With 2022 coming to a close, now is a great time to look at how the HVAC industry performed and what trends are developing in the market. Whether planning or staying current with customers’ ever-changing needs, it’s always important to know where the industry is headed when entering the new year. Below are a few of the biggest trends to have on your radar for 2023 and beyond.
Industry-wide growth continues to be the biggest trend when it comes to HVAC/R. According to a recent survey conducted by AHR Expo and ASHRAE Journal, 88% of HVAC business owners reported a good or excellent business year. In addition to that, 43% expected a 5-10% growth in their business in the coming year with another 23.5% expected to exceed 10% growth. These numbers are impressive, and the industry is showing no signs of slowing down. The 1.2 million people in the U.S. alone that are currently employed by HVAC companies is expected to increase by 5% through 2028 based on projections from the U.S. Bureau of Labor Statistics.
The Internet of Things isn’t going anywhere anytime soon, and it has already rooted itself deep into the HVAC industry. While this trend hasn’t been as impactful on commercial systems as it has on the residential market, it’s only a matter of time before tech companies start producing smart devices aimed at commercial applications. In the U.S., 24% of households already own a smart thermostat, and 80% of those people plan on buying another in the future, as the Consumer Technology Association reported. A lot of the current “Smart” offerings in terms of climate control can already be used in many commercial locations and offer simple automation and scheduling features, all while being accessible to the owner from any location.
Sustainability is affecting the HVAC industry in a few different ways. According to the U.S. Census Bureau’s Advance Monthly Trade Report, air conditioning unit shipments peaked in 2021 at 6.28 million. Combine that record-breaking demand with the supply chain issues that are still rearing their ugly heads, and it could be a tough summer for the industry. A recent survey study from GWI found that over 50% of HVAC customers are willing to pay for more expensive, eco-friendly systems. With that in mind, it may be worth looking into some eco-friendly offerings for your customers in the upcoming years. It’s also worth mentioning that by 2023, all new residential HVAC systems will be subject to new energy efficiency standards. (U.S. Energy Information Administration)
Overall, 2023 is poised to be another huge year for the HVAC industry with the main issue residing in meeting the increasing demand for products and services across the nation. For more information on how CMS Nextech can be a part of your HVAC solutions this year, visit cmsnextech.com or call us at (800) 382-3150