Written on: January 26, 2021 by ICM
Due to new U.S. Department of Energy (DoE) energy efficiency standards for residential furnaces, the U.S. HVAC services market is set to grow from $25,625.8 million in 2019 to $35,714.5 million by 2030, according to P&S Intelligence.
This represents a 3.1% CAGR from 2020 and 2030. By encouraging people to keep their HVAC systems working as efficiently as possible through regular service and maintenance, the DoE hopes to reduce the country’s carbon emissions by 34 million metric tons.
The lockdown measures implemented due to COVID-19 caused sluggish growth in the U.S. HVAC services market and impacted supply, demand, HVAC equipment purchases and non-essential personnel, including service technicians.
However, from 2021 onward, P&S Intelligence predicts the booming construction sector and the lifting of lockdowns will revive the industry. The consulting category is expected to be particularly robust, the market research firm said. Hotter summers are also boosting demand for cooling appliances in the northern U.S.
For more info, visit psmarketresearch.com.