Global HVAC Services Market - Segmented by Equipment Type (Heating, Ventilation, and Cooling), Implementation Type (New Construction and Retrofit Building), Application, Software & Services, and Region - Growth, Trends, and Forecast (2018 - 2023)

  • ID: 4534485
  • Report
  • Region: Global
  • 84 pages
  • Mordor Intelligence
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  • Carrier Corporation
  • Daikin Industries Ltd
  • Fujitsu General
  • Ingersoll Rand PLC
  • LG Electronics Inc.
  • Notek Inc.
  • MORE
The HVAC Services Market is expected to register a CAGR of about 6.54% during 2018-2023 (the forecast period). The scope of this report includes equipment type and its implementation, including software & services. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The study also offers insights into the various end-user-based applications, such as residential, commercial, etc.

The HVAC services market is witnessing a growth, due to an increase in the number of construction activities in the mature markets, innovative products, and technician maintenance and installation in developing markets. The latest trend gaining momentum in the market is the advent of advanced monitoring systems and intelligent technologies. These systems are used to determine the overall energy consumption and to gauge when adjustments are necessary to improve adjustments. They are a good indicator of when a potential problem may arise. With the improvement in knowledge of advanced monitoring systems, the HVAC services market is expected to grow.

Increase in Construction Activities likely to Drive the Demand

New construction activities in residential, commercial, and industrial sectors are growing the demand for HVAC services, which can improve building efficiencies and generate revenue for this market. The US residential and non-residential construction activities have steadily expanded over the years. This is likely to boost the installation of new equipment in construction, which, in turn, may fuel the HVAC services market growth during the forecast period. New innovations in building design and focus on energy efficiency for building have opened up opportunities for HVAC service providers. This, in turn, is likely to propel the demand for services to maintain them.

Asia-Pacific is the Dominating Market for HVAC Services

The Asia-Pacific market is witnessing an increase in public-private investments and multiple real estate projects in various industrial, residential, and commercial development zones, due to a boom in urbanization. Construction activities in residential and commercial infrastructure are expected to grow because of the increasing housing needs of growing urban population. Climate is another factor which is driving the market growth, as the population in Asia-Pacific seeks energy-efficient air conditions to offset hot and extreme weather conditions.

China holds the largest market share in Asia-Pacific, as it covers a wide range of climate zones. Moreover, government acts, regulations, and associations are supporting the use of HVAC services in Asia-Pacific.

Key Developments in the Market
  • September 2017 - Carrier Corporation launched a suite of digital solutions that improved the engagement and remote management of commercial HVAC systems. In addition, customers got an access to an online community portal that help them manage the service and maintenance activity on their HVAC assets.
  • July 2017 - Carrier Corporation introduced two innovative cooling solutions, ideal for Middle East at events in Dubai and Abu Dhabi. These solutions operate in high ambient conditions - up to 54 degree Celsius, with a high efficiency ratio (HER) of 14.
Major Players : Daikin Industries, Ltd, Ingersoll Rand PLC, Notek, Inc., Carrier Corporation, Honeywell International Inc., Johnson Controls International PLC, LG Electronics Inc., Fujitsu General, Panasonic Corporation, Siemens AG, Mitsubishi Electric Corporation, amongst others.

Reasons to Purchase this Report
  • Current and future global HVAC services market outlook
  • Performance of various segments in the market
  • Analyzing different perspectives of the market with the help of Porter’s five forces analysis
  • Segments and sub-segments expected to dominate the market
  • Regions expected to witness expedited growth during the forecast period
  • Latest developments, market shares, and strategies employed by the major market players
  • 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report

This report can be customized to meet your requirements.
Note: Product cover images may vary from those shown
2 of 5


  • Carrier Corporation
  • Daikin Industries Ltd
  • Fujitsu General
  • Ingersoll Rand PLC
  • LG Electronics Inc.
  • Notek Inc.
  • MORE
1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study

2. Research Approach and Methodology

3. Executive Summary

4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 Increasing Construction Activities
4.2.2 Retrofitting for Aged Infrastructure
4.2.3 Advent of Advanced Monitoring Systems and Intelligence Technologies
4.2.4 Instability in Weather Conditions, demanding the need for HVAC Solutions
4.3 Factors Restraining the Market
4.3.1 High Costs of Skilled Labor as Well as Installation
4.3.2 Government and Enviromental agenices Policies
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products or Services
4.4.5 Competitive Rivalry among Existing Competitors

5. Global HVAC Services Market Segmentation
5.1 By Equipment Type
5.1.1 Heating Heat Pump Furnace Boiler Unitary Heater
5.1.2 Ventilation Humidifier Air Filter Dehumidifier Ventilation fan Air Purifier Others
5.1.3 Cooling Room AC Unitary AC Chiller Cooler Cooling tower
5.2 By Implementation Type
5.2.1 New Construction
5.2.2 Retrofit Building
5.3 By Application
5.3.1 Residential
5.3.2 Commercial
5.3.3 Industrial
5.4 By Software and Services
5.4.1 Software Design Software Service Software Schdeuling Software Business Software Heat Load Calculation Software Dispatch Software
5.4.2 Services Maintenance & Repair Installation
5.5 By Region
5.5.1 North America US Canada
5.5.2 Europe France Germany UK Rest of Europe
5.5.3 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.5.4 Latin America Argentina Brazil Mexico Rest of Latin America
5.5.5 Middle East & Africa Saudi Arabia South Africa United Arab Emirates Rest of Middle East & Africa

6. Competitive Intelligence - Company Profiles
6.1 Daikin Industries, Ltd
6.2 Ingersoll Rand PLC
6.3 Notek, Inc.
6.4 Carrier Corporation
6.5 Honeywell International Inc.
6.6 Johnson Controls International PLC
6.7 LG Electronics Inc.
6.8 Fujitsu General
6.9 Panasonic Corporation
6.10 Siemens AG
6.11 Mitsubishi Electric Corporation
*List not Exhaustive

7. Investment Analysis

8. Future of the HVAC Services Market
Note: Product cover images may vary from those shown
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4 of 5
  • Daikin Industries Ltd
  • Ingersoll Rand PLC
  • Notek Inc.
  • Carrier Corporation
  • Honeywell International Inc.
  • Johnson Controls International PLC
  • LG Electronics Inc.
  • Fujitsu General
  • Panasonic Corporation
  • Siemens AG
  • Mitsubishi Electric Corporation
Note: Product cover images may vary from those shown
5 of 5
Note: Product cover images may vary from those shown