Just like most industries within the construction line of business, the Heating and Air-Conditioning Contractors industry has been recovering over the last five years. Within the stated period, there was an appreciable increase in business activity, and end user spending benefited business expansion plans and supported new enterprises in the industry.
Going forward, the demand for heating, ventilation and air conditioning (HVAC) services is projected to rebound in the next five years. As a matter of fact, the growth in the real estate industry and the growing trend as regards energy – efficiency et al will definitely translate to growth in the heating, ventilation and air conditioning (HVAC) industry.
The Heating and Air-Conditioning Contractors industry is not dominated by any company. As a matter of fact, no company can boast of having more than 5.0% of the total annual revenue in the industry. The major players in the heating, ventilation and air conditioning (HVAC) industry are smaller firms that specialize in all kinds of HVAC systems.
Similar to any other business, the demand for heating, ventilation and air conditioning services and products usually decline during recession period/economic downturn and this is due to declining household spending and reduced demand from business clients. As the economy grows, and income increases, there will be corresponding increase in the demand for heating, ventilation and air conditioning services and products.
The heating, ventilation and air conditioning (HVAC) industry is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.
Statistics has it that in the United States of America alone, there are about 105,598 licensed and registered heating, ventilation and air conditioning (HVAC) related businesses responsible for employing about 437,894 employees and the industry rakes in a whooping sum of $82bn annually with an annual growth rate projected at 4.0 percent.
Over and above, the heating, ventilation and air conditioning (HVAC) related businesses all over the world are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market (businesses, government and household et al).
