Check out our carefully curated top HVAC statistics for 2023. Discover industry trends to watch and inform your HVAC marketing and growth strategies.
The goal of every HVAC business is to grow year after year.
How you achieve this varies, but one constant is the industry. In other words, staying ahead of the competition is easy if you have a deep understanding of the HVAC market.
That’s where statistics and trends come in. We have scouted the market to curate the most significant statistics that you should know.
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Check them out below.
Table of Contents
Top HVAC Stat 1: The HVAC systems market size is predicted to hit $150.93 Billion in 2023
As of 2022, the HVAC systems market size was around $136 billion.
It’s expected to reach over $150 in 2023. With such a high-value prediction, the HVAC industry is expected to be profitable for businesses. There’s also room for brands to expand.
Pro Tip: As an HVAC business, invest more in marketing, product diversifying, and upskilling to have a share of the lucrative market.
Top HVAC Stat 2: HVAC technicians in the US make $26.93 per hour
This stat shows that HVAC technicians in the United States make just around the national average – $29.76 as of 2022. And that further affirms HVAC as a lucrative niche.
Pro Tip: Prepare to offer above-average salaries if you want the best technicians to work for your HVAC company.
Top HVAC Stat 3: The market is predicted to grow at 6.3 percent CAGR from 2023 to 2030
Again, this further amplifies that the HVAC market will bolster in the coming years. The key takeaway is the growth consistency over at least seven years, predicted by a 6.3 percent compound annual growth rate.
Pro Tip: Capitalize on different HVAC marketing strategies to scale your business operations in the long run.
Top HVAC Stat 4: The cooling segment accounted for 54.8 percent of the HVAC systems market
Cooling products dominate the HVAC systems market by covering over half the market share. It means cooling systems are more in demand than any other category. This trend aligns with the increasing frequency of warm climates.
Pro Tip: Become heavily involved with HVAC cooling systems if you’re not already. Not just in products but also in-service training.
Top HVAC Stat 5: The heating segment consists of over 28.2 percent of the market
Heating products make up almost a third of the HVAC systems market. That puts the category in second position, behind cooling systems.
Pro Tip: Ensure you have the products, services, and equipment to cater to customers’ heating needs, especially if you operate in colder climates.
Top HVAC Stat 6: Residential clients dominated the HVAC systems market with a 39.9 percent share
Here, we look at the market in terms of customers. The stat shows that the biggest buyers of HVAC products and services are in the residential zone.
Pro Tip: Prioritize homeowners and renters as a target audience. Also, consider efficient client retention strategies to keep your customers returning.
Top HVAC Stat 7: Commercial clients are expected to grow at a CAGR of over 6.8 percent from 2023 to 2030
While residential clients are the top players in the market, commercial customers are predicted to increase in the coming years. A 6.8 percent CAGR over seven percent is noteworthy.
Pro Tip: Create long-term specialized HVAC services and solutions for business clients.
Top HVAC Stat 8: Asia Pacific controlled the HVAC systems market with a 46.3 percent revenue share
HVAC is big in North America but bigger in the Asia Pacific, as this statistic shows. The region contributes to almost half of the market’s revenue share.
Pro Tip: If you’re a big brand, consider partnerships to help you open shops in other regions – like the Asia Pacific.
Top HVAC Stat 9: The North American consumer market is predicted to grow at a CAGR exceeding 6.1 percent
More customers in North America will demand HVAC products and services in the coming years. So, as an HVAC business in the US, you should be optimistic about growth prospects.
Pro Tip: See tip for stat number three.
Top HVAC Stat 10: US HVAC companies generate up to $150 billion in annual revenue
With up to $150 billion in annual revenue, this stat confirms the HVAC industry is a significant contributor to the US national economy. Also, it reflects the high demand for HVAC products in the country.
Pro Tip: Invest in advanced HVAC technologies and offer more friendly customer service to generate more annual revenue.
