HVAC Services Market Growth Analysis Report - Market Size, Share, Forecast Trends and Outlook (2025-2034)

The global HVAC services market attained a value of more than USD 63.16 Billionin 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 6.20% to reach above USD 115.26 Billion by 2034.

New Construction Segment Holds a Significant Share in the Global HVAC Services Industry

Based on implementation type, new construction represents a considerable share of the market and is driven by the rising investments towards the development of commercial and residential construction projects. This can be attributed to the rising population and thriving infrastructure development. Over the forecast period, the surging demand for commercial and residential structures equipped with HVAC is likely to propel the growth of the segment. Furthermore, the increasing inclination of residents towards structures that can boost the cost-effectiveness is likely to fuel the growth of this segment.

The Asia Pacific Represents a Significant Share in the Market for HVAC Services

The HVAC services industry in the Asia Pacific is being driven by the rising standards of living and the growing population in the region. The thriving construction activities in the commercial sector in India, Japan, South Korea, and China due to rapid urbanisation is anticipated to propel the market growth in the forecast period. Furthermore, the introduction of strict government regulations in emerging economies to boost energy conservation is likely to fuel the market growth in the region, which is projected to significantly contribute to the overall growth of the HVAC services industry in the coming years.

HVAC Services Industry Segmentation

HVAC services, variously known as heating, ventilation and air conditioning services, are services that construct, install, and maintain HVAC systems and equipment. They are integral in maintaining good indoor air quality and providing thermal comfort through adequate ventilation. HVAC services optimise HVAC systems while reducing their energy consumption and enhancing cost-effectiveness.

Based on implementation type, the market can be bifurcated into:

• New Construction
• Retrofit Buildings

The major end uses of HVAC services include:

• Residential
• Commercial
• Industrial

The report looks into the regional markets of HVAC services like:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Rising Applications of HVAC Services in the Residential Sector to Boost the Market Growth

The rising applications of HVAC services in residential construction activities owing to inflating disposable incomes, the increasing population, and rapid urbanisation are driving the market. With the introduction of various stringent government regulations aimed towards curbing environmental pollution, the construction of energy-efficient residential buildings is increasing, which is anticipated to augment the market in the forecast period. Furthermore, the growing penetration of the Internet of things (IoT) in HVAC services to increase the efficiency of service providers is likely to invigorate the market growth in the coming years.

Key Industry Players in the Global HVAC Services Market

The report gives a detailed analysis of the following key players in the global HVAC services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Siemens AG
• Honeywell International Inc.
• LG Electronics
• Johnson Controls
• Daikin Industries, Ltd.
• Carrier Global Corporation
• Others

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.