HVAC Software Market is Likely to Reach a Valuation of Nearly US$ 1.5 Billion by the End of 2032 | Future Market Insights, Inc.

Published Via 11Press : NEWARK, Del: The worldwide market for HVAC software is projected to amass a revenue of US$ 1.5 billion by 2032, driven by a positive CAGR of 7.9% from 2022 to 2032. The HVAC software market was valued at US$ 685.9 million in 2022 and is driven by elevated demand for budget management like generation and finalization of budgets as well as managing the time of technicians through scheduling and work distribution. There are a variety of HVAC software options available for invoicing, scheduling, and service management and increasing application of these across different industries aids the expansion of the market size. Additionally, the rising demand for sustainable energy and awareness of environmental impact has led to an increased demand for HVAC software.

During the historic period of 2015 to 2021, the market expanded at a CAGR of 10.9% and attained a value of US$ 624.7 million by 2021. The various benefits associated with HVAC software propel the demand for the same in the global marketplace. The market for HVAC software is primarily driven by the rise in the digitalization of operations that boost efficiency and simplify operations across various areas. Furthermore, HVAC software offers enterprises the benefit of tracking past incidences, usage patterns, technological specifications, and other data required by technicians to perform repairs.

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Moreover, the HVAC industry is shifting towards energy efficiency and eco-friendliness, with manufacturers focusing on green initiatives to save costs while reducing greenhouse emissions. This has resulted in the development of HVAC units that are energy-efficient, use renewable energy sources, and have lower energy costs. The rapid rate of urbanization has led to an increase in construction activities, which is expected to drive the expansion of the HVAC software market.

Governments across the world have implemented energy consumption and safety standards to regulate pollution levels from residential and industrial equipment. The rise in concern for climate change and global warming has prompted various organizations to promote the adoption of renewable energy technology. These stringent safety standards are expected to boost the global market for HVAC software during the forecast period.

A growing customer preference for comfort has resulted in the development of HVAC products that are energy-efficient and incorporate cutting-edge technologies for improved connectivity. Buildings today are designed to be "green," which has resulted in the installation of thermostats, sensors, and smart meters that can be controlled through smartphones or PCs. The market for HVAC software is projected to grow rapidly during the forecast period due to the emerging home automation market, increased demand for inverter air conditioners in China, and technological advancements such as geothermal cooling and heating equipment.

Key Takeaways:

• Based on industry, the large industry category will create high demand for the market with a projected CAGR of 8.7%.
• By deployment, the cloud-based category will dominate the global marketplace owing to its affordability and other benefits.
• The HVAC software market in Europe will lead the market with a value of US$ 375 million by 2032.
• The US HVAC software market will create an incremental opportunity of US$ 272.9 million from 2022 to 2032.

Competitive Landscape 

Codified Inc., Dataforma Inc., GorillaDesk, ServiceTitan, FieldEdge, Fergus Software Limited, Housecall Pro, Synchroteam, and MHelpDesk, among others, are a few of the eminent players in the HVAC software market profiled in the full version of the report.

Leading market players are focusing on developing new technologies that offer further optimization of performance. These firms also employ various organic and inorganic growth strategies to gain a competitive edge. For example, in April 2022, Daikin Comfort Technologies North America In. and XOi Technologies collaborated to provide AR and AI curb-to-curb field service solutions that helped enhance efficiency and automate the workflow.  

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More Insights Into HVAC Software Market

Providing an unbiased and honest assessment, FMI presents an analysis of the worldwide HVAC software market, including historical data from 2015 to 2021 and forecasted statistics spanning 2022 to 2032. The report encompasses an examination of market drivers, opportunities, challenges, and trends. To ascertain the potential, growth, and extent of the global market, it is segmented based on deployment, enterprise size, and region.

According to FMI estimations, based on segmentation, the cloud-based HVAC software will remain popular during the forecast period. Apart from offering various benefits, cloud-based deployment is more affordable than web-based. In terms of industry size, large enterprises will create the most opportunities for the HVAC software market. Based on region, the HVAC software market in Europe will present considerable growth. The target market in this region will account for over 25.6% of the market share in 2021 and an estimated value of US$ 375 million by 2032. Favorable policies of the European Union and demand for HVAC products account for the growth of the HVAC software market in Europe. Thus, the introduction of new technologies in this field, demand from large enterprises, and contributions from Europe will fuel the growth of the HVAC software market.

Key HVAC Segments Covered In HVAC Software Industry Survey

by Deployment:

• Cloud-Based
• Web-based

by Enterprise Size:

• Large Enterprises
• Small and Medium Enterprises

by Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

View Full Report: https://www.futuremarketinsights.com/reports/hvac-software-market

Table of Content

1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations

2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations

3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on HVAC Software Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market (Continue TOC...)

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