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Global HVAC Services Market: By Implementation Type: New Construction, Retrofit Buildings; By End Use: Residential, Commercial, Industrial; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments

Global HVAC Services Market Outlook

The global HVAC services 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 reach above USD 80.3 billion by 2027.

 

Global HVAC Services Market

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New Construction Segment Holds a Significant Share in the Global HVAC Services Industry

Based on implementation type, new construction represents a considerable share of the market and is driven by the rising investments towards the development of commercial and residential construction projects. This can be attributed to the rising population and thriving infrastructure development. Over the forecast period, the surging demand for commercial and residential structures equipped with HVAC is likely to propel the growth of the segment. Furthermore, the increasing inclination of residents towards structures that can boost the cost-effectiveness is likely to fuel the growth of this segment.

 

The Asia Pacific Represents a Significant Share in the Market for HVAC Services

The HVAC services industry in the Asia Pacific is being driven by the rising standards of living and the growing population in the region. The thriving construction activities in the commercial sector in India, Japan, South Korea, and China due to rapid urbanisation is anticipated to propel the market growth in the forecast period. Furthermore, the introduction of strict government regulations in emerging economies to boost energy conservation is likely to fuel the market growth in the region, which is projected to significantly contribute to the overall growth of the HVAC services industry in the coming years.

 

HVAC Services: Market Segmentation

HVAC services, variously known as heating, ventilation and air conditioning services, are services that construct, install, and maintain HVAC systems and equipment. They are integral in maintaining good indoor air quality and providing thermal comfort through adequate ventilation. HVAC services optimise HVAC systems while reducing their energy consumption and enhancing cost-effectiveness.

 

Global HVAC Services Market Segment

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Based on implementation type, the market can be bifurcated into:

  • New Construction
  • Retrofit Buildings

The major end uses of HVAC services include:

  • Residential 
  • Commercial
  • Industrial

The EMR report looks into the regional markets of HVAC services like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global HVAC Services Market Region

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Rising Applications of HVAC Services in the Residential Sector to Boost the Market Growth

The rising applications of HVAC services in residential construction activities owing to inflating disposable incomes, the increasing population, and rapid urbanisation are driving the market. With the introduction of various stringent government regulations aimed towards curbing environmental pollution, the construction of energy-efficient residential buildings is increasing, which is anticipated to augment the market in the forecast period. Furthermore, the growing penetration of the Internet of things (IoT) in HVAC services to increase the efficiency of service providers is likely to invigorate the market growth in the coming years.

 

Key Industry Players in the Global HVAC Services Market

The report gives a detailed analysis of the following key players in the global HVAC services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Siemens AG
  • Honeywell International Inc.
  • LG Electronics
  • Johnson Controls
  • Daikin Industries, Ltd.
  • Carrier Global Corporation
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Implementation Type, End Use, Region
Breakup by Implementation Type New Construction, Retrofit Buildings
Breakup by End Use Residential, Commercial, Industrial
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Siemens AG, Honeywell International Inc., LG Electronics, Johnson Controls, Daikin Industries, Ltd., Carrier Global Corporation, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global HVAC Services Market Analysis

    8.1    Key Industry Highlights
    8.2    Global HVAC Services Historical Market (2017-2021) 
    8.3    Global HVAC Services Market Forecast (2022-2027)
    8.4    Global HVAC Services Market by Implementation Type
        8.4.1    New Construction
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Retrofit Buildings
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global HVAC Services Market by End Use
        8.5.1    Residential 
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Commercial
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Industrial
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
    8.6    Global HVAC Services Market by Region
        8.6.1    Market Share
            8.6.1.1    North America
            8.6.1.2    Europe
            8.6.1.3    Asia Pacific
            8.6.1.4    Latin America
            8.6.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Siemens AG
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Honeywell International Inc.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    LG Electronics
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Johnson Controls
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Daikin Industries, Ltd.
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Carrier Global Corporation
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    Others
12    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global HVAC Services Market: Key Industry Highlights, 2017 and 2027
2.    Global HVAC Services Historical Market: Breakup by Implementation Type (USD Billion), 2017-2021
3.    Global HVAC Services Market Forecast: Breakup by Implementation Type (USD Billion), 2022-2027
4.    Global HVAC Services Historical Market: Breakup by End Use (USD Billion), 2017-2021
5.    Global HVAC Services Market Forecast: Breakup by End Use (USD Billion), 2022-2027
6.    Global HVAC Services Historical Market: Breakup by Region (USD Billion), 2017-2021
7.    Global HVAC Services Market Forecast: Breakup by Region (USD Billion), 2022-2027
8.    North America HVAC Services Historical Market: Breakup by Country (USD Billion), 2017-2021
9.    North America HVAC Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
10.    Europe HVAC Services Historical Market: Breakup by Country (USD Billion), 2017-2021
11.    Europe HVAC Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
12.    Asia Pacific HVAC Services Historical Market: Breakup by Country (USD Billion), 2017-2021
13.    Asia Pacific HVAC Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
14.    Latin America HVAC Services Historical Market: Breakup by Country (USD Billion), 2017-2021
15.    Latin America HVAC Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
16.    Middle East and Africa HVAC Services Historical Market: Breakup by Country (USD Billion), 2017-2021
17.    Middle East and Africa HVAC Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
18.    Global HVAC Services Market Structure

Key Questions Answered in the Report

In 2021, the global HVAC services market attained a value of over USD 56 billion.

The market is estimated to grow at a CAGR of 6.2% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach more than USD 80.3 billion by 2027.

The major drivers of the market include the rising applications of HVAC services in the building and construction industry and the increasing awareness regarding the cost-effective benefits offered by HVAC services.

The stringent government regulations aimed towards reducing the carbon emission, the rising residential construction activities, and rapid urbanisation are expected to bolster the growth of the industry.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

New construction and retrofit buildings are the major implementation types of HVAC services in the market.

Residential, commercial, and industrial are the different end uses of HVAC services.

The major players in the industry are Siemens AG, Honeywell International Inc., LG Electronics, Johnson Controls, Daikin Industries, Ltd., and Carrier Global Corporation, among others.

Analyst Review

The global HVAC services market attained a value of over USD 56 billion in 2021, driven by the thriving building and construction industry. Aided by the rising residential construction activities, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 6.2%. The market is projected to reach beyond USD 80.3 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on implementation type, the HVAC services industry is divided into new construction and retrofit buildings. On the basis of end use, the market is classified into residential, commercial, and industrial. The major regional markets for HVAC services are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Siemens AG, Honeywell International Inc., LG Electronics, Johnson Controls, Daikin Industries, Ltd., and Carrier Global Corporation, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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