The Plumbing, Heating And Air-Conditioning Contractors by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plumbing, Heating And Air-Conditioning Contractors, 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..
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.
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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
Technological advancement has emerged as a key trend gaining popularity in the plumbing, heating, and air-conditioning contractors’ market. Major market players are concentrating their efforts on developing innovative technologies to strengthen their position in the market. For instance, in April 2021, Carrier Global Corporation, a US-based provider of heating, ventilation, and air conditioning, refrigeration solutions, introduced BluEdge Digital, a digital service offering for HVAC systems. The BluEdge Digital IoT platform from Carrier leverages artificial intelligence to deliver advanced analytics and useful insights that can be used to visualize, suggest, and improve machine health and life cycle outcomes. Additionally, it offers consumers real-time chiller dashboards on the web and their mobile devices, priority alarm and alert notifications, and performance and vibration data.
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
6. Plumbing, Heating And Air-Conditioning Contractors Market Segmentation
7. Plumbing, Heating And Air-Conditioning Contractors Market Regional And Country Analysis
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27. Plumbing, Heating And Air-Conditioning Contractors Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Plumbing, Heating And Air-Conditioning Contractors Market
29. Plumbing, Heating And Air-Conditioning Contractors Market Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Siemens Energy & Automation Inc.
- Honeywell International Inc.
- LG Corporation
- Johnson Controls International
- Lennox International Inc.
- Carrier Global Corporation
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