HVAC services market slows due to COVID-19, but there are bright spots

Written on: November 23, 2020 by ICM

The U.S. HVAC service market is predicted to progress at a CAGR of 3.1% from 2020-2030, according to the U.S. HVAC Services Market Research Report: By Type, Equipment Type, Implementation Type, End User – Industry Analysis and Growth Forecast to 2030 by ResearchAndMarkets.com.
In 2019, the U.S. service market generated revenues of $25,625.8 million. Growth will continue to be based on environmental sustainability and green energy, as well as increased construction and infrastructural development in the country, the firm said.
However, many HVAC companies are witnessing extremely slow revenue generation in 2020, and even negative growth rates, due to COVID-19 social distance restrictions. Of several HVAC categories, ResearchAndMarkets.com predicts the consulting category will see the highest growth rate in the coming years. Of all the equipment categories, the ventilation category, with a focus on indoor air quality, is expected to experience the fastest growth in the market in the future years.
On a positive note, the southern regions of the U.S. recorded the highest revenue growth in 2019 for HVAC systems due to the climate and varying weather conditions. Many areas located in the South are offering lucrative growth opportunities to the market players, who can set up their operations in these areas to gain a competitive edge in the market, ResearchAndMarkets.com said.
For more info, visit researchandmarkets.com/r/jmzgx4.