How big is the HVAC Services Market?

The HVAC Services Market size is expected to reach USD 65.72 billion in 2024 and grow at a CAGR of 6.28% to reach USD 89.11 billion by 2029. Read More

What is the current HVAC Services Market size?

In 2024, the HVAC Services Market size is expected to reach USD 65.72 billion. Read More

Who are the key players in HVAC Services Market?

Siemens AG, Honeywell International Inc., LG Electronics Inc., Electrolux AB and Johnson Controls International PLC are the major companies operating in the HVAC Services Market. Read More

Which is the fastest growing region in HVAC Services Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in HVAC Services Market?

In 2024, the Asia Pacific accounts for the largest market share in HVAC Services Market. Read More

What years does this HVAC Services Market cover, and what was the market size in 2023?

In 2023, the HVAC Services Market size was estimated at USD 61.59 billion. The report covers the HVAC Services Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the HVAC Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the emerging technologies influencing the HVAC Services Market?

Emerging technologies in the Heating, Ventilation, and Air Conditioning (HVAC) Services Market include a) IoT-enabled HVAC systems b) Geothermal heating c) AI-driven predictive maintenance. which are setting new efficiency and performance standards Read More

HVAC Services Market Report | Industry Growth, Size & Forecast Analysis

HVAC Services Market Report - Industry Growth, Size & Forecast Analysis (2024 - 2029)

The HVAC Market, Encompassing Heating, Ventilation, Air Conditioning, Climate Control, Comfort Systems, And Air Quality Systems, Is Projected To Grow Due To Increased Use of These Temperature Control Systems in Residential and Commercial Spaces. Factors Such As Technological Advancements, Changing Weather Patterns, And Increased Disposable Income in Developing Nations are Driving the Adoption of These Thermal Regulation Systems. The Market's Expansion is Further Propelled by the Burgeoning Construction Industry and the Evolution of End-User Markets, Making These Heat and Cool Systems More Accessible.

HVAC Industry Overview

The HVAC services market is fragmented, favorably competitive, and has several prominent players. The market performers are focusing on expanding their consumer base across foreign countries. These enterprises leverage strategic collaborative initiatives to boost their market share and profitability. Companies such as Siemens AG, Honeywell International Inc., LG Electronics Inc., Electrolux AB, and Johnson Controls International PLC, performing in the market, are also acquiring start-ups working on HVAC services technologies to strengthen their production capacities.

October 2023 - Lennox International Inc. announced the acquisition of AES Industries Inc. and AES Mechanical Service Group Inc. to the Building Climate Solutions segment. AES will be a part of the Lennox Commercial business segment and enable the delivery of "front-to-back" life-cycle integrated services to AES and Lennox customers.
July 2023 - Daikin Comfort Technologies subsidiary AirReps acquired two companies, Integrated Systems and Controls LLC and InControl, enhancing the capabilities of AirReps and allowing the company to provide a more comprehensive array of services for its customers. These acquisitions will help Daikin, in conjunction with AirReps, to meet the commercial market's need for integrated services. These combined capabilities will offer Daikin's VRV and Light Commercial business, including service capability, remote monitoring, and predictive maintenance programs.