HVAC Maintenance and Services Market is Set to Reach $110 Billion by 2029 - Exclusive Research Report by Arizton

According to Arizton's latest research report, the global HVAC maintenance and services market is growing at a CAGR of 5.79% during 2023-2029. The emergence of IoT and product innovations to aid replacements, replacement of existing equipment with energy-efficient products, and rise in disposable income are the significant trends in the market.

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Heating, Ventilation, and Air Conditioning (HVAC) maintenance and service sales are propelled by the escalating impacts of global warming, particularly in regions like Europe, APAC, and MEA, where rising temperatures make air conditioning indispensable. The HVAC industry faces constant challenges due to rapidly evolving technologies and stringent regulations on energy consumption and climate change. Intense market competition limits research and development (R&D) investments, which significant players predominantly drive. The focus of R&D efforts is primarily on cost reduction in production processes and enhancing existing product technologies for added value, rather than the creation of entirely new products. Short time-to-market and limited acceptance of novel technologies further compound challenges for HVAC maintenance and service vendors in this competitive landscape.

The favorable government policies across the countries that support the usage of RES and prevent the emission of GHGs into the atmosphere are driving the market for HVAC. Policymakers are also trying to frame policies that can support the decarbonization of transportation and the management of power sectors. For extensive and mega projects, the implementation of appliances using renewable sources can become mandatory in the future to be certified as a sustainable and green building unit. This can substantially drive the adoption of HVAC systems in residential and large commercial spaces.

In the US, laws related to heat pumps are crucial in California and other Northeastern states. While the market for heat pumps is estimated to be low and underpenetrated in Europe, the government provides financial incentives for switching from conventional electric or gas heating to heat pumps that can drive the market. Similarly, in Japan, the government is also making efforts to promote the level of consumer education and product quality. The UK government has introduced various schemes and policies that are aimed at maximizing the uptake of ground and air source heat pumps. The Domestic RHI is committed to inducing the adoption of heat pumps in the country to achieve local climatic change targets. Swimming pools are not included under domestic RHI, a part of Non-Domestic RHI, provided it is enclosed and used for commercial purposes. With high restrictions and limitations, the scheme is expected to drive the construction of non-residential buildings and HVAC systems for heating.

HVAC Industry Surges as Europe Takes Bold Steps with REPowerEU Plan for Energy Transformation

In May 2022, the European Commission presented the REPowerEU Plan in response to the global energy market disruption initiated by the Russia-Ukraine conflict. This plan will transform energy systems in Europe, reduce the EU's dependence on Russian fossil fuels, which are used as a political weapon, and boost renewables, green hydrogen, and electrification.

The demand for meeting zero-energy emissions by 2050 has helped the HVAC industry witness a rapid phase lift where COP and Seasonal Energy Efficiency Ratio (SEER) ratings are being increased to meet modern requirements. HVAC associations of various regions work in full swing to develop policies and frameworks that can eventually lead to the penetration of HVAC in the next decade. Relying on electricity can be more favorable than other sources such as coal and gas, and cleaner power generation through solar and hydrothermal electricity coupled with HVAC systems is the next big opportunity in the industry. Therefore, the demand for HVAC maintenance is booming in the global market.

Merger & Acquisitions and Product Development

In September 2022, Johnson Controls launched a new HVAC system for homeowners that can reduce their cooling and heating costs by 50% when compared with low-efficiency traditional systems.

Johnson Controls made 18 investments and 21 acquisitions, and the company spent over $19.78 billion. It invested in multiple sectors, such as smart homes, security & surveillance technology, cybersecurity, and more.

In August 2022, Johnson Controls acquired Vindex Systems, a systems integrator specializing in intelligent business protection solutions based around Closed-Circuit Television (CCTV), access control, Automatic Number Plate Recognition (ANPR), and fire detection in the UK. With these acquisitions, the company can expand its subsidiary brand portfolio in security solutions and strengthen its holistic security and safety services.

In July 2021, Systemair acquired the remaining 50.1% of BURDA WTG shares. BURDA WTG is the market leader in infrared heaters for outdoor applications. It is a German-based company that develops, produces, and supplies heating panels, infrared radiant heaters, and associated control equipment. With this acquisition, Systemair expanded its product portfolio in infrared heaters for outdoor applications across the globe.

Key Vendor's Growth Strategy in the Global HVAC Maintenance and Services Market

The industry is characterized by the existence of many market participants in each of the countries and each of the product categories. The HVAC industry is a beneficiary of large incentives given by governments to end-users, with government objectives meeting carbon emission targets and other climate change control measures. Government schemes stimulated the demand for energy-efficient equipment. With technological upheaval, the industry has seen an influx of affordable systems. Vendors that have advanced technology and meet standards set from an ecological perspective have a competitive edge over other vendors. Hence, although sustainability is a major factor in the HVAC industry, incorporating technology and statutory standards is a step ahead in the competitive market.

Key Company Profiles

Systemair

Johnson Controls

Robert Bosch

Zehnder

Ostberg

Aldes

Daikin

Samsung

Mitsubishi Electric

Rheem Manufacturing Company

AquaCal

Pentair

LG

Panasonic

Carrier

MIDEA

Regal

Raytheon Technologies

Flakt Group

Beijer Ref

Flexit

Grundfos

Swegon

VTS

Nuaire

Nortek

Alfa Laval

Hitachi

LU-VE

Vent-Axia

Rosenberg

S&P

Wolf

CIAT

AL-KO GROUP

Dynair

Danfoss

Lennox

Backer Springfield

Dunhambush

TCL

Trox

Vaillant Group

Ingersoll Rand

Camfil

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Market Segmentation

Equipment Type

Heating

Air Conditioning

Ventilation

Service Model

Maintenance & Repair

Installation

Replacement

Consulting

End Users

Residential

Commercial

Others

Geography

APAC

China

Japan

India

Australia

South Korea

Europe

Germany

France

Russia

The UK

Norway

Demark

Italy

Poland

Spain

North America

The US

Canada

Latin America

Brazil

Mexico

Argentina

Middle East & Africa

Saudi Arabia

The UAE

South Africa

Key Questions Answered in the Report:

How big is the global HVAC maintenance and services market?

What is the growth rate of the global HVAC maintenance and services market?

Which region dominates the global HVAC maintenance and services market share?

What are the significant trends in the HVAC maintenance and services industry?

Who are the key players in the global HVAC maintenance and services market?

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This release was published on openPR.