HVAC Industry Projected to Increase by 34% in 2020
The construction sector of the United States has been booming due to increasing urbanization and a rising population, which has, in turn, increased demand for air conditioning (HVAC), ventilation, and heating services. According to the U.S. Census Bureau, the country’s population is projected to rise 7% between 2019 and 2029. The HVAC industry, as a result, is expected to increase to 35.8 billion by 2030 and rise steadily during the 2020-2030 forecast period at a CAGR rate of around 3.1%. Currently the HVAC services market is 25.6 billion as of 2019.
In the United States, demand for HVAC repair and maintenance, replacement and upgrades, consulting services, and installation remains high. Among these services, Americans demanded more maintenance and repair services through 2019. According to recent observations, HVAC systems that undergo frequent repair and maintenance lead to improved functional efficiency and an energy consumption savings of 20%. Demand for consultation services, such as a thorough inspection by a qualified technician is projected to grow in the next couple of years.
HVAC systems are used widely throughout the commercial, residential, and industrial sectors. In 2019, commercial buildings represented the highest amount of sales. The reason for this is due to a large construction surge of commercial buildings, mostly in the hospitality sector. New commercial construction will increase sales of HVAC systems, thus prompting a need for more maintenance and installation services.
Smart HVAC Systems
Smart HVAC systems are all the rage in the current HVAC services market in the United States, which has significantly increased demand for repair and maintenance services. The rapid innovations and advancements surrounding data analytics have streamlined the need for HVAC system procedures for improved efficiency. Data is collected through tracking the coolants that are inside of an HVAC system in real-time using software and widgets.
Growth in the Southeast
In the south, the largest sale of HVAC products and services was recorded in 2019. The reason behind this is due to these states experiencing a variety of weather conditions compared to other regions. This creates a large demand for efficient cooling and heating systems for commercial, residential, and industrial buildings. The demand for services associated with HVAC systems also continues to remain high.
The increased population level and subsequent rise of the residential construction and booming industrial sector will continue to boost demand for services in the HVAC industry for many years to come – a win-win for consumers and HVAC businesses alike.
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