Introduction of HVAC Maintenance Service
HVAC maintenance services include building, installing, and maintaining HVAC systems and equipment. Proper ventilation plays an important role in preserving good indoor air quality and delivering thermal comfort. HVAC services optimize HVAC systems, lowering energy usage and increasing cost-effectiveness. The HVAC maintenance service market is expanding due to the rising demand for AMC services and the expanding construction industry.
Along with this, it is anticipated that the expanding residential, commercial, and hospitality sectors will fuel the rise of the construction industry. The need for HVAC maintenance services is anticipated to increase due to all the above factors. In addition, a significant market trend is the growing adoption of BEMS by end users for their HVAC systems and building energy management.
In February 2023, an agreement for a cooperative relationship between Daikin Europe N.V., a Daikin subsidiary, and the Greater Manchester Combined Authority (GMCA), which consists of 10 wards and cities in northwest England, was inked. The Memorandum of Understanding (MoU) asks for cooperation and coordination between the two parties over five years through 2027, focusing on the widespread implementation of heat pump heating, education, maintenance, and skill development for HVAC specialists.
What Major Trends are Affecting the HVAC Maintenance Service Market?
- Rising Construction Sector is Boosting the Market Expansion
The expanding building sector mostly drives the need for HVAC maintenance services. The global construction industry is expanding due to rising population, fast urbanization, and rising building construction.
For instance, according to the U.S. Census Bureau, the number of people living in the United States increased by 1.256,003 or 0.4% to 333,287,557 in 2022.
Furthermore, the market is experiencing growth in residential construction activities due to the growing number of government initiatives promoting home ownership. The demand for related services, such as installation, upgrade/replacement, and maintenance & repair, is expanding rapidly along with the demand for HVAC equipment. These services are necessary for the equipment to perform properly and efficiently.
The Aspects of the HVAC Maintenance Service Industry Hinder Growth
- High Maintenance Cost of HVAC Systems to Limit Market Growth
A significant barrier to HVAC maintenance service is its high maintenance costs. Regular maintenance is necessary to maintain the system functioning properly and avoid malfunctions, but this calls for qualified personnel and specific tools. System failures caused by neglected maintenance can be expensive to fix or replace. The price of replacement parts also influences the high maintenance costs for HVAC systems. Repairs can be pricey because replacement parts for HVAC systems can be pricy. In addition, finding new components can be difficult, especially for older HVAC systems.
Impact of COVID–19 on the HVAC Maintenance Services Market
The COVID-19 epidemic significantly impacted the market for HVAC maintenance services. The knowledge of ventilation and indoor air quality grew as individuals spent more time indoors. As a result, there is an increasing need for HVAC system inspections, filter changes, and general maintenance to guarantee effective air filtering and circulation. However, the epidemic also brought about economic uncertainty, which drove some people and companies to put off non-essential services like HVAC repair.
Top Companies Market Share in HVAC Maintenance Service Market Report 2023 Industry: (In no particular order of Rank)
- Carrier
- Daikin Industries Ltd.
- Dr. Energy Saver Inc.
- Dwyer Franchising LLC
- Electrolux AB
- Fujitsu General Ltd.
- Honeywell International Inc.
- Johnson Controls International PLC
- Lennox International Inc.
- LG Electronics Inc
- Nortek Global HVAC
- One Hour Heating & Air Conditioning Franchising SPE LLC
- Robert Bosch GmbH
- Siemens AG
- The Home Depot
- Watsco
Competitive Landscape of HVAC Maintenance Service Market
With multiple industry competitors, the global market for HVAC maintenance services is very competitive. They are launching new services, making acquisitions, and rebranding to remain competitive in the market. Furthermore, market players are also acquiring start-ups focused on HVAC repair services technology to enhance their production capacities.
HVAC Maintenance Service Market News
July 2022: M&T Air Conditioning, a Vancouver, Canada-based company that offers HVAC maintenance services, stated that it had finished the process of rebranding, which included developing a new brand logo and website to support M&T’s plans for commercial growth.
May 2022: Williams Heating and Cooling, a preeminent HVAC service provider, was acquired by Heartland Home Services, a leader in HVAC, plumbing, and electrical home services.
January 2022: SiteLineBuilding Controls, developed by Daikin Applied, is a scalable, cloud-based solution that links, controls, and monitors separate HVAC units and integrated building systems. Commercial building owners and operators now have the knowledge and resources to enhance performance, enhance indoor air quality, and reduce energy consumption and carbon emissions thanks to the SiteLineBuilding Controls.
