USA is a developed economy and is expected to grow further given the rising population and continued urbanization. Cities are expanding and construction activities are seeing an up giving rise to increased demand for HVAC service. For the period 2019-2024, the HVAC service market has the potential to grow over 6% however due to the gap in demand and supply of skilled technicians, the growth might be restricted.
Increased construction activities mean the purchase of more HVAC equipment and increased demand for the maintenance of the same. Being a developed nation, the standard of living in USA is very high and people are expected to invest more in infrastructure among which HVAC is also a prominent one. USA, along with India and China is expected to contribute immensely to the growth of HVAC service market since the construction development in these regions is consistently seeing an upward trend in the past few years. Construction projects make a huge market for HVAC equipment sale and eventually HVAC service and maintenance.
The end users of HVAC equipment are homeowners, pharmaceutical companies, food service firms, healthcare industry, building contractors and many more. These users also require installation, repair and upkeep service in order to maintain them in good condition. The HVAC service market is therefore directly associated with the HVAC equipment manufacturing industry. Any changes in the trends of the equipment market directly impact the service market. In simple terms, an increase in the demand for HVAC equipment means, a higher demand for HVAC services.
Analysis and Trends in USA
In the United States of America, the HVAC service sector can expect major demand for replacement and maintenance of HVAC. The country’s mature economy, coupled with the Government support via huge budget allocations for enhancing home ownership and overall community development might provide a promising market for HVAC equipment and eventually the HVAC service sector. Housing affordability in USA is also on the rise, providing more hope for the industry. The mounting population in the country and the expansion in the construction activity have further made the HVAC market look positive for the projected period.
However, the Department of Energy in the US has come up with revised efficiency standards wherein the commercial HVAC equipment manufacturers need to produce specialized HVAC units that release very less carbon. The department has a vision of reducing carbon emissions by at least 60 million metric tons by the end of the next decade. It has also invested over US$ 8 million in energy efficient solutions.
Major HVAC Players
Siemens, Goodman, Rheem, Trane Inc, Lennox International, Johnson Control, Panasonic and Electrolux are some of the key HVAC players in the US. These major players have dominated the market and are getting more competitive by the day. They are expanding their base by spreading their operations across boundaries. HVAC service startups are also being acquired by these companies to increase their hold on the market.
To sum up, United States is going to hold a prominent share in HVAC services since the country is seeing an increased housing demand. The flourishing construction business is also convincing. The US Government has allocated US $46.7 billion for residential construction in 2017, further boosting the growth of the HVAC service market. HVAC equipment replacements and infrastructural reforms are the other factors supporting the sector.
2019-2024 is going to be very positive for the HVAC service market. The rapid development of towns and cities along with the growth of industries have absolutely given rise for a boom in the HVAC equipment and service sectors.