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Global HVAC Services Market 2021 Share, Growth by Top Company, Region, Application, Driver, Trends & Forecast

HVAC Services

HVAC Services Market” report provides strategic supports mentioned by the business specialists with market sources, amount of manufacturing cost structure, raw materials, forecasts, turnover, manufacturing outlays, latest market trends, labor cost, demands and much more. HVAC Services market report covers a comprehensive market structure through the globe with an in-depth study of major dynamics (Drivers, Challenges, Opportunities).  

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Key Market Trends:

Residential Segment is expected to register a Significant Growth

The demand for HVAC services in the residential sector, is primarily from Asia-Pacific, owing to the growing population, across the region, thereby leading to new installations. The demand in developed regions, like North America and , is mainly from the maintenance and replacement services.

In the wake of the global financial crisis and housing market collapse, an overhang of housing in many mature economies, led to a breakdown in prices of existing homes, and stifled new residential construction spending.

Direct real estate investment, and increasing wealth and prosperity in regions such as APAC, Latin America, and the Middle East, are driven by economic growth. The increasing migration to existent and newly emerging cities, in these regions, is accelerating the demand for new homes.

The robust construction of residential buildings, by the private sector, coupled with the government initiatives, to bridge emerging countries’ housing shortages, are also acting as significant factors, for the growth of the studied market.For instance, in the Philippines, the government estimated that the country’s residential sector growth could come in at an annual average of 10.3%, in real terms, from 2018-2026.

According to data from the Housing and Urban Development Coordinating Council, the country’s social housing backlog is now at 5.6 million units. There were over 30,000 residential construction permits, issued by the end of the second quarter of 2017, 24% higher than in 2016.Recently, in 2018, rising rents across Toronto led to record-breaking sales, for multi-residential apartment buildings. The sales reached USD 1.2 billion, in the third quarter of 2018.

The is Expected to Hold Major Share

Growing government support, in the form of higher budget allocations, designed to increase home ownership and sustainable community development, and the increasing affordability of housing, may contribute to the ever growing residential construction sector.In 2017, the US government allocated a budget of USD 46.7 billion (an increase of 1.9% over the previous year), to support residential construction. The increasing population in the country may also contribute to the rising housing demand. The boom in the construction sector is likely to contribute to the expanding of the market for HVAC and HVAC services.

The US Department of Energy (DOE) has released new efficiency standards, for commercial HVAC units, in which carbon emissions must be reduced, by up to 60 million metric tons, by 2030. According to these standards, specialized units should be manufactured, being able to provide energy-efficiency, and sustainable heating and cooling solutions.

Increased construction activities, rapid urbanization, infrastructural reforms, and HVAC unit replacements, are some of the major factors supporting the growth of HVAC services market in the country.The DOE has invested almost USD 8 million, to replace old refrigerants, with energy efficient alternatives, which can minimize environmental threats posed by rooftop HVAC units.

Market Overview:

  • The HVAC Services Market is expected to register a CAGR of over 6.1% during the forecast period 2019 – 2024. Growing construction business in major emerging economies and the growing end-user markets, like data center market, etc., are major factors driving the growth of the HVAC services market, over the forecast period. Since the service firms rely extensively on labor for their operations, the existing demand and supply gap in the labor/HVAC technicians clubbed with high-cost technicians is expected to restrain the growth of the market.
  • Construction activity has a positive impact on not only the HVAC equipment market, but also the service market. With increased construction activity in emerging economies, the investments on infrastructure are on the rise, in order to cater to the increasing standard of living. The Asia-Pacific region tops world growth, with an expected 6.3% increase in GDP, in 2018, according to the World Bank. China, in particular, shows strong development, leading the region in terms of growth, innovation, and major investments. Moreover, both the International Monetary Fund and the World Bank predict that strong economic growth will continue in the region, until at least 2020, which will positively impact the construction sector, as the region is witnessing major investments in construction projects.
  • Thus, the installation and maintenance segment of the HVAC service market, is expected to benefit, due the increasing sales of HVAC equipment, through new construction projects. With regards to constructional developments globally, according to a report by Oxford Economies, construction output is forecasted to expand by 85%, to USD 15.5 trillion worldwide, in 2030, with regions like United States., China, and accounting for 57% of the market growth.
  • Thus, the installation and maintenance segment of the HVAC service market, is expected to benefit, due the increasing sales of HVAC equipment, through new construction projects. With regards to constructional developments globally, according to a report by Oxford Economies, construction output is forecasted to expand by 85%, to USD 15.5 trillion worldwide, in 2030, with regions like United States., China, and accounting for 57% of the market growth.
  • Key Manufacturers Like 