Top HVAC Stat 11: Almost 90 percent of US households have AC systems
Approximately nine out of ten homes in the United States use air conditioning systems, underscoring the high need for temperature control.
Pro Tip: If ACs aren’t part of your HVAC product catalog, you should include them. Also, invest in AC services, like maintenance, installation, and replacement.
Top HVAC Stat 12: HVAC workforce demand is expected to lose up to 115,000 skilled workers
The lack of skilled workers is a breeding problem in the HVAC industry. The problem exists not because the field isn’t lucrative but because it takes a lot to become a certified HVAC technician.
Pro Tip: Consider organizing employee training and sponsoring educational programs to up your workers’ HVAC skills.
Top HVAC Stat 13: Energy recovery ventilation systems can reduce energy consumption by 80 percent of the energy used by traditional HVAC systems
This stat underscores why customers seek energy recovery ventilation products against traditional HVAC systems. There’s the quest to save energy and, consequently, money.
Pro Tip: Incorporate ERVs in your HVAC business plan and get under the radar of 80 percent of customers.
Top HVAC Stat 14: About 40 percent of US residential electricity usage goes to heating and cooling systems
Stat #14 highlights the critical role HVAC systems play in daily domestic life. It aligns with stat #6, which noted the residential segment as having the highest market revenue share.
Pro Tip: Capitalize on the high demand for heating and cooling systems by offering more energy-efficient solutions.
Top HVAC Stat #15: Using energy-efficient HVAC can reduce approximately 30 percent of the energy spent in commercial buildings
Many commercial buildings still use outdated and inefficient HVAC systems. Turning to energy-efficient options can reduce consumption by up to 30 percent.
Pro Tip: See pro tip #14 and #7.
Top HVAC Stat 16: 24 percent of US homes use a smart thermostat
Smart home products are gradually becoming the number one among HVAC customers. Nearly a quarter of households in the United States currently own a smart thermostat.
Pro Tip: Invest more in home automation HVAC products, and don’t skip energy efficiency. In addition, add installation and integration of smart systems to your services list.
Top HVAC Stat 17: The US smart thermostat market is expected to reach $3.2 billion in 2028
This stat closely follows the previous. In 2021, the smart thermostat market in the US was at $1.1 billion. The amount is predicted to triple in less than ten years.
Pro Tip: See pro tip #16.
Top HVAC Stat 18: 60% of consumers will pay more for eco-friendly systems
Here, we see the shift in customers’ mindset as people become more environmentally responsible. To illustrate, three out of five customers are willing to spend extra to get eco-friendly products.
Pro Tip: Procure and offer more green HVAC products. Note also that eco-friendliness and energy efficiency go hand in hand.
Top HVAC Stat 19: HVAC products are responsible for around 2 percent of the greenhouse gas emissions in the US
The world aims to reduce the spike in greenhouse gas emissions since the start of the industrial era. Two percent coming from HVAC products appears small in the grand scheme of things. However, it’s a significant index for a single industry.
Pro Tip: See pro tip #18. The goal is to reduce greenhouse gas emissions with energy-efficient and eco-friendly HVAC products.
Top HVAC Stat 20: There’s an 89 percent likelihood for 2023 to be among the five warmest years
Global warming and climate change are affecting countries worldwide, and this stat confirms it. The year 2023 is expected to be among the warmest, indicating a potential high demand for climate control solutions.
Pro Tip: Up your HVAC product inventory to cater to higher demands in cooling solutions in 2023.
Top HVAC Stat 21: Upgrading to more efficient heating and cooling systems can reduce energy consumption for electric HVAC systems by 50%
This stat further affirms the advantage energy-efficient HVAC products have over possibly outdated and inefficient ones. Besides helping users save money on energy bills, efficient heating and cooling systems also help the environment.
Pro Tip: Offer customers services to help upgrade or replace outdated heating and cooling systems with energy-efficient ones.
