Press release
HVAC Services Market to Hit USD 74.36 Billion by 2028 | Industry to Generate 4.1% CAGR during (2022-2028)
Global HVAC Services Market was valued at USD 56.13 billion in 2021 and is expected to reach USD 74.36 billion by the year 2028, at a CAGR of 4.1%.
The market for HVAC (heating, ventilation, and air conditioning) services entails the many services offered to end-users by OEMs and other regional players. Installing, maintaining, and repairing are the key services. Residential, commercial, and industrial customers are among the ultimate users. Based on the type of Implementation, such as New Construction and Retrofit Buildings, the study describes the market. The global Coronavirus outbreak has had an impact on supply chains and logistics. The summer months saw a spike in demand for retrofitting and new installations in the HVAC sector, which is anticipated to be negatively impacted by the shortage of parts during the lockdown.
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Market Dynamics:
Driver:
The expansion of the HVAC services market is primarily being driven by the expanding construction industry in significant emerging nations and expanding end-user sectors, such as the data centre market. Additionally, factors including technical advancements and climatic changes have boosted the use of HVAC equipment. The need for air conditioning equipment has increased as a result of global warming's impact on unpredictable and changing weather patterns. For instance, the Japan Refrigeration and Air Conditioning Industry Association estimates that in 2018, there was a 110.97-million-unit global demand for air conditioners. Global energy demand for air conditioners is predicted to triple by 2050, necessitating the construction of new electricity capacity equal to the current combined electricity capacity of the US, the EU, and Japan. By 2050, there will be 5.6 billion air conditioners in buildings worldwide.
Opportunities:
The demand for HVAC services in the residential sector is primarily driven by new installations brought on by Asia-Pacific's expanding population. The maintenance and replacement services dominate the market in developed regions like Europe and North America.
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Market Segmentation
By Type
• Heating
• Ventilation
• Cooling
By Application
• Commercial
• Residential
• Industrial
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By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
The Europe Region Hold Highest Market Share
The presence of significant real estate and tourism industries in Europe drives the European economy. Because of the well-established service industry and rising real estate sector, commercial HVAC units dominate the North American and European markets. The demand in these regions is expected to be guided by the implementation of stringent government norms, increasing construction activities, and a stable industrial base.
Players Covered in HVAC Services Market are:
• Carrier Corporation
• DAIKIN INDUSTRIES
• Ingersoll Rand
• Johnson Controls International
• Mitsubishi Electric Corp
• Lennox International, Inc.
• LG Corporation
• Samsung Electronics and other major players.
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Key Benefits for Industry Participants & Stakeholders:
• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Keyword Market
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Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assist our clients grow and have a successful impact on the market. Our team at IMR is ready to assist our clients flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, specialized in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.
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