Which Region Offers Brightest U.S. Heating, Ventilation, and Air Conditioning (HVAC) Services Market Growth Potential?

The expanding construction sector and rising focus on energy-efficiency are driving the demand for smoothly functioning heating, ventilation, and air conditioning (HVAC) equipment in the U.S.

This is why, the U.S. HVAC services market, which generated $25.6 billion in 2019, is predicted to grow to $35.8 billion by 2030, at a 3.1% CAGR during 2020-2030 (forecast period).

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Maintenance & repair, upgradation/replacement, consulting, and installation are the various services available. Among these, maintenance & repair services held a significant market share in 2019.

Apart from the rise in construction projects, which would generate the demand for HVAC systems and associated services, in due time, the strong focus on energy efficiency is another reason for the U.S. HVAC services market prosperity.

With governments mandating energy-efficient practices, apart from the awareness of people on the issue rising, HVAC servicing demand is increasing every year in the country. For instance, the standards set by the Department of Energy have mandated a minimum efficiency of the airflow from residential furnace fans, thereby creating the demand for regular servicing.

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The growing manufacturing sector is offering lucrative opportunities to the players in the market, as with an increase in production plants, the requirement for HVAC equipment and its servicing would also surge.

The U.S. Department of Commerce calculated the 2018 size of the nation's manufacturing industry at $2.3 trillion. Such robust manufacturing output is attributed to the country's strong position on the global exports map. In 2018, the country exported $500.3 billion-worth goods to Mexico and Canada. With manufacturers setting up, renovating, or enlarging production plants, HVAC service providers stand to benefit.

Geographically, the southern region dominated the U.S. HVAC services market in 2019, as it is subject to varying climatic conditions, which create a high demand for HVAC equipment.

Additionally, it is witnessing rapid urbanization, which is giving a push to construction activities, and in turn, HVAC equipment and service requirement.

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Another reason for the high share of this region in the market is its significantly poor air quality, which results in high respiratory disease incidence, which also leads to the requirement for getting the HVAC equipment regularly serviced.

Thus, with the increase in construction projects, manufacturing plants, and efforts to reduce energy consumption, the demand for the maintenance of HVAC services will keep surging in the nation.

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This release was published on openPR.