HVAC Services Market: Current Analysis and Forecast (2021-2027)

Global HVAC service market is expected to grow at a CAGR of 7.0% during the forecast period owing to the rising demand from emerging economies along with the rising purchasing power of the public and rapid urbanization. Some of the benefits of adopting HVAC services include energy-efficient, improved results, and lifespan, among others. According to the report by the International Energy Agency (IEA), Global energy demand from air conditioners is anticipated to triple by 2050, requiring new electricity capacity equivalent to the combined electricity capacity of the US, the EU, and Japan today.

Some of the major companies in the market are: Ingersoll-Rand PLC, Carrier Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Nortek Global HVAC, Lennox International In, Fujitsu General Ltd, Robert Bosch GmbH, Electrolux AB, Siemens, AGLG Electronics Inc, Honeywell International Inc.

Insights Presented in the Report

"Amongst, Implementation type, new construction category would account for the majority share during the forthcoming years"

Based on the implementation type, the market is segmented into new constructions and retrofit buildings. During the forecast period, the new construction segment is expected to hold the majority of the market. This is mainly driven due to rising investments in the development of commercial and residential construction projects. Moreover, increasing demand for commercial and residential buildings equipped with HVAC may drive segment growth. In addition, the growing tendency of residents towards structures that can be profitable may drive the growth of this segment.

"Amongst End-use, the residential segment is expected to witness the highest CAGR during the forecast period"

Based on end-use, the market is segmented into residential, commercial, and industrial. The residential market grabbed the majority of the market share in 2020. Increasing ownership of apartments and single-family homes creates opportunities for the residential HVAC segment. Moreover, the introduction of advanced residential air conditioners with advanced features such as corrosion resistance, auto humid control facility, and copper condenser are expected to contribute to the market growth.

"Asia Pacific to witness significant growth during the forecast period"

The Asia Pacific region dominated the HVAC services market. The key factor such as rapid urbanization; population growth and increased consumer disposable income are key success factors behind the region's long-standing tremendous growth. Recently, the commercial sector has grown, creating prospects for future regional growth. Moreover, thriving construction activities in the commercial sector in India, Japan, South Korea, and China due to rapid urbanization is anticipated to propel the market growth in the forecast period.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

• The report presents a quick review of overall industry performance at one glance.

• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional level analysis of the industry.

Customization Options:

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