The HVAC services market is forecast to have a compounded annual growth rate of 6.1% globally from 2019 to 2024. Although many regions across the world are expected to contribute to this exciting development, the United States will play a major role.
Increased Construction Activity
Over the past years, the supply of residential properties has been unable to meet the demand. This trend is expected to continue into the near future. According to real estate experts, there are several reasons to believe that housing inventory will rise soon, and a busy construction sector is one of them.
A growing population and a corresponding clamor for affordable housing have been keeping many homebuilders swamped of late. The current boom in construction means more business for installers of heating and cooling systems as well.
Strong Government Support for HVAC Upgrades
Regulation is another catalyst for the bright outlook of the HVAC services market. The Department of Energy has issued fresh energy efficiency standards for commercial properties in hopes of reducing carbon emissions.
Furthermore, the second phase of the banning of hydrochlorofluorocarbon (HCFC) refrigerants took place on January 1, 2015. In an attempt to help reapir the hole in the ozone layer, the production, importation and use of all HCFCs has been illegal since that day. The only exception is the continued servicing of appliances equipped with such coolants that were installed on or before December 31, 2014.
This directive from the Environmental Protection Agency renders the maintenance of HCFC-compatible cooling units more expensive. As a result, these property owners now have an even bigger incentive to upgrade their systems.
Greater Interest in Sustainability
The number of Americans who believe sustainability is important is on an upward trend. Thanks to a heightened awareness of climate change, more homeowners are willing to spend money on environmently-friendly appliances to improve their green credentials.
Upgrade Your HVAC System Now
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