HVAC Services Market Overview

Global HVAC Services Market was valued at USD 56.13 billion in 2021 and is expected to reach USD 74.36 billion by the year 2028, at a CAGR of 4.1%.

HVAC Services equipment is being transformed by technologies such as the Internet of Things (IoT), automated control systems, and remote-control access. Automated climate control systems monitor the outside environment and adjust the temperature and fan speed to provide the best possible comfort. Remote control access allows users to control connected systems remotely using mobile apps and the internet. IoT-enabled HVAC Services units can link to the internet and provide real-time information about the state of the systems to users and suppliers, allowing them to predict faults and save money on maintenance.

HVAC Services (heating, ventilation, and air conditioning) systems improve the aesthetic value of both residential and commercial spaces. Companies are investing heavily in R&D to develop advanced products like hybrid HVAC Services equipment, which uses several sources of energy for heating and cooling. Trane, for example, provides the XL16c Earthwise Hybrid heating system, which is a hybrid heating and cooling system that incorporates a heat pump and a dual-stage furnace in a single cabinet.

HVAC Services Market

HVAC Services Market Dynamics

The market is growing due to rising urbanization and the advent of energy-efficient HVAC Services systems. Furthermore, governments all over the world are encouraging the use of energy-efficient HVAC Services systems by providing incentives and rebates. Over the projected period, such programs and initiatives are expected to drive market growth. Because of rising construction spending and rising disposable incomes in major economies, demand for HVAC Services equipment is increasingly increasing. Climate change is another significant factor adding to the high demand for HVAC Services equipment around the world. Several customers consider HVAC Services equipment to be a good investment due to rising temperatures and volatile climatic conditions. Furthermore, as customers' preferences for comfort have grown, so has demand for HVAC Services systems.

While the market is expected to grow steadily due to the aforementioned benefits, the HVAC Services systems market may be hampered by high installation and maintenance costs, high energy usage, and other operational challenges. The life cycle of HVAC Services systems can be impacted by climatic conditions in different regions. Due to their corrosive effects, regions with typically damp climatic conditions appear to reduce the life expectancy of HVAC Services systems, which is expected to stymie market growth. The HVAC services market and the HVAC equipment market are inextricably related. Any increases in equipment demand would have a positive effect on the service industry, as increased demand for new equipment leads to increased installation or retrofitting services. HVAC Services companies provide a wide range of services to residential and industrial property owners. These programs not only concentrate on enhancing equipment efficiency, but they also have the ability to lower energy costs.

Market Segmentation

Development Of Advanced Monitoring Systems Contributing To The Market Growth

HVAC services are being pushed forward by advances in control systems and intelligent technology. Monitoring systems aid in the monitoring of a building's energy usage, while intelligent technology regulates the energy production of an HVAC device. Integration of the Internet of Things (IoT) with HVAC systems is providing new business opportunities for the sector. The Internet of Things allows devices to interact without the need for human or machine interaction. This aids commercial building owners in the creation of efficient building processes.

The Europe Region Hold Highest Market Share

The presence of significant real estate and tourism industries in Europe drives the European economy. Because of the well-established service industry and rising real estate sector, commercial HVAC units dominate the North American and European markets. The demand in these regions is expected to be guided by the implementation of stringent government norms, increasing construction activities, and a stable industrial base.

Players Covered in HVAC Services Market are:

The HVAC services market is extremely competitive, with a number of major players. Market participants are concentrating on increasing their client base in foreign countries. To increase their market share and profitability, these businesses are relying on strategic joint initiatives. Companies in the industry are now purchasing start-ups that are developing HVAC services technologies in order to improve their production capabilities.

Global HVAC Services Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 56.13 Bn.

Forecast Period 2022-28 CAGR:

4.1%

Market Size in 2028:

USD 74.36 Bn.

