Global HVAC Services Market Expected to Witness a Sustainable Growth over 2029

The report "Global HVAC Services Market, By Services (Maintenance and Repair and Installation), By Implementation Type (New Construction and Retrofit Buildings), By End User (Residential, Commercial, and Industrial), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030. Increasing construction business in major emerging economies and the growing end-user markets, like the data centre market, etc., are major factors driving the growth of the global HVAC services market over the forecast period. Additionally, changing trends in industrialization, urbanization, and migration are some of the factors propelling the growth of the target market. This has given rise to the number of manufacturing units, factories, and residential complexes, which use HVAC systems. Moreover, factors like technological innovations and climate changes have increased the adoption of HVAC equipment. Global warming has led to unpredictable weather conditions has also improved the need for air conditioning equipment. Further, the growing importance of monitoring and maintenance systems have increased adoption of HVAC services which in turn id boosting the growth of the global market. Rising disposable income and growth in the construction industry in developing countries, has enlarged the availability of HVAC services for a broader consumer base.

Key Highlights:

In March 2018, Daikin Applied announced its proposal to expand its production capabilities with a new state-of-the-art, built-to-order manufacturing facility in Southern Minnesota, and north of the city of Faribault. Given the region's skilled talent base and past achievements in designing and producing complex, highly specified equipment, Daikin Industries expects to take the road of manufacturing excellence.
In Feb 2018, Nortek Global HVAC launched the Reznor ZQYRA Series, a low-cost, high-efficiency dedicated outdoor air system (DOAS) for adding outdoor air requirements in educational, healthcare, office, retail, and other light commercial spaces.

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Key Market Insights from the report:

The global HVAC services market accounted for US$ 57.8 billion in 2020 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented based on services, implementation type, end-user, and region.

By services, the global market is segmented into maintenance and repair and installation
By implementation type, the target market is segmented into new construction and retrofit buildings.
By end-user, the non-residential segment accounted for the largest market share, accounting for 78% of the global market in 2017 and is projected to witness the highest CAGR with 6.3% during the forecast period.
By region, North America accounts for major market share and is expected to dominate the global market over the forecast period. Rising government support in the form of higher budget allocations, designed to increase sustainable community development and homeownership, coupled with the increasing affordability of housing, may led to the ever-increasing residential construction sector.

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The prominent player operating in the global HVAC services market includes Ingersoll-Rand PLC, Carrier Corporation, Johnson Controls Inc., Daikin Industries Ltd., Nortek Global HVAC, Lennox International, Inc., Fujitsu General Ltd., Robert Bosch GmbH, Electrolux AB, and Siemens AG.

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This release was published on openPR.