The HVAC industry is the most vital part of the global market, and it involves the production, distribution, and sale of air conditioners and heat pumps. The global market for these products is growing and is expected to grow at a rapid CAGR of 3.9% from 2020 to 2030.
The HVAC industry contributes to the international economy through non-oil exports and provides employment for millions of people in developing countries. The demand for these products continues to grow as more people move into urban areas and as the world’s population shifts from rural areas to cities.
In addition, the HVAC industry is vital because it supports many other industries such as transportation, construction, manufacturing, commercial refrigeration, air conditioning equipment, etc., which in turn creates jobs in these sectors as well.
This blog will look at 3 HVAC industry trends to follow and implement in your business in 2022.
1.Upgraph in Global Data
Due to urbanization, the HVAC industry has witnessed a massive boom in its numbers over the past few years. Whether it is a commercial sector or the residential sector, the HVAC industry and its services have become an inseparable part of its foundation.
According to various studies and sources, the global data of the HVAC industry is as under:
- The demand for energy-efficient solutions has been driving growth in this market segment over the past few years, which is expected to continue through 2030 as people become increasingly aware of environmental issues and seek solutions to reduce their carbon footprints.
- During the period of 2021-2026, the HVAC industry is growing at the fastest rate in the Asia Pacific.
- North America tops the list in terms of HVAC services’ market share.
- By 2030, the global market for HVAC is projected to reach $367.5 billion.
- In the US, 1.2 million people were employed by HVAC companies in 2018, which is 5% more than the previous year.
2.Scope of Business
The demand for energy-efficient heating, ventilation, and air conditioning systems has been increasing throughout the world due to rising concerns about climate change and emission control requirements from governments around the world.
This trend has resulted in an increased demand for housing that is energy efficient as well as commercial buildings that have been designed with green technology in mind.
In the HVAC service business, the following innovation and starting up any HVAC service business could prove beneficial as its service availability is less compared to the demand.
One of the major problems faced by the people was paying high amounts of bills after utilizing air conditioners for a longer time period. To overcome this challenge, the HVAC industry adopted smart technology in ACs and introduced Thermostats, also known as Smart AC controllers.
It helps you save on electricity bills by smartly adjusting the room temperature as per your choice. So, thermostats let you save energy and lead to a sustainable planet. Being much beneficial, it hasn’t got much recognition as deserved, so it brings you a scope of business.
The smart thermostats market in the US is expected to grow at a compound annual growth rate (CAGR) of 17.1% resulting in growth to $3280 million from $1089 million in 2021.
Not only in the HVAC business, but automation is also important in any business as it smoothens the process and reduces the workload. Handling an HVAC service business requires a lot of managerial skills, time, and energy as you have to deal with many technicians and clients.
To ease your business operations, you should adopt field service management software. Basically, a field service management software’s primary aim is job scheduling, which is also known as job scheduling software.
Job scheduling software eradicates paperwork and allows you to save up to 95% of time spent in job scheduling.
Along with job scheduling, this software helps you with job dispatching, invoicing, accepting payments, generating performance reports, team tracking, and much more. Basically, it digitizes 90% of your daily business operations.
You can spend the saved time and energy focusing on improvising your HVAC services and delivering customer satisfaction.
So, job scheduling software is an all-in-one solution for all your business-related problems, and opting for it will reflect directly on your company’s performance.
The HVAC service business is a business with increasing demand, and the industry needs more HVAC experts to know and fulfill customers’ needs. So, providing solutions with a combination of industry knowledge and data and adopting technological advancements can lead you towards building a successful career in the HVAC industry.