The 2017 HVAC equipment market report indicates that the global HVAC equipment segment is going to grow at an astounding compounded annual rate (CAGR) of 4.9% for the next three and a half years. This development indicates everyone with a hand in the HVAC cookie jar can cash in on this growth, including technicians and distributors alike.
One of the major drivers of this growth is a rise in building automation systems (BAS) which have built-in communication controls that enable even more energy efficiency savings. The rise in the number of new buildings being constructed combined with retrofitted projects aiming to cash in on going green has attributed to continued growth of BAS systems around the world.
Another factor in the HVAC equipment growth is a boom in the construction businesses which drives demand for the equipment itself. Both the residential and commercial construction market is growing, meaning HVAC contractors in either of those segments can benefit from the growth the industry is seeing.
Even more impressive than the growth in the equipment market? The growth in the HVAC services market, which is projected at a CAGR of 6.62% for the same period of 2017–2021. The main contributor to this growth? Intelligent technologies and advanced monitoring systems. It’s no surprise that the HVAC industry is becoming more technologically advanced as that seems to be the trend in almost every industry right now.
New installations and aftermarket services were both factored into the makeup of this report. Like with the equipment side of things, an increase in construction and city development around the world is one of the major drivers for the projected increase in HVAC services. As new buildings are built and older ones reach the age where existing equipment needs to be serviced or replaced, the demand for HVAC technician work increases.
If done properly, HVAC service technicians can increase their presence in the market as it grows over the next three and a half years. Licensed C-20 contractors and other HVAC professionals should take their piece of the pie before competitors can strengthen their own foothold.