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Global HVAC Services Market Size, Share, Trends, Forecast: By Implementation Type: New Construction, Retrofit Buildings; By End Use: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
Global HVAC Services Market Outlook
The global HVAC services market attained a value of more than USD 63.16 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.2% to reach above USD 108.48 billion by 2032.
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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.
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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.
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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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Implementation Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*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.
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 Opportunities and Challenges in the Market
8 Global HVAC Services Market Analysis
8.1 Key Industry Highlights
8.2 Global HVAC Services Historical Market (2018-2023)
8.3 Global HVAC Services Market Forecast (2024-2032)
8.4 Global HVAC Services Market by Implementation Type
8.4.1 New Construction
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Retrofit Buildings
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global HVAC Services Market by End Use
8.5.1 Residential
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Commercial
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Industrial
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global HVAC Services Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America HVAC Services Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe HVAC Services Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific HVAC Services Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America HVAC Services Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa HVAC Services Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Siemens AG
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Honeywell International Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 LG Electronics
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Johnson Controls
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Daikin Industries, Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Carrier Global Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global HVAC Services Market: Key Industry Highlights, 2018 and 2032
2. Global HVAC Services Historical Market: Breakup by Implementation Type (USD Billion), 2018-2023
3. Global HVAC Services Market Forecast: Breakup by Implementation Type (USD Billion), 2024-2032
4. Global HVAC Services Historical Market: Breakup by End Use (USD Billion), 2018-2023
5. Global HVAC Services Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6. Global HVAC Services Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global HVAC Services Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America HVAC Services Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America HVAC Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe HVAC Services Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe HVAC Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific HVAC Services Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific HVAC Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America HVAC Services Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America HVAC Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa HVAC Services Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa HVAC Services Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global HVAC Services Market Structure
Key Questions Answered in the Report
In 2023, the global HVAC services market attained a value of over USD 63.16 billion.
The market is estimated to grow at a CAGR of 6.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach more than USD 108.48 billion by 2032.
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 63.16 billion in 2023, 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 2024-2032, growing at a CAGR of 6.2%. The market is projected to reach beyond USD 108.48 billion by 2032.
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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