A number of factors, such as the increasing requirement for energy-efficient heating, ventilation, and air conditioning (HVAC) systems, growing focus on environmental sustainability and green energy, expanding construction industry, and rising need to replace outdated HVAC equipment, are projected to boost the growth of the U.S. HVAC services market at a CAGR of 3.1% in the forecast period (2020–2030). At this growth rate, the market size is expected to reach $35,714.5 million by 2030 from $25,625.8 million in 2019.
The U.S. HVAC services market is witnessing the increasing need for smart HVAC systems. Customers are increasingly deploying building energy management systems (BEMSs) for their HVAC equipment. The BEMS monitors the efficiency of the equipment and allows for reducing the energy consumption of buildings. The BEMS and other systems need regular maintenance by trained specialists having in-depth knowledge of the systems. Therefore, the need for streamlining the operations of HVAC systems is rising year-on-year (Y-o-Y), to increase their efficiency, due to the developments in data analysis technologies.
The primary factor improving the market growth prospects is the growing construction industry. Due to the increasing number of construction projects, growing population, surging urbanization rate, and rising number of government initiatives to drive the home ownership proportion, the construction industry is growing significantly in the U.S. For example, as per the U.S. Census Bureau, the national population is projected to rise by about 7% during 2019–2029. Thus, with the increasing construction activities, the demand for HVAC systems, along with the associated services, is surging in the country.
The type segment of the U.S. HVAC services market is classified into upgradation/replacement, installation, maintenance & repair, and consulting. Among these, the maintenance & repair category accounted for a significant market share in 2019. This is attributed to the fact that HVAC systems that are not regularly serviced need longer repair time and consume 20% more energy than regularly serviced systems. Additionally, they can become a safe place for the growth of mold and other microorganisms. Thus, they require regular servicing to reduce energy wastage and eliminate the growth of microorganisms.
Additionally, the U.S. HVAC services market is categorized into new construction and retrofit buildings, on the basis of implementation type. Between the two, the construction category is expected to record the faster growth during the forecast period. This can be ascribed to the increasing need for consulting services for HVAC equipment in new buildings. Whereas, the retrofit buildings category accounted for the larger share in 2019 in the market, due to the high demand for maintenance and repair services for a large number of the HVAC systems installed in existing buildings.