HVAC Maintenance Service Market Report 2023 Analysis
Global HVAC Maintenance Service Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing HVAC Maintenance Service Market Report 2023 Industry growth. HVAC Maintenance Service Market Report 2023 has been segmented with the help of its Type, End-use Service, and others. HVAC Maintenance Service Market Report 2023 analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Global HVAC Maintenance Service market by Type segment analysis.
According to Cognitive Market Research, building heating systems are maintained and serviced as part of the HVAC maintenance service market’s heating segment. This can apply to furnaces, boilers, heat pumps, and others. Maintaining equipment longevity, maintaining indoor comfort, and ensuring effective operation are all benefits of routine maintenance.
Furthermore, the ventilation category’s growth rate will be higher during the projection period. This is explained by the need for yearly maintenance services for ventilation fans, which are typically enormous and installed in shopping malls, hotels, airports, and indoor stadiums. However, the business is expanding because more people know the negative impacts of air pollution and green buildings.
- Heating
- Ventilation
- Cooling
Global HVAC Maintenance Service market by End-use segment analysis.
Rising Adoption of Smart Technologies for Automation Systems is Boosting the Growth of Commercial Category
Commercial category growth is anticipated to be significantly influenced by several trends, including green and smart technologies for automation systems. HVAC maintenance services are projected to become more popular in commercial settings as the slow transition from the WFH paradigm to a hybrid operating model continues.
Furthermore, the demand for HVAC maintenance services in developed nations is anticipated to be volatile due to the growing number of multi-family and single-family homeowners who are opening up chances in the residential HVAC maintenance services industry. But there will be a minor increase in demand from new areas, particularly emerging markets.
- Residential
- Commercial
- Industrial
Global HVAC Maintenance Service market by Service segment analysis.
Growing Consumer Demand for Longer Product Lifespan to Support Growth of Maintenance & Repair Category
The maintenance & repair category held the largest share of the market in 2022. HVAC systems have fewer malfunctions and a longer lifespan when they receive timely maintenance and repairs. Effective maintenance enhances the system’s energy efficiency and provides better comfort and air quality. As a result, it is anticipated that maintenance & repair services will have a dominant proportion of the worldwide HVAC services market. Most end users need routine HVAC system maintenance to keep their warranties valid. This significantly influences the demand for HVAC maintenance and repair services.
According to Cognitive Market Research, the consulting category is anticipated to increase at the fastest rate during the anticipated period. A technician performing the consultation will also visually assess the system to find any potential problems before proposing complete maintenance.
- Consulting
- Installation
- Maintenance & Repair
- Upgrade/Replacement
The Asia Pacific HVAC Maintenance Services Market Dominate the Largest Share of Global Market
According to Cognitive Market Research, the APAC region currently owns the greatest share of the worldwide HVAC maintenance services market due to rising demand from the home, building, and commercial office sectors. Commercial building activity has increased as many businesses in all industries open offices in new places to secure their target and potential customer base, with the biggest economies in APAC, including China, Japan, and India, seeing the most activity. Additionally, due to rapid urbanization, the market is seeing an increase in public and private investment in real estate projects and different residential, industrial, and commercial developments, fostering the expansion of the HVAC maintenance services market.
The Increased Number of Air Conditioner Installations Resulted in the Growth of the HVAC Maintenance Services Market in China
According to Cognitive Market Research, China’s HVAC maintenance services market is anticipated to grow at the fastest rate in Asia Pacific during the forecast period. One major element propelling the market’s expansion is the nation’s rising number of air conditioner installations.
China accounts for 22% of the world’s installed cooling capacity, with nearly three-fourths of its households having air conditioners, according to a report by the International Energy Agency. By 2030, 85% of households in the nation are expected to have air conditioners.
Additionally, the HVAC maintenance services market is expanding due to an increase in building construction and tight rules pertaining to energy-efficient structures.
The Major Factors are Driving the North America Market for HVAC Maintenance Services
The rising affordability of housing in this region and growing government backing in the form of increased budget allocations intended to promote homeownership and sustainable community development could contribute to the North American industry’s expansion. Rising building activity, fast urbanization, infrastructure improvements, and HVAC unit replacements are key drivers of the country’s growing HVAC maintenance services market. Additionally, implementing stringent government laws in emerging economies to promote energy conservation is predicted to fuel market expansion in the region, which is anticipated to contribute considerably to the overall growth of the HVAC maintenance services industry over the next few years.
