What Transformation Has the Plumbing, Heating And Air-Conditioning Contractors Market Undergone?
The plumbing, heating and air-conditioning contractors market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the market size of plumbing, heating, and air-conditioning contractors in recent times. The market is slated to enhance from $1610.4 billion in 2024 to $1722.65 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth during the historic period include a proliferating construction and real estate industry, burgeoning urbanization and population, structural renovations and improvements, government incentives and stimulus programs, and concerns relating to energy efficiency.
What Are The Predictions for The Plumbing, Heating And Air-Conditioning Contractors Market Size Evolve over the Forecast Period?
The Plumbing, Heating And Air-Conditioning Contractors market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for robust expansion in the plumbing, heating, and air-conditioning contractors market in the coming years. The market size is projected to reach $2203.46 billion by 2029, courtesy of a compound annual growth rate (CAGR) of 6.3%.
This anticipated growth can be ascribed to various factors including ongoing urbanization, population expansion, green building implementations, incorporation of renewable energy, and government drives for energy conservation, resilience, and preparation for disasters. The forecast period is likely to witness several trends such as a scarcity of skilled labor and workforce challenges, HVAC systems' electrification, advances in heat pump technologies, remote control and monitoring, as well as the demand for regulatory compliance and certification requirements.
Which Drivers Are Accelerating Growth In The Plumbing Heating And Air Conditioning Contractors Market?
The anticipated rise in the need for commercial and residential structures fitted with HVAC systems is poised to propel the progression of the contractors market for plumbing, heating and air conditioning. The concept of heating, ventilation, and air conditioning (HVAC) pertains to the systems that manage and disseminate warmed and chilled air in commercial and residential settings like office spaces, homes, and indoor sports venues. Experts within the field of plumbing, heating and air-conditioning offer installation and upkeep services for heating, cooling, and plumbing networks within residences and commercial locations that utilise HVAC machinery, which comprises new installations, modifications, augmentations, and fixes. This ensures the individuals residing in that particular building benefit from a comfortable atmosphere all while assuring each HVAC system present in the building operates effectively. For example, in May 2023, the European Heat Pump Association, a Belgium-based industry group that advocates for heat pumps, disclosed in a report that approximately 3 million heat pump units were bought in Europe during the year 2022, signifying a near 38% rise in annual sales. Furthermore, roughly 20 million connected heat pumps existed throughout Europe making up 16% of Europe's commercial and residential structures. This ascending demand for structures outfitted with HVAC systems is indeed responsible for the expansion of the plumbing, heating, and air-conditioning contractors’ market.
What Are The Core Segments Of The Global Plumbing Heating And Air Conditioning Contractors Market?
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
Subsegments:
1) By Heating: Boilers, Furnaces, Heat Pumps, Radiant Heating
2) By Ventilation: Air Handling Units, Exhaust Systems, Ductwork, Ventilation Fans
3) By Cooling: Central Air Conditioning Systems, Ductless Mini-Split Systems, Chillers, Evaporative Coolers
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Which Emerging Trends Are Reshaping The Plumbing Heating And Air Conditioning Contractors Market Size?
The advent of technological innovation is becoming a primary trend in the plumbing, heating, and air-conditioning contractors' market that is widely embraced. Top market competitors are focusing on the creation of groundbreaking technologies to solidify their market standing. For example, Carrier Global Corporation, a company in the US specializing in heating, ventilation, and air conditioning systems, introduced single-stage split system air conditioners in October 2023. This product, adhering to forthcoming Department of Energy (DOE) minimum efficiency standards and testing protocols, is catered towards boosting energy efficiency and delivering steadfast cooling solutions for residential use. This new product range reaffirms Carrier's devotion to sustainability and innovation, aligning with regulatory norms and catering to the rising need for energy-saving cooling systems in America's Southeast and Southwest regions.
Who Are the Key Players In The Plumbing Heating And Air Conditioning Contractors Market?
Major companies operating in the plumbing
• heating and air-conditioning contractors market include:
• Siemens Energy & Automation Inc.
• Honeywell International Inc.
• LG Corporation
• Johnson Controls International
• 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.
• Trane Technologies plc
• Air Pros LLC
• Lifetime Heating
• Cooling and Electric
• Balanced Comfort Cooling Heating & Plumbing
• Midwest Heating & Cooling
• Kennon Heating & Air Conditioning
• Radiant Plumbing & Air Conditioning
• Holy City Heating and Air LLC
• Old Dominion Mechanical LLC
What Are The Regional Insights Into The Plumbing Heating And Air Conditioning Contractors Market?
North America was the largest region in the plumbing, heating and air-conditioning contractors’ market in 2024. Asia-Pacific is expected to be the plumbing, heating, and air-conditioning contractors’ market's 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, Africa
