Europe HVAC Services Market Size

Europe HVAC Services Market Analysis

The Europe HVAC Services Market size is estimated at USD 14.62 billion in 2024, and is expected to reach USD 20.70 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).

HVAC services include the installation, maintenance, and repair of heating, cooling, and ventilation systems and equipment.

• The market sizing encompasses the revenue generated through the provision of HVAC services in different regions in Europe, such as the United Kingdom, Germany, France, Italy, Spain, the Nordic region, and the rest of Europe. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period.
• The construction sector plays a vital role in driving the demand for HVAC systems in Europe. With the increase in the construction of commercial and residential buildings, the demand for HVAC equipment and services has been rising consistently in the region.
• In line with Europe's net-zero emissions goals, along with the introduction of several energy conservation policies in the region, there is an increasing trend of replacing existing HVAC systems with energy-efficient ones.
• As the dynamic HVAC industry continues to grow and change, it is faced with a growing skilled labor shortage. A primary factor for the shortage is due to an aging workforce in Europe and many other regions in the world, with many baby boomers (people born between 1945 and 1960), which form a significant share of the existing HVAC technicians and installers, preparing to retire within the next couple of years.
• The pandemic highlighted the importance of ventilation, a significant factor driving the demand for many HVAC systems in the region. Several studies suggested that COVID-19 transmission was particularly effective in crowded, confined indoor spaces, such as workplaces (offices, factories) and other indoor settings, such as churches, restaurants, shopping centers, and vehicles. Ventilation with outdoor air was deemed to dilute contaminants in closed spaces and increase the time required for exposure to an infectious dose. In addition to ventilation, air filtration reduced the risk of virus transmission, compared to only increasing the air exchange rate in closed spaces. As such, the demand for installation services related to air filters increased considerably during the COVID-19 pandemic.