Market Research Report
U.S. HVAC Services Market Research Report: By Type, Equipment Type, Implementation Type, End User - Industry Analysis and Growth Forecast to 2030
|U.S. HVAC Services Market Research Report: By Type, Equipment Type, Implementation Type, End User - Industry Analysis and Growth Forecast to 2030|
Published: September 1, 2020
Prescient & Strategic Intelligence Private Limited
Content info: 123 Pages
Delivery time: 2-3 business days
U.S. HVAC Services Market Research Report: By Type (Installation, Upgradation/Replacement, Maintenance & Repair, Consulting), Equipment Type (Heating, Ventilation, Cooling), Implementation Type (New Construction, Retrofit Buildings), End User (Commercial, Industrial, Residential) - Industry Analysis and Growth Forecast to 2030.
In 2019, the U.S. HVAC (heating, ventilation, and air conditioning) service market generated a revenue of $25,625.8 million and is predicted to progress at a CAGR of 3.1% between 2020 and 2030. Furthermore, the market would reach a valuation of $35,714.5 million in 2030. The increasing focus on environmental sustainability and green energy is pushing up the requirement for HVAC systems and services. In addition to this, the increasing construction and infrastructural development activities in the country are fueling the market advancement.
The COVID-19 pandemic has completely transformed the way people go about their daily lives. With strict social distancing becoming highly essential for controlling the spread of the virus, many HVAC companies are witnessing extremely slow revenue generation and even negative growth rates in some countries.
Depending on type, the U.S. HVAC service market is divided into consulting, installation, maintenance & repair, and upgradation/replacement. Out of these, the upgradation/replacement category recorded the highest growth in the market in the past. In the future years, the consulting category is predicted to demonstrate the highest growth rate in the market in the forthcoming years. Visual inspection is included in consulting services and it is conducted by a HVAC technician, who identifies and detects the potential issues and problems in the HVAC system before recommending it for thorough maintenance.
When the equipment type is taken into consideration, the U.S. HVAC service market is classified into heating, ventilation, and cooling. Amongst these, the ventilation category is predicted to demonstrate the fastest growth in the market in the future years. The latest amendment of 2016, the Standard 62.2-2016 developed by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) states the acceptable IAQ levels that need to be maintained in the commercial and residential buildings. The mandatory maintenance of a minimum IAQ in the U.S. is boosting the sales of air cleaners in the country.
In the U.S., the southern region recorded the highest revenue growth in the U.S. HVAC service market in the years gone by. This was because of the fact that the climate varies a lot in the southern cities as compared to the cities located in the other parts of the country. The presence of such varying weather conditions positively impacts the sales of HVAC systems. This, in turn, pushes up the demand for HVAC services. Many areas located in the southern part of the country are offering lucrative growth opportunities to the market players, who can now set up their operations in these areas for gaining a competitive edge in the market.
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