U.S. HVAC Services Market To Cross 35,971.7 Million Value by 2030: Says P&S Intelligence

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Jul 18, 2023, 11:20 ET

NEW YORK, July 18, 2023 /PRNewswire/ -- The U.S. HVAC services market valued USD 25,221.3 million in 2022, which would rise to USD 35,971.7 million by 2030 at a CAGR of 4.5%, according to the market research study published by P&S Intelligence.

This growth can be credited to the increasing concentration on sustainability and amplifying acceptance of systems that have a lower energy consumption. This creates a high demand for the associated services, which guarantees the effective and even functioning of such a system.

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Construction Industry Boom Driving Demand for HVAC Services

The booming construction sector is leading to the increasing demand for HVAC services in the country. This growth can be attributed to the rapid urbanization and rising population, which are propelling the construction of buildings across industries. The U.S. Census Bureau forecasts the population of the U.S. to surge by approximately 7% between 2019 and 2029.

Services for Cooling Equipment Are Demanded Most Widely

In 2022, the cooling category was the largest shareholder, with revenue of above USD 10 billion. The ASHRAE amended its Standard 62 in 2016 with the newest limits for the tolerable IAQ within commercial and residential buildings.

In 2022, among the various pieces of cooling equipment, the split units category held a considerable revenue share. Split units typically come with a wide-ranging service maintenance manual. Labor charges and the price of the fan blades and filters, which require changing on a regular basis, make up the majority of the costs of maintenance of split units.

Most-Demanded Service Is Upgradation/Replacement

In 2022, the upgradation/replacement category had a considerable revenue share, of approximately 40%. It has been witnessed that HVAC systems that are not maintained regularly result in power wastage of nearly 20% over those that undergo regular servicing.

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Furthermore, equipment that does not undergo regular maintenance can be considered less effective in terms of air filtration. Furthermore, the coils and dirty filters of these systems contain bacteria, which can cause health dangers for those breathing the air supplied by such systems.

Snowballing Concentration on Energy Conservation

The growing concertation on energy conservation is another major reason for the market growth. The maintenance of the HVAC system on a regular basis decreases power consumption. Additionally, with the growing government concentration on decreasing carbon release and improving energy efficiency, people are contacting service personnel more often than before.

People in Southern U.S. Get Their HVAC Systems Serviced the Most

In 2022, the southern region generated the highest revenue, of above USD 9 billion. This can be credited to the varying climatic conditions in the southern part of the country, unlike those in other regions. As a result, the demand for HVAC systems remains high here, thereby propelling the need for related services.

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SOURCE P&S Intelligence