The HVAC Services Market size is estimated at USD 65.72 billion in 2024, and is expected to reach USD 89.11 billion by 2029, growing at a CAGR of 6.28% during the forecast period (2024-2029).
The HVAC market is driven by the growing demand for HVAC equipment due to growing health concerns, increasing construction of residential buildings and commercial spaces, and the growing data center market.
The HVAC services market is fragmented, favorably competitive, and has several prominent players. The market performers are focusing on expanding their consumer base across foreign countries. These enterprises leverage strategic collaborative initiatives to boost their market share and profitability. Companies such as Siemens AG, Honeywell International Inc., LG Electronics Inc., Electrolux AB, and Johnson Controls International PLC, performing in the market, are also acquiring start-ups working on HVAC services technologies to strengthen their production capacities.
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