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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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.
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