Plumbing, Heating and Air-Conditioning Contractors Global Market Report 2024

The plumbing, heating and air-conditioning contractors market size has grown strongly in recent years. It will grow from $1407.01 billion in 2023 to $1497.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historical period can be attributed to several factors, including a construction and real estate boom, urbanization, population growth, building renovations and upgrades, government stimulus and incentive programs, and a heightened focus on energy efficiency concerns.

The plumbing, heating and air-conditioning contractors market size is expected to see strong growth in the next few years. It will grow to $1963.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to ongoing urbanization and population growth, the adoption of green building practices, integration of renewable energy, government initiatives promoting energy efficiency, resilience, and disaster preparedness. Major trends expected in the forecast period encompass challenges related to workforce shortages and skilled labor, the electrification of HVAC systems, innovations in heat pump technology, increased emphasis on remote monitoring and control, and heightened focus on regulatory compliance and certification requirements.

The growth of the plumbing, heating, and air-conditioning contractors market is expected to receive a significant boost from the increasing demand for HVAC-equipped commercial and residential structures. Heating, ventilation, and air conditioning (HVAC) systems are crucial for controlling and distributing heated and cooled air in various structures, ranging from residences and workplaces to indoor stadiums. Plumbing, heating, and air-conditioning contractors play a pivotal role by providing installation and maintenance services for these systems, ensuring their efficiency and functionality. In May 2023, the European Heat Pump Association reported a substantial growth of nearly 38% in annual sales, with approximately 3 million units of heat pumps sold in Europe. The connected heat pumps in Europe reached around 20 million units, constituting 16% of residential and commercial buildings in the region. This surge in demand for HVAC-equipped structures is a key driver behind the growth of the plumbing, heating, and air-conditioning contractors’ market.

The growth of the plumbing, heating, and air-conditioning contractors market is expected to be propelled by the expansion of the construction industry. The construction sector involves various processes and trades, and plumbing, heating, and air-conditioning contractors are essential for installing and maintaining critical systems in buildings. According to a report by Oxford Economics in October 2021, global construction output reached $10.7 trillion in 2020 and is projected to increase by 42%, or $4.5 trillion, by 2030, reaching a total of $15.2 trillion. This growth in the construction industry contributes significantly to the demand for plumbing, heating, and air-conditioning contractors.

Technological advancements are a prominent trend in the plumbing, heating, and air-conditioning contractors’ market. Major players in the market are investing in innovative technologies to enhance their market position. In April 2021, Carrier Global Corporation introduced BluEdge Digital, a digital service offering for HVAC systems. Leveraging artificial intelligence, BluEdge Digital provides advanced analytics and insights to visualize, suggest improvements, and enhance machine health and life cycle outcomes. The platform offers real-time chiller dashboards, alarm notifications, and performance data, providing customers with valuable tools for managing their HVAC systems.

Innovation in product features, such as 100% leak testing for efficient plumbing installations, is a focal point for major companies in the plumbing, heating, and air-conditioning contractors’ market. BrassCraft, a US-based plumbing product manufacturer, launched Press Connect Water Stops in 2021, featuring a compact design for easy installation in confined spaces. These stops undergo rigorous 100% leak testing to ensure reliable performance. The stops, suitable for wet and dry pipe systems, eliminate the need for additional materials during installation and provide an alternative to sweat installations on copper pipes.

In January 2023, Comfort Systems USA Inc. acquired MEP Holding Co for an undisclosed amount. This acquisition aims to enhance Comfort Systems USA Inc.'s capabilities in off-site construction, pre-fabrication solutions, and clean room services in the USA. MEP Holding Co. is a US-based contractor providing plumbing, heating, and air-conditioning services, further strengthening Comfort Systems USA Inc.'s position in the market.

Major companies operating in the plumbing, heating and air-conditioning contractors market report are 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, Connectionz Acquisition LLC, Radiant Plumbing & Air Conditioning, Absolute Security & Allied Services Pvt Ltd., Holy City Heating and Air LLC, RDG Builders Inc., ILM Properties LLC, Old Dominion Mechanical LLC.

North America was the largest region in the plumbing, heating and air-conditioning contractors’ market in 2023. 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. The countries covered in the plumbing, heating and air-conditioning contractors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of plumbing, heating, and air-conditioning contractors include those specializing in heating, ventilation, and cooling systems. The heating aspect in this context refers to the equipment used to generate heat and maintain the internal warmth of a building. The services offered by these contractors cover consulting, installation, maintenance and repair, as well as upgrades or replacements. These services cater to a diverse clientele, including residential, commercial, and industrial end users, for both new construction and retrofit buildings.

The plumbing, heating and air-conditioning contractors market research report is one of a series of new reports that provides plumbing, heating and air-conditioning contractors market statistics, including plumbing, heating and air-conditioning contractors industry global market size, regional shares, competitors with plumbing, heating and air-conditioning contractors market share, detailed plumbing, heating and air-conditioning contractors market segments, market trends, and opportunities, and any further data you may need to thrive in the plumbing, heating and air-conditioning contractors industry. This plumbing, heating and air-conditioning contractors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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