Segments Covered:

By Type

  • Heating
  • Ventilation
  • Cooling

By Application

  • Commercial
  • Residential
  • Industrial

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Urbanization and the Advent of Energy-Efficient HVAC Services Systems

Key Market Restraints:

  • High Maintenance and Installation Costs

Key Opportunities:

  • Rising Disposable Incomes and Lifestyle Trends

Companies Covered in the report:

  • Carrier Corporation, Daikin Industries, Ingersoll Rand, Johnson Controls International, Mitsubishi Electric Corp, and Other major players.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Application

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: HVAC Services Market by Type
 5.1 HVAC Services Market Overview Snapshot and Growth Engine
 5.2 HVAC Services Market Overview
 5.3 Heating
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Heating: Grographic Segmentation
 5.4 Ventilation
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Ventilation: Grographic Segmentation
 5.5 Cooling
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Cooling: Grographic Segmentation

Chapter 6: HVAC Services Market by Application
 6.1 HVAC Services Market Overview Snapshot and Growth Engine
 6.2 HVAC Services Market Overview
 6.3 Commercial
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Commercial: Grographic Segmentation
 6.4 Residential
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Residential: Grographic Segmentation
 6.5 Industrial
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size (2016-2028F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Industrial: Grographic Segmentation

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Positioning
  7.1.2 HVAC Services Sales and Market Share By Players
  7.1.3 Industry BCG Matrix
  7.1.4 Ansoff Matrix
  7.1.5 HVAC Services Industry Concentration Ratio (CR5 and HHI)
  7.1.6 Top 5 HVAC Services Players Market Share
  7.1.7 Mergers and Acquisitions
  7.1.8 Business Strategies By Top Players
 7.2 CARRIER CORPORATION
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Operating Business Segments
  7.2.5 Product Portfolio
  7.2.6 Business Performance
  7.2.7 Key Strategic Moves and Recent Developments
  7.2.8 SWOT Analysis
 7.3 DAIKIN INDUSTRIES
 7.4 INGERSOLL RAND
 7.5 JOHNSON CONTROLS INTERNATIONAL
 7.6 MITSUBISHI ELECTRIC CORP
 7.7 LENNOX INTERNATIONAL INC.
 7.8 LG CORPORATION
 7.9 SAMSUNG ELECTRONICS
 7.10 OTHER MAJOR PLAYERS

Chapter 8: Global HVAC Services Market Analysis, Insights and Forecast, 2016-2028
 8.1 Market Overview
 8.2 Historic and Forecasted Market Size By Type
  8.2.1 Heating
  8.2.2 Ventilation
  8.2.3 Cooling
 8.3 Historic and Forecasted Market Size By Application
  8.3.1 Commercial
  8.3.2 Residential
  8.3.3 Industrial

Chapter 9: North America HVAC Services Market Analysis, Insights and Forecast, 2016-2028
 9.1 Key Market Trends, Growth Factors and Opportunities
 9.2 Impact of Covid-19
 9.3 Key Players
 9.4 Key Market Trends, Growth Factors and Opportunities
 9.4 Historic and Forecasted Market Size By Type
  9.4.1 Heating
  9.4.2 Ventilation
  9.4.3 Cooling
 9.5 Historic and Forecasted Market Size By Application
  9.5.1 Commercial
  9.5.2 Residential
  9.5.3 Industrial
 9.6 Historic and Forecast Market Size by Country
  9.6.1 U.S.
  9.6.2 Canada
  9.6.3 Mexico

Chapter 10: Europe HVAC Services Market Analysis, Insights and Forecast, 2016-2028
 10.1 Key Market Trends, Growth Factors and Opportunities
 10.2 Impact of Covid-19
 10.3 Key Players
 10.4 Key Market Trends, Growth Factors and Opportunities
 10.4 Historic and Forecasted Market Size By Type
  10.4.1 Heating
  10.4.2 Ventilation
  10.4.3 Cooling
 10.5 Historic and Forecasted Market Size By Application
  10.5.1 Commercial
  10.5.2 Residential
  10.5.3 Industrial
 10.6 Historic and Forecast Market Size by Country
  10.6.1 Germany
  10.6.2 U.K.
  10.6.3 France
  10.6.4 Italy
  10.6.5 Russia
  10.6.6 Spain
  10.6.7 Rest of Europe

Chapter 11: Asia-Pacific HVAC Services Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Type
  11.4.1 Heating
  11.4.2 Ventilation
  11.4.3 Cooling
 11.5 Historic and Forecasted Market Size By Application
  11.5.1 Commercial
  11.5.2 Residential
  11.5.3 Industrial
 11.6 Historic and Forecast Market Size by Country
  11.6.1 China
  11.6.2 India
  11.6.3 Japan
  11.6.4 Singapore
  11.6.5 Australia
  11.6.6 New Zealand
  11.6.7 Rest of APAC

