According to Bis Research, the heating, ventilation, and air conditioning, or HVAC industry is estimated to reach $208.55 by 2024.
A 2.6% CAGR is forecasted in the report that opens up multiple business opportunities in the industry for businesses to earn significant profits.
We are witnessing businesses jumping to grab the option in the industry as in the last five years, the number of HVAC contractors has increased by 3.1%.
So, if you are thinking about starting a new business in the HVAC industry, it’s the best time to make great profits.
But where to start from? What HVAC business ideas can help you make it big in the industry?
Don’t worry. We got you covered.
We have filtered the best HVAC business ideas and opportunities you can choose to start a new business in the industry.
The Best HVAC Business Ideas and Opportunities
Multiple HVAC business ideas and opportunities are available in the industry to help you achieve great profit numbers. But we have selected a few of the top-performing ideas. Have a look.
1. HVAC specialist for automobiles
The HVAC industry primarily deals with ventilation, air conditioning, and heating of compact spaces like airplanes, trains, homes, offices, etc. If you want to hold a decent market share in the industry, you need to step into the specialization niches.
And handling HVAC service requests for automobiles is one of the promising sectors where you can establish your mark. With the rise in cars daily, HVAC service demand will rise exponentially.
Hiring employees who can work with different cars from different brands can help you expand your work horizon and scale your business profits.
The competition is comparatively less in the industry, and it becomes easier for a new player to enter the space and deliver quality experiences to customers to reach new heights.
2. HVAC specialist for trains, ships, and planes
Apart from automobiles, you can also choose to deliver HVAC service for ships, trains, or planes. Working and delivering HVAC service for big toys can help you lock more profits and handle more significant projects than other service areas.
But with more money, the complexity of the service also increases. It’s more difficult to deliver quality HVAC service for a plan is more difficult than a car, requiring more training, skills, and focus.
You need to hire and train HVAC professionals that can handle the complexities of delivering services for trains, planes, or ships. You need to provide your HVAC team with the best HVAC tools and technology to minimize the efforts and optimize the productivity of your workforce.
But once you land one contract providing HVAC service to trains, planes, and ships, it would cover loads of automobile contracts.
Once you deliver a quality experience to your first client, word-of-mouth marketing can help you climb the success ladder and strengthen your brand image. You must thoroughly research before stepping into the service to become a successful HVAC business.
3. HVAC contractor
Becoming a professional HVAC contractor depends upon the funds available and the level of expertise in the industry. The competition is stiff in the segment of the HVAC business, and the demands are also high.
If you have a decent experience in the HVAC industry and know how things operate, it becomes easy to manage the HVAC contractor operations.
Most HVAC contractor’s segment players are focused on building and designing HVAC systems. That’s why the industry experience is so critical for the sectors.
Another HVAC contractor segment is testing, balancing, and adjusting operations to achieve enhanced HVAC systems.
HVAC contractors assign specialists that perform hydronic and air measurements on the HVAC system and manage the flows to achieve better performance. There are different sub-sectors that an HVAC contractor can handle depending upon your preference.
4. HVAC system installation
Every HVAC system needs an installation service by experts. Hiring a team of experts with quality installation skills to help you lock in great profits from the installation service can be beneficial.
With the rise in commercial and residential buildings globally, the market requires quality installation experts to handle the work efficiently and deliver quick installation services.
Once you are done installing, you can also offer HVAC maintenance services to start a recurring income for your HVAC business.
Though the recurring business will be seasonal, once you build a solid client base, it gets easier and more profitable to run HVAC system installation and maintenance services.
You need to research a bit about the industry and focus on the weakness of your competitors to optimize the service experience to attract more clients.
Once you get the key to attracting more customers, proper HVAC marketing strategies can bring wonders to your business profits and revenue.
5. HVAC units, accessories, and spare parts sales
Another great opportunity for the business sector in the HVAC business arena is providing accessories, spare parts, and HVAC systems as retailers. You can decide if you want to step into the retail or wholesale segments based on your funds, interest, and business network.
The supply chain system requires great players to handle the rising demand for HVAC systems, equipment, and repair parts. You can contact HVAC service providers to become their suppliers to increase your sales and profits.
You need to offer the HVAC service providers great prices to ensure they purchase their HVAC parts from your retail or wholesale stores.
You need a physical storage space to handle the inventory and deliver the supplies to your clients. Setting up the entire store requires funds and knowledge of the industry and the business model.
Ensure that you have a dedicated team of workers handling the supplies, inventory, and store operations to streamline your business process and lock in great profit numbers.
