Global Plumbing, Heating And Air-Conditioning Contractors Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

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Overview and Scope

Plumbing, heating, and air-conditioning contractors refer to the businesses that are largely in the plumbing, heating, and air conditioning system installation or maintenance business. Contractors in this sector deliver both labor and parts services including new installation, alterations, additions, upkeep, and repairs.

Sizing and Forecast

The plumbing, heating and air-conditioning contractors market size has grown strongly in recent years. It will grow from $1407.01 billion in 2023 to $1497.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to construction and real estate boom, urbanization and population growth, building renovations and upgrades, government stimulus and incentive programs, energy efficiency concerns..

The plumbing, heating and air-conditioning contractors market size is expected to see strong growth in the next few years. It will grow to $1963.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to continued urbanization and population growth, green building practices, renewable energy integration, government initiatives for energy efficiency, resilience and disaster preparedness.. Major trends in the forecast period include workforce challenges and skilled labor shortage, electrification of hvac systems, innovations in heat pump technology, remote monitoring and control, regulatory compliance and certification requirements..

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Segmentation & Regional Insights

The plumbing, heating and air-conditioning contractors market covered in this report is segmented –

1) By Type: Heating, Ventilation, Cooling
2) By Service: Consulting, Installation, Maintenance And Repair, Upgrade Or Replacement
3) By Implementation Type: New Construction, Retrofit Buildings
4) By End User: Residential, Commercial, Industrial

North America was the largest region in the plumbing, heating and air-conditioning contractors’ market in 2023. Asia-Pacific is expected to be the plumbing, heating, and air-conditioning contractors’ market’s fastest-growing region in the forecast period. The regions covered in the plumbing, heating and air-conditioning contractors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The increasing demand for HVAC-equipped commercial and residential structures is expected to boost the growth of the plumbing, heating, and air-conditioning contractors market going forward. Heating, ventilation, and air conditioning (HVAC) refer to the mechanisms that control and distribute heated and cooled air in residential and commercial structures, including workplaces, residences, and indoor stadiums. Plumbing, heating, and air-conditioning contractors provide HVAC-equipped commercial and residential structures with installation and maintenance services of heating, cooling, and plumbing systems, including new installations, changes, additions, and repairs so that the residents of a given building can enjoy the comfort and ensures every system installed in the building works efficiently. For instance, in May 2023, according to the report published by the European Heat Pump Association, a Belgium-based sector organization promoting heat pumps, in 2022, approximately 3 million units of heat pumps were sold in Europe with a growth of almost 38% in annual sales, and there were about 20 million connected heat pumps in Europe, which account for 16% of Europe’s residential and commercial buildings. Therefore, the increasing demand for HVAC-equipped commercial and residential structures is driving the growth of the plumbing, heating, and air-conditioning contractors’ market.

Key Industry Players

Major companies operating in the plumbing, heating, and air-conditioning contractors’ market are focused on innovating products that provide unique features such as 100% leak testing for efficient plumbing installations. 100% leak testing refers to a quality assurance process where every unit or product undergoes thorough testing to identify and address any potential leaks. For instance, in 2021, BrassCraft, a US-based designer, manufacturer, and distributor of plumbing products, launched the Press Connect Water Stops. These stops feature a compact design for easy installation in confined spaces and undergo rigorous 100% leak testing for reliable performance. The Press Connect Stops streamline installation, reduce equipment needs, and eliminate the necessity for hot work. With temperature and pressure ratings of 40°F to 160° and 125 PSI, respectively, these stops can serve as an alternative to sweat installations on copper pipes or as part of a press connect project, suitable for both wet and dry pipe systems, requiring no additional materials for installation.

The plumbing, heating and air-conditioning contractors market report table of contents includes:

1. Executive Summary

2. Plumbing, Heating And Air-Conditioning Contractors Market Characteristics

3. Plumbing, Heating And Air-Conditioning Contractors Market Trends And Strategies

4. Plumbing, Heating And Air-Conditioning Contractors Market – Macro Economic Scenario

5. Global Plumbing, Heating And Air-Conditioning Contractors Market Size and Growth

31. Global Plumbing, Heating And Air-Conditioning Contractors Market Competitive Benchmarking

32. Global Plumbing, Heating And Air-Conditioning Contractors Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Plumbing, Heating And Air-Conditioning Contractors Market

34. Plumbing, Heating And Air-Conditioning Contractors Market Future Outlook and Potential Analysis

35. Appendix

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