III. Industry Analysis
As long as people have modern homes, they will need HVAC systems to keep them comfortable. Heating systems are required to keep homes warm in the harsh winters, and cooling systems help people survive the rapidly increasing heat waves. Therefore, the industry will remain strong as long as humans desire to feel comfortable when residing in their homes.
Furthermore, the past few years of weather extremes have shown humans how fragile our species is. It’s hard to live through an extreme heat wave without some form of air conditioning. Therefore, many people who don’t already have good heating or cooling systems will be investing in them to remain comfortable when the weather becomes severe.
Currently, the HVAC market size is valued at $16.54 billion and is expected to grow at a CAGR of 5.6% from over the next 10 years, according to Grand View Research. Therefore, it seems that the industry will still be in high demand over the next decade, which makes this a great time to establish an HVAC business.