Top HVAC Stat 22: Consumers allocate over $10 billion to HVAC maintenance and repairs each year
The high amount customers spend on maintenance and repairs underscores the importance of HVAC systems in everyday life. It also hints at the relatively expensive nature of HVAC maintenance and repair.
Pro Tip: As an HVAC business, you should offer packages customers can purchase for regular maintenance checks and repair services.
Top HVAC Stat 23: The global heat pump market is forecasted to reach $132.45 billion in 2023
Heat pumps are getting higher demand globally, with the market set to cross $132 billion in 2023. One reason is due to their reliability when it comes to energy efficiency and sustainability.
Pro Tip: Keep track of the latest developments in heat pump technology. If possible, add the systems to your HVAC product catalog.
Top HVAC Stat 24: Rising global populations predominantly fuel the demand for residential HVAC services
Stat number six revealed that residential clients dominated the HVAC system market with a 39.9 percent share. Here, we see the trend behind the high demand for residential HVAC services to be the rising global population. More people need homes, and HVAC systems help make homes comfortable.
Pro Tip: Market your HVAC business more in regions experiencing significant population booms. Also, partner with real estate and housing contractors.
Top HVAC Stat 25: The mean efficiency score for new US central air conditioners is 16.5 SEER
The seasonal energy efficiency ratio (SEER) gives insight into how efficient central air conditioner systems are. It’s moderately high, with a 16.5 mean score, but the average can always be better.
Pro Tip: Evaluate your air conditioning inventory, and aim to offer products that surpass the average SEER figure.
Top HVAC Stat 26: Individual room temperature systems are present in 60% of homes across Europe
Europe is a region with mixed climates at different times of the year. So, this stat simply affirms a popular fact that residents need heating and cooling systems to control the varied temperatures.
Pro Tip: If your HVAC business caters to the European market, individual room temperature systems should be among your major offerings.
Top HVAC Stat 27: The US HVAC sector employs approximately 660,000 individuals
The HVAC industry creates employment opportunities in the United States, with about 660,000 workers in 2023. Consequently, HVAC businesses contribute to the national economy, as stat number ten confirmed.
Pro Tip: Maintain your skilled HVAC employees and offer worthwhile salaries. As stat #12 shows, the industry will likely experience a shortage of workers.
Top HVAC Stat 28: An estimated 46,000 fresh HVAC roles are anticipated by 2028
Many job roles already exist in the HVAC industry. But, by 2028, the number of available job positions will increase to 46,000. This aligns with predictions that the market will grow and professionals will be in high demand.
Pro Tip: Keep an eye out for HVAC services that need new roles, and aim to recruit talents to fill them as soon as possible.
Top HVAC Stat 29: On average, an HVAC business in the US employs 4.5 individuals
This stat throws light on the varying workforce size of HVAC businesses in the US. A 4.5 average is relatively low, suggesting that most HVAC firms run locally or operate on a small scale.
Pro Tip: Focus more on quality than quality when hiring HVAC workers.
Top HVAC Stat 30: The US HVAC Contractors industry ranks third in employment in the Construction sector
HVAC contractors secure a prominent position in the US construction sector when it comes to employment. This stat cements the essential role HVAC products and services play in buildings.
Target more partnerships with contractors and firms in the construction sector to boost your HVAC business.
Final Thoughts on Top HVAC Industry Trends
From the statistics and trends above, you should know what to expect from the HVAC industry in 2023.
Also, work with the pro tip to place your business in an advantageous position. The good thing is that the tips are simple and not complex to implement, regardless of your business model.
However, still note that trends can change relatively quickly. So, while you should follow the stats above, remain open to new developments in the HVAC market. You can frequent our HVAC marketing page to always get the latest information.
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Sources:
- Statista
- Acca.org
- Grand View Research
- Expert Market Research
- Mordor Intelligence
- IBIS World
- Indeed.com
