LONDON — (BUSINESS WIRE) — April 10, 2020 — The HVAC services market is expected to grow by USD 20.75 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global HVAC Services Market 2020-2024 (Graphic: Business Wire)
The shift to reducing operating costs, increasing energy efficiency, and the favorable government incentives have spurred the need for replacing existing HVAC equipment in the US, the UK, Germany, and Japan. In the US, steady economic development is also influencing the replacement demand for HVAC. It is expected that high contribution toward the HVAC services market in the US would originate from the replacement demand for these systems. This largely impacts the HVAC services market with increased replacement calls for installation services. Thus, the growing demand for replacements in developed countries is expected to drive the HVAC services market growth during the forecast period.
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As per Technavio, the development of advanced monitoring systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
HVAC Services Market: Development of Advanced Monitoring Systems
Advances in monitoring systems and intelligent technology are a driving force for global HVAC services. Monitoring systems help in tracking the energy consumption of a building, while intelligent technology controls the energy output of an HVAC system. The integration of the Internet of things (IoT) with HVAC systems is opening new avenues for the market in terms of revenue. IoT allows devices to communicate without human-to-human or human-to-computer intervention. This helps commercial building owners to develop efficient systems for building processes. In retail stores, the integration of IoT with HVAC equipment, such as rooftop units, helps store owners harness big data and use it at previously unachievable speeds.
“Factors such as the growing data center market, and the rising demand for reducing energy consumption and operating costs will have a significant impact on the growth of the HVAC services market value during the forecast period,” says a senior analyst at Technavio.
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HVAC Services Market: Segmentation Analysis
This market research report segments the HVAC services market by end-user (Non-residential and Residential) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the HVAC services market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid growth in population, extreme climatic conditions, rising urbanization, and expansion in the middle-income population.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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