It’s no shock that 2020 has pushed us to transform the way we manage our day-to-day business processes, leaving many of your peers and industry leaders adapting to lean on modern technologies to keep up with the on-going demands in today’s global marketplace.
To discover what’s in store for the HVAC industry, we must turn our attention to emerging technologies, integration, and what the data tells us to get a picture of what to expect in the days and years ahead.
HVAC Industry Stats & Trends to Fire Up In The Future
1. The HVAC industry is climbing fast
By 2026, The Bureau of Labor Statisticsexpects a 15 percent increase in jobs in the HVAC industry. If the near reality corresponds with the data, then we know this growth is climbing quicker than normal, much faster than the average for all occupations. With the expansion in this field rising, the competition in the HVAC industry will open the door for more improved quality and expert craftsmanship.
But with more expansion comes greater responsibility for HVAC business owners, it’s crucial to have a highly organized and methodical HVAC service software in place to ensure visibility into the things you need to know about your business. With HVAC service software, you’ll be able to:
- Keep track of your accounting and payroll
- Know where all your business is coming from without having to ask customers
- Productively keep your technicians on top of bookings and tasks
2. By 2022, the HVAC industry may need more technicians
Despite projected industry growth, we could see the talent shortage of over 138,000 technicians by 2022. This shortage simply means there is plenty of room for new people to enter the workforce and new workers will have an opportunity to learn a skilled trade from the ground up since experience isn’t required.
The time is now for HVAC business leaders to start thinking about how they’re going to fill new jobs created by the market’s increasing demand. This occurrence will also contribute to new and upcoming HVAC businesses to start up as small companies to serve local communities and filling the presumed shortage.
3. The rise of Internet of Things (IoT) and smart home improvement
Technology like Internet of Things (IoT) and smart home improvement trends are getting more popular for homeowners. Today, there are 33M homes with smart thermostats in the US, with 20% of spending increasing on climate control of the growing market each year since 2016.
IoT-enable HVAC units and remote control access allow users to operate connected systems through Wi-Fi and mobile applications. Users can also see real-time information about the condition of the systems, so this helps users and manufacturers know if there are any defects at the first sign of trouble and reduce maintenance costs.
4. HVAC businesses need to market online
94 percent of Facebook Ad revenue comes directly from mobile users. In fact, only a mere 6% of Facebook’s advertising revenue is from desktop-only users. Businesses that are not taking advantage of advertising online risks losing out on a large number of potential customers. No amount of effort and money you put into service or package deals will matter if you can’t get customers to make it to the door.
Additionally, 88 percent of consumer local business searches on a mobile device either call or visit the business within 24 hours, this information serves as a reminder of how important it is to optimize all of your social media content to be as mobile-friendly as possible and spend more money targeting mobile users.
5. Provide customers digital ways to pay
To remain competitive and boost customer satisfaction, HVAC business leaders must move fast to adopt online payments platforms like FusionPay, and anticipate the future of how customers will pay for products and services.
Thanks to a boom in new financial technologies, apps, and other payment platforms, customers’ payment choices are changing at a rapid pace. According to the Federal Reserve Bank of Atlanta’s Diary of Consumer Payment Choice, debit cards are the most frequently used payment choice, followed by cash and credit cards.
Are your HVAC techs still collecting paper receipts and decorating the company’s fleet with paper invoices? Or are you using QuickBooks and it’s not integrating smoothly into your current business system or process?
Now’s the time to act fast and give your HVAC customers virtually smooth online payment options that they deserve in 2020.
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6. Important correlations between construction and HVAC
When there is an increase in new building construction, there is always a similar increase in HVAC unit installations. As the trend of sustainable building design continues to emerge more often, the HVAC used in these buildings will be environmentally friendly, possible through new technology or alternative power sources.
In both residential and non-residential, HVAC equipment installations are expected to be on the rise in the coming year. This means you have maintenance and repair businesses that will get an expanded customer base with every new system that is installed.
Will you be using software and other online tools to automate your service processes so that you’re well-equipped to serve your clients and customers?
7. Geothermal may gain more steam in homes
Geothermal heat and energy often called “the forgotten renewable” uses underground pipes to regulate temperature and are widely used elsewhere in the world.
But geothermal heat remains little known in the US—they make up just only 1 percent of the HVAC market and only about 40,000 of them were installed in U.S. homes every year.
Now that Congress has put the technology on equal footing with solar and wind, many in the industry are hoping for more awareness and growth. Do you have the right HVAC service software and infrastructure to support your office-to-field needs if geothermal energy becomes a household trend?
8. More employees are ignoring emails and prefer SMS communication
Modern communication tools like messaging and chats provide a way for you and your team to communicate and relay important information with each other without being buried in your email box. In fact, nearly 44 percent of workers said the best way to reach them is through texts, not emails in one 2019 workplace communication survey.
During an uptick in business volume, it’s an absolute must to equip your team with communication tools like text messaging and intelligent scheduling and dispatching dashboards to text or call your workers instantly without having to switch programs.
9. Green technology cut costs and increase HVAC efficiency
When properly maintained, HVAC equipment can last 10-15 years, which draws to the conclusion that a large percentage of the HVAC industry is mostly maintenance. With the adoption of new software and technology, the maintenance process can be designed to be more efficient and environmentally friendly.
Moreover, 75 percent of utility costs in a home comes from electronics that are in standby or off, including HVAC equipment. With proper insulation, you can lower utility costs and increase HVAC efficiency by up to 30 percent.
10. Smarter trends will shape the future of HVAC
Smart systems and devices that are designed to automate or remotely control home systems are getting more mainstream in the US. You can find that almost everything in your home can be managed through an app from your mobile devices, tablets, or desktop computer.
While smart home installations and upgrades give us more control over utility costs and performance of our home’s systems, many people are turning to smart technology to help aging members of their families, because they plan on living in their homes longer. Technology like smart thermostats, security systems, and electronic door locks can keep things safe and allow family members to keep a close watch on their loved ones.
Increase productivity & unlock full growth potential
Continue to monitor HVAC industry trends and identify ways to improve and optimize your business processes. These stats and insights provided in this article will help you recognize the hidden potential for maximizing revenue.
Proper management of your day-to-day operations and maintaining it in one place enables you to be one step ahead of your competitors. Become the ultimate problem-solver for your customers’ challenges by providing easy online payment solutions, instant communication, transparency, and accountability. If you have any questions about HVAC service software, don’t hesitate to reach out to our team to get a free demo with one of our Sales Consultants.