Throughout the past year, the HVAC industry has seen many changes, especially in regard to COVID-19. But now, it's time to focus on where it’s going! Here are the latest market stats and trends in the HVAC industry.
COVID-19 was a shipwreck for many small businesses, but overall, the HVAC industry as a whole is still thriving. It was worth $57.8 billion in 2020, and experts predict it will go up to $82.5 billion by 2026... not a small chunk of change.
As for what we can expect for 2021? We're likely to see impacted logistics and supply chain. That's because the 'rona greatly reduced manufacturing and shipment of key products, tools and other components. So while your business may grow, it may also lag behind in new installations and retrofitting.
Our environment has also been playing a role. The weather is becoming more and more unpredictable (we're talking to you, Texas), meaning demand for a reliable HVAC system is rising. In particular, customers are on the prowl for air conditioners to keep them cool when temperatures are soaring.
There's always new technology on the horizon, and the HVAC world is no exception. Green and smart technologies are leading the way based on consumer demand. What exactly does that look like?
For one, expect to see more heating fueled by hydrogen or electricity. Customers are craving efficient models that use sustainable energy sources, especially since they've been stuck at home more. They may also be looking for healthier interiors, so lime and silicate-based plasters could become more common for projects.
Of course, customers are also still interested in smart home tech. Expect to see connected systems that are controlled by one central console. In addition to controlling their thermostat, homeowners want to be able to answer their smart doorbell or adjust their fridge temp all from the same device. This is no longer a luxury — it's now more commonplace than ever.
It's a sad thing to say, but it's almost time for the Baby Boomers to hang up their hats. Some of your most seasoned employees might be moving on to greener pastures and sandy beaches. Unfortunately, Millennials are far less likely to join the HVAC field than the generation before them. This means you may soon be left short-staffed with inexperienced recruits. Yikes.
Don't fret! This just means you'll need to step up your recruitment game to attract the younger generation. Maybe that means offering paid employee training, or skills programs that your workers can use for professional development. The more you can do to make your business more appealing to a prospective employee, the better.
The commercial HVAC industry isn't immune from change, either. Being eco-friendly is also important in this sector, as businesses are looking to reduce their carbon footprint. This means geothermal systems, which use the Earth's natural heat instead of fuel, may be a huge hit. Pair this with smart HVAC systems and thermostats, and you'll have a system that saves a ton of money.
Bipolar ionization is another thing the commercial sector will see. It's a way to deactivate harmful substances like allergens, mold, bacteria, and — perhaps most importantly in these times — viruses. Other decontamination trends include ventilation and UVC lighting.
Even though the pandemic is (hopefully) winding down now, it will still have big effects on 2021 HVAC trends. Consumers have spent a year quarantined in their homes, so they're now infinitely familiar with every downfall of their current HVAC system, leaving them primed to invest in pricy green and smart home HVAC upgrades to improve their comfort.
Your business model may also have to go through some changes as the Baby Boomer generation retires. Millennials might not be flocking to apply, but with a few changes to how you recruit and train, you should be able to lure them in.
In the commercial sector, it's not a big surprise that high-tech ways to decontaminate air are continuing to rise in popularity. And with the cost of energy continuing to rise, companies are also making the smart decision to upgrade to eco-friendly HVAC systems.
Another trend we predict? Using FieldPulse to make managing your business easier than ever! With the FieldPulse business management app, organizing client info, scheduling jobs, and creating invoices will be as easy as 1-2-3. Learn more about how we can cut your paperwork in half. Schedule your free demo today to take a test ride.