The HVAC services market was valued at USD 44 billion in 2016 and is expected to reach almost USD 61 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global HVAC services market, under its engineering tools portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Carrier, DAIKIN INDUSTRIES, Ingersoll Rand, and Johnson Controls International.
According to Sharan Raj, a lead analyst for engineering tools research at Technavio, “Increasing construction activities in the residential, commercial, and industrial sectors is propelling the demand for HVAC systems. As the demand for HVAC equipment increases, so the does the demand for services to maintain them.”
Government regulations introduced by countries worldwide compel HVAC system vendors to comply with industry standards. The Commercial Building Disclosure, for instance, mandates building owners selling or leasing office spaces larger than 2,000 square meters to comply with energy efficiency standards.
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Advanced monitoring systems and intelligent technologies
Advances in monitoring systems and intelligent technology are fuelling the growth of the global HVAC services market. Monitoring systems help in tracking the energy consumption of a building, while intelligent technology controls the energy output of an HVAC system. The implementation of IoT is still in its nascent stages in the market. The commercial building sector is likely to be the earliest adopter of this technology.
Growing data center market
Data centers use modern HVAC equipment for air conditioning purposes. The past few years have witnessed a rapid rise in the construction of data centers on a global scale. The rise in the number of data centers across the globe is augmenting the demand for HVAC equipment. The rising adoption of HVAC equipment in data centers, in turn, fuels the demand for HVAC services in the global market.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global HVAC Services Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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