HVAC refers to heating, ventilation and air conditioning, which has a wide influence in the world of architectural design and engineering as well as manufacturing. Heat transfer, engineering thermodynamics, and fluid mechanics are the basis of its basic theory. Its research and development direction is to provide a more comfortable working and living environment for human beings. HVAC software allows quick calculation of components as well as quick design and editing of drawings using various built-in tools, which can save a lot of time and improve efficiency. The software synergistically integrates building, plumbing, heating and electricity, which is not only easy to use, but also provides comprehensive consideration for all aspects of usage needs.
HVAC software can generally be divided into two types: cloud-based software and web-based software. Cloud-based refers to applications that are made available to users on demand from the servers of cloud computing providers via the Internet. Web-based software is software that people use on the Internet through a Web browser. Currently, cloud-based HVAC software holds the majority of the market share. its market value has reached $166.63 million in 2019.
In recent years, construction activities have continued to increase and scientific technologies are advancing, and HVAC software is applied by various scale enterprises in the US. In 2019, the market share of applications in SMEs was 85.87%, and its market value has reached $189.28 million.
United States HVAC Software Industry Market Status and Prospect Analysis
According to research, the US HVAC software market generated a total revenue of $39.6 million in 2015, and increased to $220.41 million in 2019. The HVAC software market is forecasted to reach a value of $2433.6 million by 2027. HVAC software is expected to grow at a CAGR of 37.46% from 2020 to 2027.
The HVAC software industry is highly concentrated. The top three companies are ServiceTitan, IFS (Astea, WorkWave), and FieldEdge with revenue market shares of 16.47%, 13.01%, and 6.95% in 2019.
Southern United States is the largest revenue market with 28.07% market share in 2015 and 29.09% in 2019, an increase of 1.02%. The region is affected by hurricane damage and construction activities are increasing in recent years, which has led to a sharp rise in demand for HVAC software. In 2019, its market value has reached $64.12 million, and it is expected to rise further in the coming years.
The Northeastern United States had the second highest market share of 28.60% in 2019. With less than 1.5% of the US territory but 20% of the population, the Northeastern US is highly urbanized and the most commercially and industrially developed and urbanized region in the country. New York City, the first metropolis, is located in the region, so the HVAC industry is thriving here. The market is expected to reach $634.96 million by 2027, up from $63.05 million in 2019.
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Continued Growth of the HVAC Industry to Drive the HVAC Software Market
HVAC is widely used in industrial, residential and commercial sectors. In recent years, the urbanization rate in the US has been increasing. In 2019, 82.46% of the US population lived in cities and urban areas. Due to the increase in per capita disposable income, people are demanding a higher quality of life. And the continuous expansion of the HVAC business has made more and more people pay attention to the HVAC industry. The demand for HVAC maintenance, repair, upgrade, replacement, installation and consulting services is very high in the United States. HVAC systems can save some energy and improve functional efficiency after frequent maintenance activities. And HVAC software serves as a management tool to automate service management for heating, ventilation and air conditioning contractors, and operate HVAC operations more efficiently. It not only reduces costs, but also improves operational efficiency and drives continuous market growth. In addition, it can effectively manage business activities and improve customer experience, thus increasing revenue. As HVAC software continues to be upgraded and optimized, it will become an indispensable tool for HVAC companies to develop their business, and the HVAC software market will see greater opportunities for growth.
In recent years, the US government has introduced a series of policies to support the development of the HVAC industry. As the economy continues to grow, construction activity will continue to increase. As a result of global warming, temperatures are rising and the weather is becoming increasingly unpredictable as a result. All these factors are contributing to the growth of the market for HVAC software. The market is currently experiencing an increasing demand for energy-efficient systems and consumers are becoming more conscious of the comfort of their residential environments, which is further driving the rapid growth of the HVAC market.
However, the continued outbreak of the epidemic in the US has affected the growth of the HVAC software industry market in 2020. The arrival of the epidemic has led to the forced closure of many industries, but there are still companies that are still operating. And more and more people have to work from home due to the government ban, so the demand for residential services related to home maintenance still exists. Besides, demand for HVAC is still only increasing as people are more concerned about indoor air quality in the wake of the epidemic. It is expected that the market value of HVAC software will continue to rise after the epidemic is under control, as production activities and business activities in various industries also take place.
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