As many industrial or commercial premises remained either completely closed or partially used during the corona period, the need for their maintenance has increased this year. As per Mordor Intelligence, a market research organisation having domain-specific teams for customised research, now the HVAC services market is growing, and it will continue the trend at a CAGR of 6.1% between 2023 to 2028.
HVAC services regulate the temperature inside a building using heating or cooling systems, wall and ceiling ducting, or other HVAC technologies. Now, the scope of the HVAC service market is very wide, which includes construction, installation and servicing of heating, cooling and ventilation systems & equipment. As researchers from Mordor Intelligence describes – the HVAC services market is quite segmented by implementation type, such as new construction and retrofit building, end users industries, such as residential, commercial, industrial – and geography.
Researchers from Contrive Datum Insights (CDI), a global delivery partner of market intelligence and consulting services, finds that the Global HVAC Services market stood at US$ 71.1 billion in 2022 and is expected to progress steadily at a CAGR of 6.2%.
Both the research organisations are predicting almost the same growth potential of the HVAC services industry. At the same time, both of them are pointing to the growth in global construction industry as the primary growth accelerator for the HVAC services industry. According to Mordor Intelligence, the growth in the construction industry and the rising disposable income in developing countries have increased the availability of HVAC equipment for a broader consumer base. CDI too pinpoints that the growth of the HVAC services market will be mostly driven by the growth of construction businesses in major emerging economies and growth in end-user markets like data centre markets.
In the post-corona time globally almost all governments with progressive outlooks have stressed on developing smart infrastructures, for example, our (Indian) government has increased the infrastructure budget by about 75% in the post COVID-19 time, which I feel is the true booster for the growth of the HVAC services industry.
Pravita Iyer
Publisher & Director
