CHICAGO, May 14, 2024 /PRNewswire/ -- According
to Arizton's latest research report, the Europe HVAC
maintenance and services market is growing at a CAGR of 5.90%
during 2023-2029.
To Know More, Click:
https://www.arizton.com/market-reports/europe-hvac-maintenance-and-services-market
Browse in-depth TOC on the Europe HVAC Maintenance and
Services Market
106 – Tables
108 – Figures
340 – Pages
Europe HVAC Maintenance and Services Market Report
Scope
Report
Attributes
|
Details
|
Market Size
(2029)
|
USD 25.04
Billion
|
Market Size
(2023)
|
USD 17.76
billion
|
CAGR
(2023-2029)
|
5.90 %
|
Historic
Year
|
2020-2022
|
Base
Year
|
2023
|
Forecast
Year
|
2024-2029
|
Geographic
Analysis
|
Western Europe, Nordic,
and Central & Eastern Europe (CEE)
|
Market
Dynamics
|
•
Rise in Commercial Construction and
Projects
•
Airport Modernization
•
Growing VRF Systems
•
Favorable Government Policies and
Incentives
•
Demand for Low GWP Refrigerant Solutions
in Heating Equipment
|
The total number of HVAC systems in Europe has surpassed the total population.
This indicates unprecedented growth in the HVAC industry.
Infrastructure developments, extreme climate conditions, and a
rising customer focus on comfort and security are the main factors
influencing the growth of the Europe HVAC maintenance and service
market. Furthermore, with increased demand due to severe weather
conditions in the European market, there has been a significant
inducement for improved energy efficiency in the HVAC market. This
has led to several new HVAC innovations involving more efficient AC
units. Therefore, it helps raise the installation market value in
the future.
Businesses have brought new attention to progressing office
environments, whether employee well-being or productivity. HVAC
systems augment traditional ventilation and air cleaning systems
that come standard in office buildings by adding more robust air
cleaning elements. It helps to improve employee productivity and
protects against airborne pathogens.
An increasing number of start-ups has driven the growth of the
coworking space market as they have opted for coworking spaces due
to the rising rent of private office spaces. As the coworking model
has become hybrid, with open floor areas and enclosed office
spaces, the demand for innovative HVAC system solutions has
increased in such spaces. In 2019, flexible working spaces
accounted for around 18% of the total leasing activity in
Central London. Hence, the demand
for smart HVAC system solutions will rise proportionally and drive
the demand for the HVAC market.
Heating Equipment to Contribute Largest Share in the Europe
HVAC Maintenance and Services Market
The heating equipment market is characterized by intense
competition and has high traction in Europe's cold climatic
conditions. The heating equipment is bulky. Hence, many
local/domestic vendors characterize the market. Since these tools
cannot be transported over long distances, some domestic vendors
cater to small but recurrent heating equipment. Moreover, the HVAC
system required for these tools brings in high revenue. The heating
industry is not based on niche technology. Heat pumps are the major
revenue generators for the heating market, with air/water heat
pumps and ground-source heat pumps having considerable
applications. The heat pump market is mainly strong in single or
two-family houses, with over 70% penetration rate. Apart from heat
pumps, furnaces, and boiler units also have significant shares in
the heating equipment market.
Western Europe Leading the Europe HVAC Maintenance and
Services Market
The Western Europe HVAC maintenance and service market will
reach $14.29 billion by 2029.
In Western Europe, air
conditioning systems are leading the market due to rising
temperatures in urban areas, driven by pollution and urbanization.
Consequently, competition in the market is intense. However, the
supply chain faced disruptions in the first two quarters of 2023
due to the pandemic, leading to increased procurement costs for
European vendors. Intra-regional trade also suffered as the HVAC
industry grappled with pandemic-related challenges across the value
chain.
Despite these hurdles, companies in the HVAC sector, especially
in air conditioning, experienced steady sales growth, maintained by
the region's strong demand, particularly in Western Europe. This demand is fueled by a
high concentration of commercial establishments, industrial
facilities, and robust purchasing power compared to other European
regions. The year 2022 proved profitable, marked by low political
uncertainty in the UK and growing clarity on Brexit.
Throughout the HVAC industry's extensive value chain, efforts
persisted to adapt to evolving technologies, embrace
sustainability, and integrate Industry 4.0 principles. This
included focusing on increasing the use of recycled or refurbished
materials in products without compromising quality.
