U.S. HVAC Services Market to Witness 3.1% CAGR during 2020-2030

The construction industry in the U.S. is growing at a significant pace, particularly because of the surging population and rapid urbanization in the country. As per the U.S. Census Bureau, the population in the country is projected to increase by approximately 7% during 2019-2029.

In addition to this, due to the growing government initiatives regarding increasing home ownership, the construction activities in the country are growing rapidly in the residential sector. The construction industry in the country is among the world's largest, with yearly expenditures of more than $1,231 billion.

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Due to this increase in the construction industry, the adoption of heating, ventilation, and air conditioning (HVAC) systems is also growing in the country. HVAC systems are used for the purpose of heating and cooling of commercial and residential buildings.

These systems further facilitate the passing of air from indoor areas to outdoor space in order to keep the indoor areas fresh.

Attributed to this growing need for HVAC systems, the demand for HVAC services in the country are also growing. According to a P&S Intelligence report, the U.S. HVAC services market reached a value of $25.6 billion in 2019 and is predicted to generate a revenue of $35.8 billion by 2030, advancing at a 3.1% CAGR during the forecast period (2020-2030).

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Different types of HVAC services are consulting, maintenance & repair, installation, and upgradation/replacement. Out of these, the largest demand in 2019 was created for upgradation/replacement services.

It has been observed that HVAC systems which undergo regular maintenance lead to 20% higher energy savings. In addition to this, systems which are regularly maintained offer better efficiency in terms of functioning. Other than this, the need for consulting services in the country is also expected to grow significantly in the coming years.

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These services include a visual inspection, which is carried out by an HVAC technician, who identifies potential issues in the system before recommending its thorough maintenance.

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This release was published on openPR.