“Today is the greatest, day I’ve ever known.”
Yes, in addition to being the legendary chorus of the Smashing Pumpkins’ 1993 hit “Today,” (children of the 90s rise up!), it also serves as a fitting mantra for those doing business in the HVACR industry, well … today.
While scanning my Google Alerts, I encountered a market study that emphasized some of the exponential growth expected in the industry.
A report by TechSci estimated that the market would reach or possibly exceed $44 billion annually by 2022.
The study states the growth can be attributed to a wide range of factors, including global warming, urbanization, and demand for improved living conditions. With people’s increased knowledge and awareness of the global warming phenomenon and the importance of high-quality indoor air, there is no longer an acceptance of making do without air conditioning.
With recent improvements in technology and the efficiency of modern-day HVAC systems, comfort equipment has become significantly more affordable and attractive, which has, in turn, further increased demand. Customers are also able to research and access significantly more information than in the past thanks to the internet and numerous HVAC blogs specializing in a wide variety of different subjects. Today’s consumers are certainly a lot more educated than the previous generation when it comes to HVAC solutions.
The study mentions only one negative: the ever-increasing cost of energy. Although this might seem like a difficult problem to resolve, HVAC manufacturers are continually researching and looking for ways to minimize the cost of operation. If these projections turn out to be true, then the HVAC industry has plenty of growth potential and could present an excellent investment for the shrewd investor, although it is important to conduct due diligence before investing any funds.
Thus, the time is now to get inside your customers’ homes and do what you do best: improve their comfort levels.
For more information on the TechSci study, visit http://bit.ly/TechSci.