Competitive Overview
Daikin Europe is a crucial industry participant in the European
HVAC industry. The company expresses its support for the REPowerEU
plan. REPowerEU is a joint European Commission's plan to make
Europe independent from Russian fossil fuels by 2030 and to produce
more secure, affordable, and sustainable energy. The main objective
of this plan is to reduce the consumption of fossil fuels, thereby
boosting energy efficiency and promoting renewable HVAC products.
Daikin Europe manufactures HVAC systems made of renewable
technologies, which will play a crucial role in this EU plan.
In February 2023, a contract was
signed for a cooperative relationship between the Greater
Manchester Combined Authority (GMCA) and Daikin Europe N.V., a
Daikin subsidiary comprising ten wards and cities in northwest
England. The Memorandum of
Understanding (MoU) asks for coordination and cooperation between
the two parties over five years through 2027, concentrating on the
widespread implementation of heat pump heating, maintenance,
education, and skill development for HVAC specialists.
The Europe HVAC Maintenance and Services Market Report
Encompasses Crucial Data, Including:
CAGR (Compound Annual Growth Rate) during the forecast
period: This metric provides insights into the annual
growth rate of the Europe HVAC maintenance and services
market over the specified time frame.
Detailed information on growth drivers: The report
offers in-depth information on the factors that will propel the
Europe HVAC maintenance and services market growth from 2023
to 2029. This includes an analysis of various market
influences.
Precise estimation of market size: Accurate assessments
of the Europe HVAC maintenance and services market size and
its contribution and focusing on key market
segments.
Predictions about upcoming trends and changes in consumer
behavior: The report offers insights into anticipated
trends and shifts in consumer behavior that are likely to impact
the Europe HVAC maintenance and services market, helping businesses
prepare for future market dynamics.
Geographical market growth: The report covers the
development of the HVAC maintenance and services market across
Europe.
Competitive landscape analysis: A thorough examination
of the market's competitive landscape is presented, including
detailed information about companies operating in the Europe HVAC
maintenance and services market. This includes an overview of key
players, their market share, strategies, and key
developments.
Analysis of growth challenges: The report includes a
comprehensive analysis of factors that may pose challenges to the
growth of companies in the Europe HVAC maintenance and services
market, providing a well-rounded view of the market
dynamics.
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Key Company Profiles
- Aldes
- AquaCal
- Daikin
- Johnson Controls
- Mitsubishi Electric
- Ostberg
- Pentair
- Robert Bosch
- Rheem Manufacturing Company
- Samsung
- Siemens AG
- Systemair
- Zehnder
- Trane Europe
- SWEP International
- One Hour Heating & Air Conditioning
- Sears Home Services
- Aire Serv
- Climate Control Heating & Air Conditioning
- Carrier
- Honeywell International Inc
- LG
- Panasonic
- Midea
- Regal
- Raytheon Technologies
- Flakt Group
- Swegon
- VTS Group
- Nuaire
- Nortek
- Alfa Laval
- Hitachi
- LU-VE
- Vent-Axia
- Rosenberg
- S & P
- Wolf
- CIAT
- AL-KO GROUP
- Dynair
- Danfoss
- Lennox
- Backer Springfield
- Dunhambush
- TCL
- Trox
- Vaillant Group
- Ingersoll Rand
- Camfil
Market Segmentation
Service Model
- Maintenance & Repair
- Installation
- Replacement
- Consulting
Equipment Type
- Heating
- Air Conditioning
- Ventilation
Service Type
- Manufacturer Authorized Service Providers
- HVAC Contractors
- Others
End Users
- Residential
- Commercial
- Others
Geography
- Western Europe
-
- Germany
- France
- The UK
- Italy
- Netherlands
- Spain
- Belgium
- Nordic
-
- Norway
- Denmark
- Sweden
- Finland
- Central & Eastern
Europe (CEE)
-
- Russia
- Poland & Austria
- Hungary
- Czech Republic
Key Questions Answered in the Report:
How big is the Europe HVAC maintenance and services market?
Which region dominated the Europe HVAC maintenance and services
market share?
What is the growth rate of the Europe HVAC maintenance and services
market?
What are the significant trends in the European HVAC maintenance
and services industry?
Who are the key players in the Europe HVAC maintenance and services
market?
Get the Detailed TOC @
https://www.arizton.com/market-reports/europe-hvac-maintenance-and-services-market
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