Plumbing, Heating And Air-Conditioning Contractors Market Expected to Achieve 6.3% CAGR by 2029: Growth Forecast Insights

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How Large Will the Plumbing, Heating And Air-Conditioning Contractors Market Size By 2025?
In recent times, there has been substantial growth in the market size of plumbing, heating and air-conditioning contractors. The market, which was valued at $1573.93 billion in 2024, is expected to reach a valuation of $1664.7 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 5.8%. Several factors can be ascribed to this growth in the earlier period, including boom in construction and real estate, rising urbanization and population, renovations and upgrades of buildings, government stimuli and incentive schemes, along with concerns regarding energy efficiency.

How Big Is the Plumbing, Heating And Air-Conditioning Contractors Market Size Expected to Grow by 2029?
The market size for plumbing, heating, and air-conditioning contractors is anticipated to experience substantial growth in the forthcoming years. It is projected to reach $2124.68 billion by 2029 with a compound annual growth rate (CAGR) of 6.3%. The anticipated growth during the forecast period is as a result of sustained urbanization and population increase, the adoption of green building techniques, the integration of renewable energy, and governmental measures promoting energy efficiency, resilience, and disaster readiness. The forecast period will also see key trends like the challenge of labor force and skilled labor scarcity, the electrification of HVAC systems, breakthroughs in heat pump technology, remote monitoring, and control, as well as legal compliance and certification necessities.

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Which Key Market Drivers Powering Plumbing, Heating And Air-Conditioning Contractors Market Expansion and Growth?
The growth of the plumbing, heating, and air-conditioning contractors market is likely to be fuelled by the rising demand for HVAC-equipped residential and commercial buildings. HVAC, which stands for heating, ventilation, and air conditioning, encompasses the systems responsible for managing and distributing heated and cooled air within residential and commercial spaces like workplaces, homes, and indoor stadiums. Contractors from the plumbing, heating, and air-conditioning sectors offer services such as the installation and maintenance of heating, cooling, and plumbing systems in HVAC-equipped residential and commercial buildings. These services include new installations, alterations, additions, and repairs, all aimed at ensuring comfort for building occupants and efficient operation of all installed systems. A report by the European Heat Pump Association, a Belgium-based organization promoting heat pumps, revealed that around 3 million heat pump units were sold in Europe in 2022, a nearly 38% increase in annual sales. Furthermore, approximately 20 million heat pumps were connected in Europe, accounting for 16% of all residential and commercial properties across the continent. Such growth in demand for HVAC-equipped residential and commercial buildings is propelling the growth of the plumbing, heating, and air-conditioning contractors' market.

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What Are the Key Trends Driving Plumbing, Heating And Air-Conditioning Contractors Market Growth?
The rise of technology plays a pivotal role in shaping the current trend in the market for plumbing, heating, and air-conditioning contractors. Leading businesses in the market are diversifying their strategies with a focus on incorporating innovative technology to secure their market position. In line with this trend, Carrier Global Corporation, a firm based in the US that provides heating, ventilation, and air conditioning solutions, launched single-stage split system air conditioners in October 2023. These new products are specially designed to comply with the future minimum efficiency criteria and testing regimes set by the Department of Energy (DOE). These air conditioners strive to amplify energy efficiency and offer dependable cooling solutions for home consumers. Carrier's launch of this range signifies its dedication to innovation and eco-friendly practices, aligning with regulatory norms while catering to the escalating demand for energy-saving cooling systems in the Southeast and Southwest regions of the United States.

What Are the Emerging Segments in the Plumbing, Heating And Air-Conditioning Contractors Market?
The plumbing, heating and air-conditioning contractors market covered in this report is segmented -

1) By Type: Heating, Ventilation, Cooling
2) By Service: Consulting, Installation, Maintenance And Repair, Upgrade Or Replacement
3) By Implementation Type: New Construction, Retrofit Buildings
4) By End User: Residential, Commercial, Industrial

Subsegments:
1) By Heating: Boilers, Furnaces, Heat Pumps, Radiant Heating
2) By Ventilation: Air Handling Units, Exhaust Systems, Ductwork, Ventilation Fans
3) By Cooling: Central Air Conditioning Systems, Ductless Mini-Split Systems, Chillers, Evaporative Coolers

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Who Are the Global Leaders in the Plumbing, Heating And Air-Conditioning Contractors Market?
Major companies operating in the plumbing, heating and air-conditioning contractors market include Siemens Energy & Automation Inc., Honeywell International Inc., LG Corporation, Johnson Controls International, Lennox International Inc., Carrier Global Corporation, Daikin Industries Ltd., Electrolux Group, Fujitsu General Limited, Robert Bosch GmbH, Nortek Global HVAC, Dr. Energy Saver, The Dwyer Group, One Hour Heating & Air Conditioning, The Home Depot Inc., Watsco Inc., Trane Technologies plc, Air Pros LLC, Lifetime Heating, Cooling and Electric, Balanced Comfort Cooling Heating & Plumbing, Midwest Heating & Cooling, Kennon Heating & Air Conditioning, Radiant Plumbing & Air Conditioning, Holy City Heating and Air LLC, Old Dominion Mechanical LLC

Which are the Top Profitable Regional Markets for the Plumbing, Heating And Air-Conditioning Contractors Industry?
North America was the largest region in the plumbing, heating and air-conditioning contractors' market in 2024. Asia-Pacific is expected to be the plumbing, heating, and air-conditioning contractors' market's fastest-growing region in the forecast period. The regions covered in the plumbing, heating and air-conditioning contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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