6. Chimney repairs
As we discussed focusing on the niche HVAC business-like in the automobile sector, chimney repair for homes can also be a potential area to channel your HVAC service business. You can solve issues like creosote buildup, clogs, water damage, and crumbling mortar to help clients bypass their troubles.
Chimney damages can result in decay, rot, and weakening of the structure; therefore, it requires regular maintenance that can act as a recurring incoming for your business.
Hiring the experts to handle the service can ensure that you can deliver to the customer’s expectations and run a successful business.
7. Fireplace installation
Similar to the chimney repair, fireplace installation is also a great HVAC-related business. Whether it is gas, firewood, or other fuels involved, a fireplace installation is a high-in-demand service in the cold regions of the country.
Once you install the fireplace in a home, you can offer its maintenance service as an upsell to create a recurring revenue stream for your business to scale the profit numbers.
Integrate the best technology, hire professionals, and keep a close eye on the industry trends to deliver a quality fireplace installation experience to your clients.
You can also partner with different service providers in the HVAC industry that can handle the fireplace installation work on your behalf and give you the agreed commission cut. There are multiple ways to succeed in the fireplace installation sector, considered an underrated HVAC industry arm.
8. Provide attic insulation and ventilation
The market for attic ventilation and insulation service is great, and there is a lack of professionals that can handle the industry requirements. Homes built after the mid-70s and until the late 80s’ have no proper air circulation because of the energy crisis during the period.
Attic ventilation can be done by installing soffit vents, non-mechanical and mechanical roof vents, gable vents, and ridge vents based on the requirement. With recent advancements, the attic insulation method preferred is the fiberglass batt format that can deliver a quality experience to homeowners.
9. HVAC commissioning service
HVAC commissioning is the comprehensive and thorough testing of the system’s performance. It reduces the maintenance and operating cost and extends the life of the equipment.
It’s difficult to convince the customers to avail of the commissioning services, but it becomes easy to lock in profits if you can convince them.
Commissioning is a one-time investment, but it can create a great revenue stream for your HVAC business if you can cater to a wider customer base. You can help the contractors verify and check the quality of their job and ensure that they can match up with the industry standards of quality HVAC equipment.
10. Solar thermal installation and maintenance
You can jump into the solar thermal systems installation and maintenance and grab the opportunity available in the rising solar industry.
You need to hire solar thermal technicians that can assist you in planning the layout of the industrial- or commercial-sized system and analyze different factors for your clients.
Determining the placement of pumps, tanks, and solar panels, you need to work towards getting optimal sun exposure for the solar thermal system to deliver maximum results.
You can offer services like installing solar thermal collectors, water heaters, storage tanks, pipe insulation, electrical control systems, etc. Having in-depth knowledge about the field and hiring the right team to deliver results are essential in this business sector.
Now that you are aware of different top HVAC business ideas and opportunities, you decide.
Frequently Asked Questions
Is the HVAC business profitable?Yes, the HVAC business can be profitable because of the industry requirement and the rise in commercial and residential buildings, automobiles, and other areas requiring air conditioning and heating systems. But you need to deliver a quality customer experience at a reasonable price to retain the customers.
Which is the best sector in the HVAC industry to launch a new business?Different business sectors offer different growth opportunities. It depends on your expertise, interest, and multiple other factors. But if we boil it down, HVAC niche service-based businesses stand out because of low competition and great industry demand.
What’s the growth opportunity in the HVAC industry?
The growth opportunity in the HVAC industry is immense if you can tailor your business approach toward delivering a quality customer experience. You need to differentiate your business from your competitors to tap the maximum growth potential of the HVAC industry.
What things to know before starting an HVAC service business?
To get a crystal clear idea, you must understand multiple things before starting an HVAC service business, like the audience, competitors, industry trends, future, and growth opportunities. Digging deep into the industry can help you pave a strong foundation to kickstart your business and achieve new heights.
In which part of the United States does the HVAC industry make the most money?Florida is considered the hub for professional and qualified HVAC technicians because it has the most available work and HVAC business in the country. There are multiple business opportunities available in the state in different sectors of the HVAC industry, depending on your preference.
It’s Decision Time
The HVAC industry is looking very promising and has great opportunities for determined and focused business owners to make big money in the business industry.
It’s up to you if you are willing to work hard to create a successful HVAC-based business.
Using the business ideas listed, you should filter down the best suitable HVAC business plan to enter the gold mine arena of the HVAC industry. You can choose from the best HVAC software for your business to streamline your HVAC business operations.