The Global HVAC Service Market Size will Reach $229.03 Billion in 2023

Global HVAC Service Market Overview

According to Global Market Monitor, the global HVAC service market size will reach $229.03 billion in 2023 with a CAGR of 7.23% from 2023 to 2028.

HVAC service providers offer consulting services regarding the installation of HVAC systems to meet energy efficiency standards. These service providers are technicians and specialists who take care of timely repair and maintenance along with the replacement of HVAC systems. With the significant rise in construction activity and the utility of HVAC systems, demand for HVAC service providers will rise in parallel over the coming years.

The Application of IoT Drives the Growth of HVAC Service Market.

Technologies such as the Internet of Things (IoT), automatic control systems, and remote control access are changing HVAC equipment's control systems to detect the surrounding climate and automatically control temperature and fan speeds to provide optimal comfort. Remote control access allows users to operate connected systems through mobile applications with the help of the Internet and can provide users and manufacturers with real-time information about the status of the system, helping them predict defects, increase efficiency, and reduce maintenance costs and energy consumption. This is also expected to support global market expansion over the forecast period.

Global HVAC Service Market Competition

The competition among vendors will increase during the forecast period. Providers will compete to deliver competitive advantages in the market based on pricing, user-friendly interfaces, value-added benefits, and service portfolios. During the forecast period, the competition will intensify with an increase in product extensions.Technological innovations have an important role in driving the growth of the market. To sustain in the competitive market, vendors should develop new ideas and technologies and stay up-to-date with the advanced technologies.

Gree is one of the major players operating in the HVAC services market, holding a share of 12.78% in 2022. Gree is the largest air-conditioning company in China and the world that integrates research and development, production, sales, and service.

Company Name	Gree
Website	www.gree.com
Established Time	1991
Area Served	Worldwide
Headquarters	Zhuhai, Guangdong
Company Nature	Listed company

The market is witnessing a huge shift towards the reduction of operating costs, increasing energy efficiency, and utilizing favorable government incentives to replace existing heating, ventilation, and air conditioning (HVAC) equipment in various countries such as the US, the UK, Germany, and Japan. Also, the regulations about the use of refrigerants and energy efficiency will increase the number of investments in the replacement of old HVAC systems.

For more industry information, please refer to our latest released "China HVAC Service Industry Market Research Report 2023-2029".