The Growth of the HVAC Industry

October 18, 2018
HVAC
3 min read

The HVAC industry has been steadily growing over the last few years and according to the Bureau of Labour and Statistics, it looks like that trend is going to continue. With 2018 coming to a close, air conditioning and heat pump unit shipments are on track to bring 2018 numbers closer than ever to 2005’s record-breaking 8.3 million combined units shipped. Employment of heating, air conditioning, and refrigeration mechanics and installers is projected to grow 15 percent from 2016 to 2026, much faster than the average for all occupations. It’s definitely a good time to be in the HVAC industry!

What is driving the growth?

More factors than just the economy and new technology are contributing to the continued success of the HVAC market. A combination of direct and indirect factors is influencing shipments, installations, and current HVAC trends.

  1. Commercial and residential building construction is driving employment growth, and job opportunities for HVACR technicians are expected to be good.
  2. The growing number of sophisticated climate-control systems is also expected to increase demand for qualified HVACR technicians. Repair and replacement of HVACR systems is a large part of what technicians do. The growing emphasis on energy efficiency and pollution reduction is likely to increase the demand for HVACR technicians as climate-control systems are retrofitted, upgraded, or replaced entirely.
  3. Maintenance and repair work is always relatively stable. Business owners and homeowners depend on their climate-control or refrigeration systems year round and must keep them in good working order, regardless of economic conditions.
  4. During the economic downturn between 2007-2011, many consumers couldn’t afford to replace their aging systems. Instead, the industry witnessed a trend of increased repair demand in the HVAC marketplace. Now that unemployment is down and consumer confidence is returning, there is a fair amount of pent-up demand for the replacement of these old systems.
  5. Weather is another factor that influences the HVAC industry’s numbers. With spring and summer 2018 in the books, weather records have already been set across the nation. This summer ranked the fourth hottest on record for the U.S driving the need for HVAC systems maintenance, repair and installations.
  6. Government regulations regarding energy efficiency and the use of environmentally-friendly refrigerants will increase the sales of HVAC equipment.

What to expect moving forward?

The HVACR industry is currently stable and thriving and most see the future as exciting. However, any downturn in the economy or financial markets and the longer-term impact of the tariffs are wild cards for the HVACR industry, so we must continue to monitor those areas very closely.

That being said, there are jobs to be filled and HVACR companies are busy. This is truly an exciting time to be in the HVAC industry.

FIELDBOSS stays current on industry trends to keep you informed on what’s happening in the HVACR world.  Read our blog and sign up for our newsletter  for all the latest news.

#HVACindustrygrowth #HVACindustrytrends