International. The HVAC services market is projected to grow at a compound annual growth rate (CAGR) of 6.62 percent, according to the new ReportsnReports.com report.
The market analyst says that the latest trend that is gaining momentum in the market is advanced monitoring systems and smart technologies. Advances in monitoring systems and smart technology are a driving force for global HVAC services. Monitoring systems help track a building's energy consumption, while smart technology controls the energy output of an HVAC system.
According to the HVAC Services market report, one of the major drivers of this market is the increasing construction activity. Development in the construction industry plays an important role in driving the global HVAC market. New construction in the residential, commercial and industrial sectors has increased the demand for HVAC systems, which improves the efficiency of construction, thus generating higher revenues for the market.
As the demand for HVAC equipment increases, the demand for services to maintain it as well. Innovations in building design and increased focus on the energy efficiency of buildings have created an opportunity for HVAC service providers to increase their market position.
