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Europe HVAC Maintenance and Services Market to Hit $25.04 Billion by 2029 - More than $8 Billion Opportunities in the Next 6 Years - Arizton
Europe HVAC Maintenance And Services Market Research Report by Arizton
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Europe HVAC Maintenance and Services Market Report Scope
Report Attributes
Details
Market Size (2029)
USD 25.04 Billion
Market Size (2023)
USD 17.76 billion
CAGR (2023-2029)
5.90%
Historic Year
2020-2022
Base Year
2023
Forecast Year
2024-2029
Geographic Analysis
Western Europe, Nordic, and Central & Eastern Europe (CEE)
The total number of HVAC systems in Europe has surpassed the total population. This indicates unprecedented growth in the HVAC industry. Infrastructure developments, extreme climate conditions, and a rising customer focus on comfort and security are the main factors influencing the growth of the Europe HVAC maintenance and service market. Furthermore, with increased demand due to severe weather conditions in the European market, there has been a significant inducement for improved energy efficiency in the HVAC market. This has led to several new HVAC innovations involving more efficient AC units. Therefore, it helps raise the installation market value in the future.
Businesses have brought new attention to progressing office environments, whether employee well-being or productivity. HVAC systems augment traditional ventilation and air cleaning systems that come standard in office buildings by adding more robust air cleaning elements. It helps to improve employee productivity and protects against airborne pathogens.
An increasing number of start-ups has driven the growth of the coworking space market as they have opted for coworking spaces due to the rising rent of private office spaces. As the coworking model has become hybrid, with open floor areas and enclosed office spaces, the demand for innovative HVAC system solutions has increased in such spaces. In 2019, flexible working spaces accounted for around 18% of the total leasing activity in Central London. Hence, the demand for smart HVAC system solutions will rise proportionally and drive the demand for the HVAC market.
Heating Equipment to Contribute Largest Share in the Europe HVAC Maintenance and Services Market
The heating equipment market is characterized by intense competition and has high traction in Europe's cold climatic conditions. The heating equipment is bulky. Hence, many local/domestic vendors characterize the market. Since these tools cannot be transported over long distances, some domestic vendors cater to small but recurrent heating equipment. Moreover, the HVAC system required for these tools brings in high revenue. The heating industry is not based on niche technology. Heat pumps are the major revenue generators for the heating market, with air/water heat pumps and ground-source heat pumps having considerable applications. The heat pump market is mainly strong in single or two-family houses, with over 70% penetration rate. Apart from heat pumps, furnaces, and boiler units also have significant shares in the heating equipment market.
Western Europe Leading the Europe HVAC Maintenance and Services Market
The Western Europe HVAC maintenance and service market will reach $14.29 billion by 2029.
In Western Europe, air conditioning systems are leading the market due to rising temperatures in urban areas, driven by pollution and urbanization. Consequently, competition in the market is intense. However, the supply chain faced disruptions in the first two quarters of 2023 due to the pandemic, leading to increased procurement costs for European vendors. Intra-regional trade also suffered as the HVAC industry grappled with pandemic-related challenges across the value chain.
Despite these hurdles, companies in the HVAC sector, especially in air conditioning, experienced steady sales growth, maintained by the region's strong demand, particularly in Western Europe. This demand is fueled by a high concentration of commercial establishments, industrial facilities, and robust purchasing power compared to other European regions. The year 2022 proved profitable, marked by low political uncertainty in the UK and growing clarity on Brexit.
Throughout the HVAC industry's extensive value chain, efforts persisted to adapt to evolving technologies, embrace sustainability, and integrate Industry 4.0 principles. This included focusing on increasing the use of recycled or refurbished materials in products without compromising quality.
Competitive Overview
Daikin Europe is a crucial industry participant in the European HVAC industry. The company expresses its support for the REPowerEU plan. REPowerEU is a joint European Commission's plan to make Europe independent from Russian fossil fuels by 2030 and to produce more secure, affordable, and sustainable energy. The main objective of this plan is to reduce the consumption of fossil fuels, thereby boosting energy efficiency and promoting renewable HVAC products. Daikin Europe manufactures HVAC systems made of renewable technologies, which will play a crucial role in this EU plan.
In February 2023, a contract was signed for a cooperative relationship between the Greater Manchester Combined Authority (GMCA) and Daikin Europe N.V., a Daikin subsidiary comprising ten wards and cities in northwest England. The Memorandum of Understanding (MoU) asks for coordination and cooperation between the two parties over five years through 2027, concentrating on the widespread implementation of heat pump heating, maintenance, education, and skill development for HVAC specialists.
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Key Company Profiles
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Aldes
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AquaCal
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Daikin
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Johnson Controls
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Mitsubishi Electric
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Ostberg
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Pentair
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Robert Bosch
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Rheem Manufacturing Company
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Samsung
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Siemens AG
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Systemair
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Zehnder
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Trane Europe
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SWEP International
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One Hour Heating & Air Conditioning
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Sears Home Services
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Aire Serv
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Climate Control Heating & Air Conditioning
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Carrier
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Honeywell International Inc
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LG
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Panasonic
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Midea
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Regal
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Raytheon Technologies
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Flakt Group
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Swegon
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VTS Group
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Nuaire
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Nortek
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Alfa Laval
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Hitachi
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LU-VE
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Vent-Axia
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Rosenberg
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S & P
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Wolf
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CIAT
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AL-KO GROUP
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Dynair
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Danfoss
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Lennox
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Backer Springfield
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Dunhambush
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TCL
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Trox
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Vaillant Group
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Ingersoll Rand
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Camfil
Market Segmentation
Service Model
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Maintenance & Repair
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Installation
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Replacement
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Consulting
Equipment Type
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Heating
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Air Conditioning
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Ventilation
Service Type
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Manufacturer Authorized Service Providers
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HVAC Contractors
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Others
End Users
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Residential
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Commercial
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Others
Geography
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Western Europe
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Germany
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France
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The UK
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Italy
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Netherlands
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Spain
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Belgium
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Nordic
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Norway
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Denmark
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Sweden
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Finland
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Central & Eastern Europe (CEE)
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Russia
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Poland & Austria
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Hungary
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Czech Republic
Key Questions Answered in the Report:
How big is the Europe HVAC maintenance and services market?
Which region dominated the Europe HVAC maintenance and services market share?
What is the growth rate of the Europe HVAC maintenance and services market?
What are the significant trends in the European HVAC maintenance and services industry?
Who are the key players in the Europe HVAC maintenance and services market?
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Check Out Some of the Top Selling Research Reports:
Europe HVAC Market - Industry Outlook & Forecast 2024-2029 [https://www.arizton.com/market-reports/europe-hvac-market]
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HVAC Maintenance and Services Market - Global Outlook & Forecast 2024-2029 [https://www.arizton.com/market-reports/hvac-maintenance-and-services-market]
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About Us:
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Media Contact
Company Name: Arizton Advisory & Intelligence
Contact Person: Jessica
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=europe-hvac-maintenance-and-services-market-to-hit-2504-billion-by-2029-more-than-8-billion-opportunities-in-the-next-6-years-arizton]
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