HVAC Services Market Analysis and Future Outlook

 

Meticulous Research®—a leading global market research company, published a research report titled HVAC Services Market (Mercato dei servizi HVAC) Size, Share & Forecast 2025-2035 | Analysis by Service Type (Retrofit, IoT Integration), System Type (Integrated), End-User & Geography

According to this latest publication from Meticulous Research®, the The HVAC Services Market was valued at USD 66.8 billion in 2024 and is estimated to grow at a CAGR of 6.4% from 2025 to 2035, reaching USD 130.7 billion by 2035. The HVAC services market is growing rapidly. It's expected to increase from $66.8 billion in 2024 to a projected $130.7 billion by 2035, achieving a steady 6.4% annual growth rate. This market includes everything from installing new heating and cooling systems to maintaining existing equipment and upgrading older buildings with modern, energy-efficient technology.

The Forces Driving Market Growth

Building owners are increasingly focused on cutting energy costs and reducing environmental impact. This increases demand for HVAC service upgrades and energy-efficient retrofits. Modern building operators realize that well-maintained HVAC systems can save a lot of energy while adhering to stricter environmental regulations. This trend is fueled by rising energy costs, increased environmental awareness, and the growing popularity of green building certifications that demand high-performance climate control systems.

The focus on indoor air quality has grown significantly, especially after the COVID-19 pandemic. According to the EPA, indoor air can be 2-5 times more polluted than outdoor air, and Americans spend 90% of their time indoors. This reality has led to increased demand for HVAC services that improve air quality through better filtration systems, increased ventilation, and air purification technologies.

Global construction spending is expected to hit $15.5 trillion by 2030, with significant activity in Asia-Pacific, North America, and the Middle East. In the U.S. alone, new private residential construction spending surpassed $900 billion in 2024. This construction boom leads to higher demand for HVAC services because every new building needs installation, commissioning, and ongoing maintenance.

Industry Leaders and Innovation

The HVAC services market includes a diverse range of large service providers, specialized contractors, equipment manufacturers with service divisions, and regional companies driving innovation. Major players consist of EMCOR Group, Johnson Controls International, Comfort Systems USA, Trane Technologies, Carrier Global Corporation, ABM Industries, Honeywell International, Daikin Industries, Lennox International, Southland Industries, Service Logic Corporation, Siemens (Building Technologies), Schneider Electric, Mitsubishi Electric Corporation, and Rheem Manufacturing Company. These companies focus on creating digital service platforms, integrating IoT technologies, improving predictive maintenance, offering comprehensive energy efficiency solutions, and expanding geographically to strengthen their market presence and capture the growing demand for professional HVAC services.

Market Segments and Service Types

Maintenance and repair services currently lead the market due to the ongoing need for system upkeep, the increase in extreme weather events, and the rise of smart, IoT-enabled HVAC systems. However, energy efficiency and retrofit services are experiencing the fastest growth, driven by sustainability initiatives, government incentives, and rising energy costs. Integrated HVAC systems are the largest segment by system type because of their complicated maintenance needs and the focus on system optimization. Meanwhile, air conditioning systems are seeing notable growth as climate change raises cooling demands and spurs more commercial installations.

The commercial segment holds the largest market share, reflecting the complex nature of commercial HVAC systems and their need for professional maintenance to comply with regulations. Commercial buildings require specialized expertise for their advanced climate control systems, making professional services essential rather than optional.

Regional Market Dynamics

North America currently leads the HVAC services market due to its aging infrastructure requiring maintenance, a strong focus on energy efficiency, robust commercial construction, and rising demand for indoor air quality services. The region benefits from established service providers, industry standards, and regulations that support professional service requirements. Asia-Pacific is expected to see the highest growth rate, driven by rapid urbanization, increased construction activity, rising disposable incomes, greater awareness of indoor air quality, and expanding commercial infrastructure development.

Future Outlook

The HVAC services market goes beyond maintenance and repair. It's about creating healthier, more efficient, and more sustainable built environments that improve occupant comfort while reducing environmental impact.

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