Chapter 12: Middle East & Africa HVAC Services Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Type
  12.4.1 Heating
  12.4.2 Ventilation
  12.4.3 Cooling
 12.5 Historic and Forecasted Market Size By Application
  12.5.1 Commercial
  12.5.2 Residential
  12.5.3 Industrial
 12.6 Historic and Forecast Market Size by Country
  12.6.1 Turkey
  12.6.2 Saudi Arabia
  12.6.3 Iran
  12.6.4 UAE
  12.6.5 Africa
  12.6.6 Rest of MEA

Chapter 13: South America HVAC Services Market Analysis, Insights and Forecast, 2016-2028
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Type
  13.4.1 Heating
  13.4.2 Ventilation
  13.4.3 Cooling
 13.5 Historic and Forecasted Market Size By Application
  13.5.1 Commercial
  13.5.2 Residential
  13.5.3 Industrial
 13.6 Historic and Forecast Market Size by Country
  13.6.1 Brazil
  13.6.2 Argentina
  13.6.3 Rest of SA

Chapter 14 Investment Analysis

Chapter 15 Analyst Viewpoint and Conclusion

Global HVAC Services Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 56.13 Bn.

Forecast Period 2022-28 CAGR:

4.1%

Market Size in 2028:

USD 74.36 Bn.

Segments Covered:

By Type

  • Heating
  • Ventilation
  • Cooling

By Application

  • Commercial
  • Residential
  • Industrial

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Urbanization and the Advent of Energy-Efficient HVAC Services Systems

Key Market Restraints:

  • High Maintenance and Installation Costs

Key Opportunities:

  • Rising Disposable Incomes and Lifestyle Trends

Companies Covered in the report:

  • Carrier Corporation, Daikin Industries, Ingersoll Rand, Johnson Controls International, Mitsubishi Electric Corp, and Other major players.

