The total size of the U.S. HVAC services market was USD 25,221.3 million in 2022, and it will grow at a CAGR of 4.5% in the years to come, to reach USD 35,971.7 million by 2030, as per a report of a market research company P&S Intelligence.
The developing construction sector is a major driving factor for the demand for HVAC services. Owing to increasing population, swift urbanization, and increasing building construction market in the country. For example, as per the U.S. Census Bureau, the population of the U.S. will increase about 7% during 2019–2029.
Further, with growing number of government initiatives toward growing home ownership, the nation is exhibiting increased residential construction activities. With increasing requirement for HVAC equipment, the requirement for related services, including installation, upgradation/replacement, and maintenance & repair, for proper functioning of the equipment is significantly increasing.
The cooling category generated the highest revenue, amounting over USD 10 billion, in the recent past.
Furthermore, the split units had a the significant revenue share in the recent past. Split units generally have an extensive service maintenance guide. Though a large portion of the maintenance cost of a split unit has a lot to do with the labor charges, and filters and fan blades, required to be replaced regularly.
The upgradation/replacement category dominated the U.S. HVAC services market in the recent past.
Instead, the consulting category will grow the fastest with around 7%in the years to come. Consultation also includes visual examination by a technician, identifying the potential issues of the system before the recommendation of thorough maintenance.
Increasing emphasis toward energy efficiency is one more key factor driving the growth of the industry. Maintenance of HVAC system on a regular basis reduces the consumption of energy. Additionally, with growing government focus in the direction of improving the energy efficiency and reducing the emission of carbon.
The southern region dominated the industry with over USD 9 billion in the recent past. This has a lot to do with the fact that cities in the southern region have varying climatic conditions compared to the ones in other regions. This influences the industry for HVAC systems, positively, thus increasing the requirements for related services.
Furthermore, in the years to come, the western U.S. will grow the fastest. This is because of the large number of residential and commercial construction projects being carried out, with an emphasis on green buildings and office space expansion.
Rapid urbanization has a major role to play in increasing the demand for HVAC services in the U.S. in the years to come.
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