HVAC services market projected to reach USD 97.9 billion by 2030

The global HVAC services market is projected to grow from USD 72.5 billion in 2025 to USD 97.9 billion by 2030, representing a compound annual growth rate (CAGR) of 6.2%. This growth is driven by rising urbanization, aging building stock, and stricter energy efficiency regulations. Because buildings account for approximately 30% of global energy consumption, there is an increasing emphasis on lifecycle servicing and system performance over simple installations.

Key demand drivers include the need for specialized maintenance in data centers, healthcare environments, and industrial sites. The market is also seeing a shift toward digitalization, utilizing IoT-enabled monitoring, predictive maintenance, and remote diagnostics. Additionally, the adoption of heat pumps and smart connected platforms is creating new recurring revenue opportunities, with the retrofit buildings segment expected to experience the highest growth rate.