According to a new report by MarketsandMarkets, the global HVAC services market is projected to grow from USD 72.5 billion in 2025 to USD 97.9 billion by 2030, at a compound annual growth rate (CAGR) of 6.2%.
Growth is being driven by rising demand for system installation, maintenance, and replacement across residential and commercial sectors. The report highlights increasing reliance on HVAC services to meet energy efficiency goals, improve indoor air quality, and support building modernization.
Among service types, the upgradation and replacement segment is expected to grow at the highest CAGR of 8.1% during the forecast period. Installation services are projected to account for the largest market share in 2025, supported by adoption of heat pumps, VRF systems, and connected HVAC platforms.
By implementation type, new construction buildings will see the fastest growth, while the commercial end-user segment—comprising facilities such as hospitals, data centers, and office buildings—is forecast to expand at the highest rate due to stringent air quality and energy requirements.
Asia Pacific is expected to lead the market, with a projected share of approximately 40% by 2030.
According to the report, retrofitting of existing buildings is a major growth area, with the International Energy Agency (IEA) estimating that over 60% of current buildings will need upgrades by 2040 to meet energy and climate standards. This is fueling demand for commissioning services, refrigerant replacements, and predictive maintenance, especially in North America, Europe, and parts of Asia.
Digitalization is also reshaping the service model, with remote diagnostics, IoT monitoring, and data-driven building operations playing a growing role. The report notes that regulatory frameworks such as ASHRAE and ISO guidelines are emphasizing continuous system performance and compliance, driving the need for certified service providers.
Key players mentioned in the report include Carrier (US), DAIKIN INDUSTRIES, Ltd. (Japan), LG Electronics (South Korea), Johnson Controls (Ireland), Lennox International Inc. (US), Midea (China), Trane Technologies plc (Ireland), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), SAMSUNG (South Korea), Fujitsu General (Japan), and Bosch Thermotechnik GmbH (Germany).