Changing climate conditions and the rising construction activities lead to a growth in the global HVAC services market. Since economies witness steady growth, the demand for HVAC installation and service is rising rapidly.
According to the Mordor Intelligence report, the global HVAC services market stood at a value of USD 57.8 billion in 2020. And it is about to witness a boom at a CAGR of 6.1% during the forecast period, 2021-26. As a result, the global HVAC services market will reach USD 82.5 billion.
North America is the biggest contributor to the growth of the global HVAC services market. People hire a professional HVAC company in Charlotte NC, to install and repair air & heating systems.
An increase in global temperature and the rising living standards are the other contributing factors to the growth of this market. HVAC professionals service buildings and help to satisfy different time & temperature requirements in a building.
The residential sector is seeing a boom in demand for HVAC services due to the growing population. Apart from the growing population, the rising disposable income of people is another factor that contributes to the growth of this market.
The HVAC industry is seeing the introduction of smart technologies in the US. Hence, the region sees the IoT integrations that lead to growth in the HVAC market.
HVAC companies offer many services to meet the requirements in commercial and non-commercial buildings. As a result, HVAC services don’t just help improve the performance of the equipment but also help in reducing energy costs to a great extent.