
HVAC Services Market Growth Analysis Report - Market Size, Share, Forecast Trends and Outlook (2025-2034)
Description
The global HVAC services market attained a value of more than USD 63.16 Billionin 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 6.20% to reach above USD 115.26 Billion by 2034.
New Construction Segment Holds a Significant Share in the Global HVAC Services Industry
Based on implementation type, new construction represents a considerable share of the market and is driven by the rising investments towards the development of commercial and residential construction projects. This can be attributed to the rising population and thriving infrastructure development. Over the forecast period, the surging demand for commercial and residential structures equipped with HVAC is likely to propel the growth of the segment. Furthermore, the increasing inclination of residents towards structures that can boost the cost-effectiveness is likely to fuel the growth of this segment.
The Asia Pacific Represents a Significant Share in the Market for HVAC Services
The HVAC services industry in the Asia Pacific is being driven by the rising standards of living and the growing population in the region. The thriving construction activities in the commercial sector in India, Japan, South Korea, and China due to rapid urbanisation is anticipated to propel the market growth in the forecast period. Furthermore, the introduction of strict government regulations in emerging economies to boost energy conservation is likely to fuel the market growth in the region, which is projected to significantly contribute to the overall growth of the HVAC services industry in the coming years.
HVAC Services Industry Segmentation
HVAC services, variously known as heating, ventilation and air conditioning services, are services that construct, install, and maintain HVAC systems and equipment. They are integral in maintaining good indoor air quality and providing thermal comfort through adequate ventilation. HVAC services optimise HVAC systems while reducing their energy consumption and enhancing cost-effectiveness.
Based on implementation type, the market can be bifurcated into:
The rising applications of HVAC services in residential construction activities owing to inflating disposable incomes, the increasing population, and rapid urbanisation are driving the market. With the introduction of various stringent government regulations aimed towards curbing environmental pollution, the construction of energy-efficient residential buildings is increasing, which is anticipated to augment the market in the forecast period. Furthermore, the growing penetration of the Internet of things (IoT) in HVAC services to increase the efficiency of service providers is likely to invigorate the market growth in the coming years.
Key Industry Players in the Global HVAC Services Market
The report gives a detailed analysis of the following key players in the global HVAC services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
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New Construction Segment Holds a Significant Share in the Global HVAC Services Industry
Based on implementation type, new construction represents a considerable share of the market and is driven by the rising investments towards the development of commercial and residential construction projects. This can be attributed to the rising population and thriving infrastructure development. Over the forecast period, the surging demand for commercial and residential structures equipped with HVAC is likely to propel the growth of the segment. Furthermore, the increasing inclination of residents towards structures that can boost the cost-effectiveness is likely to fuel the growth of this segment.
The Asia Pacific Represents a Significant Share in the Market for HVAC Services
The HVAC services industry in the Asia Pacific is being driven by the rising standards of living and the growing population in the region. The thriving construction activities in the commercial sector in India, Japan, South Korea, and China due to rapid urbanisation is anticipated to propel the market growth in the forecast period. Furthermore, the introduction of strict government regulations in emerging economies to boost energy conservation is likely to fuel the market growth in the region, which is projected to significantly contribute to the overall growth of the HVAC services industry in the coming years.
HVAC Services Industry Segmentation
HVAC services, variously known as heating, ventilation and air conditioning services, are services that construct, install, and maintain HVAC systems and equipment. They are integral in maintaining good indoor air quality and providing thermal comfort through adequate ventilation. HVAC services optimise HVAC systems while reducing their energy consumption and enhancing cost-effectiveness.
Based on implementation type, the market can be bifurcated into:
- New Construction
- Retrofit Buildings
- Residential
- Commercial
- Industrial
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
The rising applications of HVAC services in residential construction activities owing to inflating disposable incomes, the increasing population, and rapid urbanisation are driving the market. With the introduction of various stringent government regulations aimed towards curbing environmental pollution, the construction of energy-efficient residential buildings is increasing, which is anticipated to augment the market in the forecast period. Furthermore, the growing penetration of the Internet of things (IoT) in HVAC services to increase the efficiency of service providers is likely to invigorate the market growth in the coming years.
Key Industry Players in the Global HVAC Services Market
The report gives a detailed analysis of the following key players in the global HVAC services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Siemens AG
- Honeywell International Inc.
- LG Electronics
- Johnson Controls
- Daikin Industries, Ltd.
- Carrier Global Corporation
- Others
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Table of Contents
166 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global HVAC Services Market Analysis
- 5.1 Key Industry Highlights
- 5.2 Global HVAC Services Historical Market (2018-2024)
- 5.3 Global HVAC Services Market Forecast (2025-2034)
- 5.4 Global HVAC Services Market by Implementation Type
- 5.4.1 New Construction
- 5.4.1.1 Historical Trend (2018-2024)
- 5.4.1.2 Forecast Trend (2025-2034)
- 5.4.2 Retrofit Buildings
- 5.4.2.1 Historical Trend (2018-2024)
- 5.4.2.2 Forecast Trend (2025-2034)
- 5.5 Global HVAC Services Market by End Use
- 5.5.1 Residential
- 5.5.1.1 Historical Trend (2018-2024)
- 5.5.1.2 Forecast Trend (2025-2034)
- 5.5.2 Commercial
- 5.5.2.1 Historical Trend (2018-2024)
- 5.5.2.2 Forecast Trend (2025-2034)
- 5.5.3 Industrial
- 5.5.3.1 Historical Trend (2018-2024)
- 5.5.3.2 Forecast Trend (2025-2034)
- 5.6 Global HVAC Services Market by Region
- 5.6.1 North America
- 5.6.1.1 Historical Trend (2018-2024)
- 5.6.1.2 Forecast Trend (2025-2034)
- 5.6.2 Europe
- 5.6.2.1 Historical Trend (2018-2024)
- 5.6.2.2 Forecast Trend (2025-2034)
- 5.6.3 Asia Pacific
- 5.6.3.1 Historical Trend (2018-2024)
- 5.6.3.2 Forecast Trend (2025-2034)
- 5.6.4 Latin America
- 5.6.4.1 Historical Trend (2018-2024)
- 5.6.4.2 Forecast Trend (2025-2034)
- 5.6.5 Middle East and Africa
- 5.6.5.1 Historical Trend (2018-2024)
- 5.6.5.2 Forecast Trend (2025-2034)
- 6 North America HVAC Services Market Analysis
- 6.1 United States of America
- 6.1.1 Historical Trend (2018-2024)
- 6.1.2 Forecast Trend (2025-2034)
- 6.2 Canada
- 6.2.1 Historical Trend (2018-2024)
- 6.2.2 Forecast Trend (2025-2034)
- 7 Europe HVAC Services Market Analysis
- 7.1 United Kingdom
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Germany
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 France
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Italy
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Others
- 8 Asia Pacific HVAC Services Market Analysis
- 8.1 China
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Japan
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 India
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 ASEAN
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Australia
- 8.5.1 Historical Trend (2018-2024)
- 8.5.2 Forecast Trend (2025-2034)
- 8.6 Others
- 9 Latin America HVAC Services Market Analysis
- 9.1 Brazil
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Argentina
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Mexico
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Others
- 10 Middle East and Africa HVAC Services Market Analysis
- 10.1 Saudi Arabia
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 United Arab Emirates
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Nigeria
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 South Africa
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 Siemens AG
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 Honeywell International Inc.
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 LG Electronics
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Johnson Controls
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 Daikin Industries, Ltd.
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Carrier Global Corporation
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 Others
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