Research by Mordor Intelligence says that the market for global HVAC services is expected to grow by 6.1% from 2019 to 2024. Thanks to an ever-expanding construction industry in emerging economies, HVAC services are also experiencing a significant boost, with investors pouring in and business establishments and commercial buildings popping up in major cities.
The demand for heating, ventilation and air conditioning installation, maintenance and repair services is on the rise. Due to this, HVAC-related jobs are also constantly increasing, with HVAC companies on the lookout for qualified technicians and skilled individuals to address the demand.
Below we discuss the factors affecting the market growth of HVAC services.
Factors Driving Market Growth
The HVAC services industry has been expanding to cater to the increasing standard of living among emerging economies. More homeowners can now afford HVAC systems. and the construction of new homes and commercial buildings has drastically increased in number, proportionally increasing demands for more HVAC services and equipment. Consequently, an increase in air conditioning maintenance will be needed.
Developing countries in Asia are also encouraging the growth of the HVAC service industry, with government funding for industrial projects in highly-developed areas in turn increasing the number residential constructions, sustainable community development and home ownership.
The establishment of new buildings and arrival of investors, together with government initiatives to support the need for housing, is expanding the HVAC market further.
Factors Limiting Market Growth
Despite the sector’s market growth, the number of qualified and skilled HVAC service providers is a limiting factor. Currently, only a few major market players dominate the HVAC arena, thanks to a massive amount of resources both in money and people. Despite the expanding market, with a limited workforce of skilled, professional individuals, HVAC companies can only cater to a minimum number of clients.
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