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. HVAC SERVICES MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. HVAC SERVICES MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. HVAC SERVICES MARKET COMPETITIVE RIVALRY
TABLE 005. HVAC SERVICES MARKET THREAT OF NEW ENTRANTS
TABLE 006. HVAC SERVICES MARKET THREAT OF SUBSTITUTES
TABLE 007. HVAC SERVICES MARKET BY TYPE
TABLE 008. HEATING MARKET OVERVIEW (2016-2028)
TABLE 009. VENTILATION MARKET OVERVIEW (2016-2028)
TABLE 010. COOLING MARKET OVERVIEW (2016-2028)
TABLE 011. HVAC SERVICES MARKET BY APPLICATION
TABLE 012. COMMERCIAL MARKET OVERVIEW (2016-2028)
TABLE 013. RESIDENTIAL MARKET OVERVIEW (2016-2028)
TABLE 014. INDUSTRIAL MARKET OVERVIEW (2016-2028)
TABLE 015. NORTH AMERICA HVAC SERVICES MARKET, BY TYPE (2016-2028)
TABLE 016. NORTH AMERICA HVAC SERVICES MARKET, BY APPLICATION (2016-2028)
TABLE 017. N HVAC SERVICES MARKET, BY COUNTRY (2016-2028)
TABLE 018. EUROPE HVAC SERVICES MARKET, BY TYPE (2016-2028)
TABLE 019. EUROPE HVAC SERVICES MARKET, BY APPLICATION (2016-2028)
TABLE 020. HVAC SERVICES MARKET, BY COUNTRY (2016-2028)
TABLE 021. ASIA PACIFIC HVAC SERVICES MARKET, BY TYPE (2016-2028)
TABLE 022. ASIA PACIFIC HVAC SERVICES MARKET, BY APPLICATION (2016-2028)
TABLE 023. HVAC SERVICES MARKET, BY COUNTRY (2016-2028)
TABLE 024. MIDDLE EAST & AFRICA HVAC SERVICES MARKET, BY TYPE (2016-2028)
TABLE 025. MIDDLE EAST & AFRICA HVAC SERVICES MARKET, BY APPLICATION (2016-2028)
TABLE 026. HVAC SERVICES MARKET, BY COUNTRY (2016-2028)
TABLE 027. SOUTH AMERICA HVAC SERVICES MARKET, BY TYPE (2016-2028)
TABLE 028. SOUTH AMERICA HVAC SERVICES MARKET, BY APPLICATION (2016-2028)
TABLE 029. HVAC SERVICES MARKET, BY COUNTRY (2016-2028)
TABLE 030. CARRIER CORPORATION: SNAPSHOT
TABLE 031. CARRIER CORPORATION: BUSINESS PERFORMANCE
TABLE 032. CARRIER CORPORATION: PRODUCT PORTFOLIO
TABLE 033. CARRIER CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 033. DAIKIN INDUSTRIES: SNAPSHOT
TABLE 034. DAIKIN INDUSTRIES: BUSINESS PERFORMANCE
TABLE 035. DAIKIN INDUSTRIES: PRODUCT PORTFOLIO
TABLE 036. DAIKIN INDUSTRIES: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 036. INGERSOLL RAND: SNAPSHOT
TABLE 037. INGERSOLL RAND: BUSINESS PERFORMANCE
TABLE 038. INGERSOLL RAND: PRODUCT PORTFOLIO
TABLE 039. INGERSOLL RAND: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 039. JOHNSON CONTROLS INTERNATIONAL: SNAPSHOT
TABLE 040. JOHNSON CONTROLS INTERNATIONAL: BUSINESS PERFORMANCE
TABLE 041. JOHNSON CONTROLS INTERNATIONAL: PRODUCT PORTFOLIO
TABLE 042. JOHNSON CONTROLS INTERNATIONAL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 042. MITSUBISHI ELECTRIC CORP: SNAPSHOT
TABLE 043. MITSUBISHI ELECTRIC CORP: BUSINESS PERFORMANCE
TABLE 044. MITSUBISHI ELECTRIC CORP: PRODUCT PORTFOLIO
TABLE 045. MITSUBISHI ELECTRIC CORP: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 045. LENNOX INTERNATIONAL INC.: SNAPSHOT
TABLE 046. LENNOX INTERNATIONAL INC.: BUSINESS PERFORMANCE
TABLE 047. LENNOX INTERNATIONAL INC.: PRODUCT PORTFOLIO
TABLE 048. LENNOX INTERNATIONAL INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 048. LG CORPORATION: SNAPSHOT
TABLE 049. LG CORPORATION: BUSINESS PERFORMANCE
TABLE 050. LG CORPORATION: PRODUCT PORTFOLIO
TABLE 051. LG CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 051. SAMSUNG ELECTRONICS: SNAPSHOT
TABLE 052. SAMSUNG ELECTRONICS: BUSINESS PERFORMANCE
TABLE 053. SAMSUNG ELECTRONICS: PRODUCT PORTFOLIO
TABLE 054. SAMSUNG ELECTRONICS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 054. OTHER MAJOR PLAYERS: SNAPSHOT
TABLE 055. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE
TABLE 056. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO
TABLE 057. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. HVAC SERVICES MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. HVAC SERVICES MARKET OVERVIEW BY TYPE
FIGURE 012. HEATING MARKET OVERVIEW (2016-2028)
FIGURE 013. VENTILATION MARKET OVERVIEW (2016-2028)
FIGURE 014. COOLING MARKET OVERVIEW (2016-2028)
FIGURE 015. HVAC SERVICES MARKET OVERVIEW BY APPLICATION
FIGURE 016. COMMERCIAL MARKET OVERVIEW (2016-2028)
FIGURE 017. RESIDENTIAL MARKET OVERVIEW (2016-2028)
FIGURE 018. INDUSTRIAL MARKET OVERVIEW (2016-2028)
FIGURE 019. NORTH AMERICA HVAC SERVICES MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 020. EUROPE HVAC SERVICES MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 021. ASIA PACIFIC HVAC SERVICES MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 022. MIDDLE EAST & AFRICA HVAC SERVICES MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 023. SOUTH AMERICA HVAC SERVICES MARKET OVERVIEW BY COUNTRY (2016-2028)

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Frequently Asked Questions :

What would be the forecast period in the HVAC Services Market research report?

The forecast period in the HVAC Services Market research report is 2022-2028.

Who are the key players in HVAC Services Market?

Carrier Corporation, Daikin Industries, Ingersoll Rand, Johnson Controls International, Mitsubishi Electric Corp, and other major players.

What are the segments of the HVAC Services Market?

The HVAC Services Market is segmented into Type, Application, and region. By Type, the market is categorized into Heating, Ventilation, and Cooling. By Application, the market is categorized into Commercial, Residential, and Industrial. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the HVAC Services Market?

HVAC Services equipment is being transformed by technologies such as the Internet of Things (IoT), automated control systems, and remote-control access .

How big is the HVAC Services Market?

The HVAC Services Market was valued at USD 56.13 Billion in 2021 and is projected to reach USD 74.36 Billion by 2028, growing at a CAGR of 4.1% from 2022 to 2028.