Contracting businesses that specialize in HVAC systems got some great news in a recent BBC Research report, as the commercial and residential market is poised to grow from $75.4 billion this year to $116.6 billion in 2019. This means the market could grow in excess of 9 percent each year.
BBC Research said this will open the door to new vendors and likely see some of the market rules change. Regulations, integration with the internet of things and the quest for greater efficiency will all be challenges contracting businesses will face over the next four to five years.
“Growth in commercial and residential HVAC demand is propelled by the overall economic growth of countries and regions that generate individual wealth and create new appetites for consumers who are accessing middle class status,” says BCC Research analyst Patrick Levy. “Higher standards of living bring aspirations for home ownership, more comfortable living conditions, and access to a social status of which HVAC can be considered a significant and visible attribute.”
Have you noticed a shift in the market over the previous few years? Do you expect to see your business grow? Contact Contracting Business at [email protected] and let us know!