  • Panasonic Corporation
  • Honeywell International Inc
  • LG Electronics
  • Siemens AG
  • Electrolux Ab
  • Ingersoll
  • Rand PLC
  • Carrier Corporation
  • Johnson Controls Inc
  • Daikin Industries Ltd
  • Nortek Global HVAC
  • Lennox International, Inc.
  • Fuijitsu General Ltd
  • Robert Bosch GmbH.

    Scope of the Report:

  • The HVAC (heating, ventilation and air conditioning) services market includes the different services provided to the end users by the OEMs and other regional players. The services primarily include installation and system integration, maintenance, and repair, etc. The end users include building contractors and owners (non-residential), home owners, retail stores, food services companies, pharmaceutical, and healthcare companies, among others. The HVAC service market has a direct correlation with the HVAC equipment market. Any changes in demand for the equipment will impact the service market positively as higher demand for new equipment leads to higher installation or retrofitting services.

    HVAC Services market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the HVAC Services market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the HVAC Services market have also been involved in the study.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

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    Key Questions Answered in Market Report: –

    • What will the market growth rate, Overview and Analysis by Type of HVAC Services market in 2023?
    • What are the key factors driving, Analysis by Applications and Countries HVAC Services market?
    • What are Dynamics, This Overview Includes Analysis of Scope, and price analysis of top Vendors Profiles of HVAC Services?
    • Who are Opportunities, Risk and Driving Force of HVAC Services market? Knows Upstream Raw Materials Sourcing and Downstream Buyers
    • Who are the opportunities and threats faced by the vendors in HVAC Services space? Business Overview by Type, Applications, Gross Margin and Market Share
    • What are the HVAC Services market opportunities, market risk and market overview of the Market?

    Lastly, the Global HVAC Services Market Research covers a complete market structure across the world with a comprehensive analysis of major key factors. This report provides planned orientations referred by the industry experts.

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    Study objectives of HVAC Services Market Report:

    • To provide a detailed analysis of the market structure along with the HVAC Services market forecast of various segments and sub-segments of the HVAC Services market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and HVAC Services market trends that influence the global HVAC Services market

    Detailed TOC of HVAC Services Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Growing Construction Business In Major Emerging Economies
    4.3.2 Growing Data Center Market
    4.4 Market Restraints
    4.4.1 Labor Shortage/ High Costs Of Skilled Labor
    4.5 Value Chain / Supply Chain Analysis
    4.6 Industry Attractiveness Porters Five Force Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Services
    5.1.1 Maintenance and Repair
    5.1.2 Installation
    5.2 By Implementation Type
    5.2.1 New Construction
    5.2.2 Retrofit Buildings
    5.3 By End User
    5.3.1 Residential
    5.3.2 Commercial
    5.3.3 Industrial
    5.4 Geography
    5.4.1 North America
    5.4.1.1 US
    5.4.1.2 Canada
    5.4.2
    5.4.2.1 Germany
    5.4.2.2 UK
    5.4.2.3 France
    5.4.2.4 Rest of
    5.4.3 Asia Pacific
    5.4.3.1 China
    5.4.3.2 Japan
    5.4.3.3 India
    5.4.3.4 Rest of Asia-Pacific
    5.4.4 Latin America
    5.4.4.1 Brazil
    5.4.4.2 Argentina
    5.4.4.3 Mexico
    5.4.4.4 Rest of Latin America
    5.4.5 Middle East and Africa
    5.4.5.1 UAE
    5.4.5.2 Saudi Arabia
    5.4.5.3 South Africa
    5.4.5.4 Rest of Middle East and Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Panasonic Corporation
    6.1.2 Honeywell International Inc
    6.1.3 LG Electronics
    6.1.4 Siemens AG
    6.1.5 Electrolux Ab
    6.1.6 Ingersoll-Rand PLC
    6.1.7 Carrier Corporation
    6.1.8 Johnson Controls Inc
    6.1.9 Daikin Industries Ltd
    6.1.10 Nortek Global HVAC
    6.1.11 Lennox International, Inc.
    6.1.12 Fuijitsu General Ltd
    6.1.13 Robert Bosch GmbH

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

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