Global HVAC Services Market to Surpass USD 97 Billion by 2030
The global HVAC services market is experiencing steady and long-term growth, with analysis by MarketsandMarkets indicating that its value reached USD 70.4 billion in 2024 and is expected to rise to USD 97.9 billion by 2030. This growth is projected at a compound annual growth rate (CAGR) of 6.2% between 2025 and 2030, driven by accelerated infrastructure development, increasing demand for retrofit projects, and a growing focus on energy-efficient building operations.
HVAC services include installation, maintenance and repair, system upgrades and replacements, as well as advisory and consulting services, and are applied across both new construction projects and the modernization of existing buildings. The upgrade and replacement segment is expected to record the highest growth rate during the forecast period, estimated at 8.1%, highlighting the rising need to replace aging and energy-inefficient HVAC systems.
From a regional perspective, the Asia-Pacific region has been identified as the fastest-growing market and is expected to account for nearly 40% of the global market share by 2030. This trend is supported by rapid urbanization, large-scale infrastructure projects, and strong investments in smart, digitalized, and sustainable buildings.
In terms of end users, the commercial sector—including office buildings, shopping centers, educational institutions, healthcare facilities, and data centers—is seeing the fastest growth in demand for HVAC services. The increasing need for reliable climate control systems, improved indoor air quality, and optimized energy consumption is further accelerating this trend.
At the same time, the HVAC services market is undergoing a significant transformation in business models. Traditional revenue streams based on one-time installations are gradually giving way to service-led and recurring models, with digital solutions, remote system monitoring, Internet of Things (IoT) technologies, and predictive maintenance emerging as key competitive differentiators.
Leading global players in the HVAC services market include Daikin, Carrier, Trane Technologies, LG Electronics, Honeywell, Mitsubishi Electric, Bosch, Panasonic, and Lennox, which continue to hold dominant positions thanks to their strong market presence and broad portfolios of solutions.
