U.S. HVAC Services Industry to Generate $35,714.5 Million Revenue by 2030: P&S Intelligence
NEW YORK, Jan. 20, 2021 /PRNewswire/ -- Recently, the U.S. Department of Energy (DoE) implemented new efficiency standards for residential furnaces, setting the minimum airflow efficiency requirement for such equipment, in order to reduce the consumption of electricity. Owing to such measures, the U.S. HVAC services market is set to grow from $25,625.8 million in 2019 to $35,714.5 million by 2030, at a 3.1% CAGR between 2020 and 2030, according to P&S Intelligence.
Regular servicing and maintenance are considered essential for running any appliance or machine smoothly, which is the major reason the U.S. HVAC services market is receiving a boost from such guidelines. By encouraging people to keep their HVAC systems working as efficiently as possible, in terms of electricity usage, the DoE hopes to reduce the country's carbon emissions by 34 million metric tons.
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On account of the lockdown measures implemented in the country in the wake of COVID-19, the U.S. HVAC services market is witnessing sluggish growth. Both, the demand and supply sides of the market have been ill-affected; people are not purchasing HVAC equipment, to save for essential stuff, while the movement of all non-essential personnel, including service technicians, has been restricted across the country. However, from 2021 onward, the growing construction sector and lifting of the lockdown are expected to revive the industry.
The consulting category is set to witness the fastest advance in the U.S. HVAC services market in the years to come, under segmentation by type. A large number of people are hiring consultants to examine their equipment and then recommend the service most suitable. This way, consumers can be more aware of the issues in their systems and receive the right service at the right time, thereby saving considerably on maintenance costs.
In the past, the cooling category dominated the U.S. HVAC services market, on the basis of equipment type. On account of the warm climate, especially in the southern part of the country, and summers that are becoming increasingly hot even in northern U.S., the demand for cooling appliances has risen manifold in the past few years. This has been leading to a high demand for cooling equipment services to keep the appliances in prime condition and save electricity.
Browse detailed report with COVID-19 impact analysis on 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 @ https://www.psmarketresearch.com/market-analysis/us-hvac-services-market
The new construction bifurcation, based on implementation type, would observe the higher CAGR in the U.S. HVAC services market, of 4.1%, in the years to come. With the growth in the country's construction industry, the demand for HVAC appliances is rapidly rising in new buildings, which will eventually create a high demand for various services. In 2017, the federal government allocated 2% more funds for the construction sector than in 2016.
In the immediate future, the residential category, under the end user segment, is predicted to record the fastest rise in its revenue contribution to the U.S. HVAC services market. The residential real estate sector is growing rapidly in the country, with 14,438 thousand housing units being purchased in 2018. With the increasing disposable income, residents are buying various types of HVAC systems, which, over time, are generating a high requirement for services.
The U.S. HVAC services market presently gathers the highest revenue from the southern region of the nation. Compared to other parts, southern U.S. is subject to greater climatic variations, which leads to a high procurement rate of HVAC systems and demand for related services. Additionally, with the increasing urbanization in the region, the demand for systems and services is rising.
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Over the next decade, the most rapid advance in the U.S. HVAC services market will be seen in the western part of the country. A large number of residential and commercial infrastructure development projects are underway in western U.S., with a strong focus on energy efficiency. Moreover, an increasing number of people are migrating to this region, citing infrastructure development, economic growth, and rising employment opportunities.
The most prominent companies in the U.S. HVAC services market include Daikin Industries Ltd., Johnson Controls International plc, Lennox International Inc., Carrier Global Corporation, Emerson Electric Co., Trane Technologies plc, CLS Facility Services, One Hour Heating & Air Conditioning, The BP Group, Americool LLC, Murphy & Miller Inc., National HVAC Service Company, Dave's Cooling & Heating, and True Cool Air Conditioning Service Inc.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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Prajneesh Kumar
P&S Intelligence
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SOURCE P&S Intelligence
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