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Global HVAC Services Market to Grow at a CAGR of 6.2% in the Forecast Period, Aided by the Thriving Building and Construction Industry

According to a new report by EMR titled, ‘Global HVAC Services Market Report and Forecast 2022-2027’, the global market attained a value of more than USD 56 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 6.2% to attain a value of above USD 80.3 billion by 2027.

The growth of the HVAC services market is driven by the thriving building and construction industry. The rising demand for new HVAC installation and the maintenance and replacement of HVAC from the existing residential or commercial structures is anticipated to augment the market growth in the forecast period. Rising global temperature, increasing concerns about global warming, and stringent government regulations for carbon emissions are some of the factors which are likely to provide impetus to the market growth in the forecast period.

 

In February 2020, Johnson Controls (NYSE: JCI) announced the launch of wrap-around heat exchangers (WHAX) which are known to be factory built and fully integrated.

 

In terms of region, the Asia Pacific region is anticipated to witness a considerable growth in the forecast period. The market in the region is being driven by rapid industrialisation, urbanisation, investments in the development of infrastructure in rural areas, and rising standards of living. In countries like India, China, South Korea, and Japan, among others, a significant increase in residential construction projects is anticipated, which will propel the demand for HVAC services in the forecast period.

 

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Market Breakup by Implementation Type, End Use, and Region:

  • The market is segmented on the basis of implementation type into new construction, and retrofit buildings.
  • Based on end use, the market is divided into residential, commercial, and industrial.
  • Region-wise, the global market for HVAC services can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The global market for HVAC services is being driven by the thriving construction sector.
  • The stringent government regulations aimed towards reducing environmental pollution will propel the demand for HVAC.
  • Rapid urbanisation and industrialisation in the emerging economies across the globe will also aid the market.
  • The market growth will further be aided by the growing expansion of the major HVAC providers in the forecast period.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global HVAC services market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the implementation type, end-use, and regions of HVAC services.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global market are Siemens AG, Honeywell International Inc., LG Electronics, Johnson Controls, Daikin Industries, Ltd., and Carrier Global Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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