Showing posts with label U.S. HVAC Services Market Size. Show all posts
Showing posts with label U.S. HVAC Services Market Size. Show all posts

U.S. HVAC Services Market To Reach USD 35,971.7 Million by 2030

The total size of the U.S. HVAC services market was USD 25,221.3 million in 2022, and it will grow at a CAGR of 4.5% in the years to come, to reach USD 35,971.7 million by 2030, as per a report of a market research company P&S Intelligence.

The developing construction sector is a major driving factor for the demand for HVAC services. Owing to increasing population, swift urbanization, and increasing building construction market in the country. For example, as per the U.S. Census Bureau, the population of the U.S. will increase about 7% during 2019–2029.

U.S. HVAC Services Market Research Report

Further, with growing number of government initiatives toward growing home ownership, the nation is exhibiting increased residential construction activities. With increasing requirement for HVAC equipment, the requirement for related services, including installation, upgradation/replacement, and maintenance & repair, for proper functioning of the equipment is significantly increasing.

The cooling category generated the highest revenue, amounting over USD 10 billion, in the recent past.

Furthermore, the split units had a the significant revenue share in the recent past. Split units generally have an extensive service maintenance guide. Though a large portion of the maintenance cost of a split unit has a lot to do with the labor charges, and filters and fan blades, required to be replaced regularly.

The upgradation/replacement category dominated the U.S. HVAC services market in the recent past.

Instead, the consulting category will grow the fastest with around 7%in the years to come. Consultation also includes visual examination by a technician, identifying the potential issues of the system before the recommendation of thorough maintenance.

Increasing emphasis toward energy efficiency is one more key factor driving the growth of the industry. Maintenance of HVAC system on a regular basis reduces the consumption of energy. Additionally, with growing government focus in the direction of improving the energy efficiency and reducing the emission of carbon.

The southern region dominated the industry with over USD 9 billion in the recent past. This has a lot to do with the fact that cities in the southern region have varying climatic conditions compared to the ones in other regions. This influences the industry for HVAC systems, positively, thus increasing the requirements for related services.

Furthermore, in the years to come, the western U.S. will grow the fastest. This is because of the large number of residential and commercial construction projects being carried out, with an emphasis on green buildings and office space expansion.

Rapid urbanization has a major role to play in increasing the demand for HVAC services in the U.S. in the years to come.


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How is Rising Population Level Fuelling Surge in U.S. HVAC Services Market?


The biggest factor fuelling the demand for heating, ventilation, and air conditioning (HVAC) services in the U.S. is the booming construction sector in the country, primarily due to the rising population level and increasing urbanization rate.

As per the U.S. Census Bureau, the population of the U.S. is set to increase by almost 7% during 2019–2029. As a result, the U.S. HVAC services market is predicted to see an increase in value from $25.6 billion in 2019 to $35.8 billion in 2030 and progress at a CAGR of 3.1% during the forecast period (2020–2030).

In the U.S, the demand for HVAC maintenance and repair, upgradation and replacement, installation, and consulting services is quite high. Amongst these, repair and maintenance services were demanded by a lot of American citizens during till 2019.

It has been observed that HVAC systems that go through frequent maintenance and repair activities lead to 20% more savings in energy consumption and exhibit improved functional efficiency.

The demand for consulting services for HVAC systems, including thorough inspection by technicians, is expected to register quick growth in demand during the coming years.

HVAC systems are widely used in the industrial, residential, and commercial sectors. Out of these, the highest sale of HVAC services was recorded in the commercial buildings in 2019. This is primarily attributed to the massive surge in the construction of various commercial buildings, especially those pertaining to the hospitality niche.

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Furthermore, the construction of new commercial spaces in the country is expected to propel the adoption of HVAC systems, thereby boosting the need for installation and maintenance services.
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