upgradation/Replacement, Maintenance & Repair, Consulting), Equipment (Heating, Ventilation, Cooling), Implementation (New Construction, Retrofit Buildings), End User (Commercial, Industrial, Residential) - Industry Trends Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/us-hvac-services-market

In March 2019, Carrier, a brand of United Technologies Corporation, launched Service 2.0, an initiative under which eight new field service offices were opened across the U.S. The initiative was aimed at improving the company’s customer service offerings in the country.