Heating & Air-Conditioning Contractors in Canada - Industry Market Research Report

Heating Up: Government Energy-Efficiency Incentives Are Expected to Benefit Hvac Contractors

The Heating and Air-Conditioning Contractors industry in Canada is highly reliant on construction activity across Canada, as most revenue is generated from heating, ventilation and air-conditioning (HVAC) installations in new residential and nonresidential buildings. As a significant share of industry revenue is generated from maintaining, monitoring and repairing existing equipment, the industry is somewhat shielded from volatile performance in construction markets. Weak nonresidential construction performance pressured industry demand amid the COVID-19 pandemic, though residential construction benefited from low interest rates at the same time. More recently, interest rate hikes have dampened residential construction activity. Recently growing consumer spending has supported the industry. Industry revenue is expected to have increased at a CAGR of 0.1% over the past five years to reach $15.2 billion in 2023, when revenue is set to fall 3.1% amid rising interest rates. This industry installs and services heating, ventilation, air-conditioning and refrigeration equipment. The work performed includes new installations, additions, alterations, maintenance and repairs. Plumbing-related information is not covered in this report, but is instead covered in the Plumbing industry in Canada report . This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.