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Major players in the Plumbing, Heating & Air Conditioning market include Siemens Energy & Automation Inc., Honeywell International Inc., LG Corporation, Johnson Controls and Lennox International Inc.
NEW YORK, June 6, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the Plumbing, Heating And Air-Conditioners Global Market Report 2023 – https://www.reportlinker.com/p06464127/? utm_source=GNW
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., and Trane Technologies.
The global plumbing, heating and air conditioning contractors market is expected to grow from US$1,318.79 billion in 2022 to US$1,421.55 billion in 2023 at a compound annual growth rate (CAGR ) of 7.8%. The war between Russia and Ukraine has hurt the chances of a global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has resulted in economic sanctions against several countries, a surge in commodity prices and supply chain disruptions, which has caused inflation in goods and services and has affected many markets around the world. The market for plumbing, heating and air conditioning contractors is expected to reach $1,868.29 billion in 2027 at a compound annual growth rate of 7.1%.
The Plumbing, Heating, and Air Conditioning Contractor market includes revenue that companies generate from the provision of plumbing services, emergency plumbing, plumbing repairs, and heating, ventilation, and air conditioning sub-services. Market value includes the value of related goods sold by their service providers or included in the service offering.
Only goods and services traded between businesses or sold to end consumers are included.
Plumbing, heating and air conditioning contractors are companies that are primarily engaged in the installation or maintenance of plumbing, heating and air conditioning systems. Contractors in this sector provide both labor and parts services, including new installations, modifications, additions, maintenance and repairs.
North America was the largest region in the Plumbing, Heating & Air Conditioning Company Market in 2022. Asia Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in the Plumbing, Heating and Air Conditioning Companies market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of plumbing, heating and air conditioning companies are heating, ventilation and cooling. Heater in plumbing, heating and air conditioning systems refers to the equipment used to generate heat to keep the interior of the building warm.
The various services involved include consultancy, installation, maintenance and repair, as well as refurbishment or replacement, provided by residential, commercial and industrial end-users for new build and refurbishment buildings.
Increasing demand for HVAC-equipped commercial and residential buildings is expected to spur growth in the plumbing, heating and air conditioning contractor market in the future. Heating, ventilation, and air conditioning (HVAC) refers to the mechanisms that control and distribute heat and cooled air in residential and commercial buildings, including workplaces, residences, and indoor stadiums.
Plumbing, heating, and air conditioning companies provide HVAC-equipped commercial and residential buildings with heating, cooling, and plumbing system installation and maintenance services, including new installations, modifications, additions, and repairs to enable the occupants of a given building to do so Enjoy the convenience and ensure that every system installed in the building is working efficiently. For example, according to the report published in February 2020 by the European Heat Pump Association, a Belgium-based industry organization promoting heat pumps, about 3 million units of heat pumps were sold in Europe in 2022, representing an annual sales growth of almost 38%, and there were around 20 million connected heat pumps in Europe, accounting for 16% of European residential and commercial buildings.
Hence, the increasing demand for HVAC equipped commercial and residential buildings is driving the growth of the Plumbing, Heating and Air Conditioning companies market.
Technological advancement has become a key trend gaining popularity in the plumbing, heating and air conditioning business market. Large market players focus their efforts on developing innovative technologies to strengthen their position in the market.
For example, in April 2021, Carrier Global Corporation, a US-based provider of heating, ventilation, air conditioning and refrigeration solutions, launched BluEdge Digital, a digital service offering for HVAC systems. Carrier’s BluEdge Digital IoT platform uses artificial intelligence to provide advanced analytics and useful insights that can be used to visualize, improve machine health and lifecycle outcomes.
It also provides consumers with real-time chiller dashboards on the web and their mobile devices, notifications of priority alarms and warnings, and performance and vibration data.
In January 2023, Comfort Systems USA Inc, a US-based company engaged in the installation, maintenance, repair and replacement of heating, ventilation and air conditioning systems mechanical services businesses, acquired MEP Holding Co for an undisclosed amount . Through this acquisition, Comfort acquired Systems USA Inc’s goal is to provide off-site construction and prefabrication solutions with clean room solutions with outstanding custom capabilities in the United States.
MEP Holding Co. is a US-based contractor company that provides plumbing, heating and air conditioning services.
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 and USA.
Market value is defined as the revenue earned by businesses from the sale of goods and/or services within the specified market and region through sales, grants or donations in the applicable currency (in USD unless otherwise noted).
The revenue for a given region is consumption values, which is revenue generated by organizations in the specified region within the market, regardless of where it is produced. This does not include proceeds from resales along the supply chain, neither further down the supply chain nor as part of other products.
The Plumbing, Heating and Air Conditioning Contractors Market research report is part of a series of new reports that provide Plumbing, Heating and Air Conditioning Contractors market statistics including global Plumbing, Heating and Air Conditioning Contractors industry market size, regional shares, competitors with Plumbing, Heating and Air Conditioning Company market share, detailed Plumbing, Heating and Air Conditioning Company market segments, market trends and opportunities and all other data you might need to find success at Plumbing, Heating and Air Conditioning Company to be industry. This Plumbing, Heating and Air Conditioning Companies market research report provides a complete overview of everything you need with a detailed analysis of the current and future scenarios of the industry.
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