Major players in the plumbing, heating and air-conditioning contractors market are Siemens Energy & Automation Inc., Honeywell International Inc., LG Corporation, Johnson Controls, Lennox International Inc., Carrier Global Corporation, Daikin Industries Ltd., Electrolux Group, Fujitsu General Limited, Robert Bosch GmbH, Nortek Global HVAC, Dr. Energy Saver, The Dwyer Group, One Hour Heating & Air Conditioning, The Home Depot Inc., Watsco Inc., and Trane Technologies.
The global plumbing, heating and air-conditioning contractors market is expected to grow from $1,318.79 billion in 2022 to $1,421.55 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The plumbing, heating and air-conditioning contractors market is expected to reach $1,868.29 billion in 2027 at a CAGR of 7.1%.
The plumbing, heating, and air-conditioning contractors market includes revenues earned by entities by providing plumbing services, emergency plumbing, plumbing repairs, and heating, ventilation, and air conditioning part services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the plumbing, heating and air-conditioning contractors market in 2022.Asia-Pacific is expected to be the 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 and Africa.
The main types of plumbing, heating, and air-conditioning contractors are heating, ventilation and cooling.The heating in plumbing, heating, and air-conditioning refers to the equipment that is used to generate heat to keep the internal space of the building warm.
The various services involved are consulting, installation, maintenance and repair and upgrade or replacement which are served for new construction and retrofit buildings by residential and commercial, and industrial end users.
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 February 2020, 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.
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.
In January 2023, Comfort Systems USA Inc, a US-based company operating in heating, ventilation, and air conditioning installation, maintenance, repair, and replacement services within the mechanical services acquired MEP Holding Co for an undisclosed amount.Through this acquisition, Comfort Systems USA Inc aims to provide off-site construction and pre-fabrication solutions with clean room solutions with outstanding customized capabilities in the USA.
MEP Holding Co. is a US-based contractor company providing plumbing, heating, and air-conditioning services.
The countries covered in the plumbing, heating and air-conditioning contractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The plumbing, heating and air-conditioning contractors market research report is one of a series of new reports that provides plumbing, heating and air-conditioning contractors market statistics, including plumbing, heating and air-conditioning contractors industry global market size, regional shares, competitors with plumbing, heating and air-conditioning contractors market share, detailed plumbing, heating and air-conditioning contractors market segments, market trends, and opportunities, and any further data you may need to thrive in the plumbing, heating and air-conditioning contractors industry. This plumbing, heating and air-conditioning contractors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.