Top HVAC Industry Trends of 2018
If there is one common theme we’re seeing for the HVAC industry in 2018, it’s that technology is influencing the industry and customer expectations. If you haven’t heard already, 2018 is the year to look at ways technology can help your HVAC business with marketing, business operations, and making data-driven decisions.
Here are the top HVAC industry trends you can expect in the coming years.
New Tech Lights the Way for the HVAC Industry
HVAC Technology Gets Smarter
In recent years, the HVAC industry has not only grown, but also gotten much smarter. Advances in service technology has gained traction and begun to take off in the past decade. What were once lengthy tasks, can now be evaluated and diagnosed in a matter of minutes.
New Trends, New Approach
In an industry where things are constantly changing, HVAC companies are taking advantage of these global trends. Many companies are now using this new data-based technology. Before, service companies relied on pen and paper for their business. Not only does this method use man hours and supplies to work; it also leads to misplaced or lost invoices and customer information. When you are running a business, the last thing you want is to not have the customer information on hand.
Becoming wireless in this age is a no-brainer. That’s why more and more industries are switching to mobile devices out in the field. This guarantees quick transactions and easy data entry. There are apps that give building managers control of lighting, ventilation, and many other processes with the click of a button. Smart devices encourage better measurements of big data, making way for more efficient HVAC systems in the future.
Global HVAC Market Surge
Rebuilding the HVAC Industry
Predicting the future is difficult. For the HVAC Industry, not so much. In fact, certain HVAC trends are becoming apparent. During the 2007 recession, the HVAC industry took a huge hit along with many other service industries. The market for HVAC equipment was at an all-time low. As the economy started to slowly rebuild, so did the HVAC industry.
The Growth of the Global HVAC Market
Global HVAC markets have surged in recent years and are expected to increase by nearly 9% through 2019. With this growth comes more revenue. The global HVAC Industry is looking at a stunning $70 billion increase in revenue in the approaching years. Much of the HVAC sales are likely to be solely air conditioners, but heat pumps and warm air furnaces are also expected to see high levels of growth.
Real-Time Data Influences Decision Making
Importance of Quality Data
Today’s business has become exclusively data-driven. The competing struggles of customer satisfaction and accurate decision-making have caused the market to come to a standstill. The highly competitive market is forcing business owners out of their usual practices because owners are no longer able to go off their initial decisions or their first thought. Instead, they rely on HVAC software to get quantifiable metrics for accurate data representation.
Real-Time Data Entry
The first step to real-time data entry is through the cloud. The cloud offers real-time data entry of important information and technicians can access sensitive information from any location. The key feature of cloud-based data entry is that it allows access to financial information. The decision makers can then respond quickly, in real-time.
Pushing for a Greener Future in HVAC Technology
With HVAC, there will always be questions about efficiency and environmental impact. New technologies have HVAC companies thinking how they can make a difference. Many of the larger HVAC enterprises are choosing to embrace lean concepts making efficiency the main focus. These new technologies help prevent heat loss, reclaim dissipated heat, co-opt renewable energy sources, and more. These technologies are largely targeted to help with indoor air quality and building automation control. Capturing this lost energy will greatly reduce the environmental impacts of past HVAC equipment.
Customer Service Becomes Top Priority
Prioritizing Customer Service
With the HVAC industry being a highly competitive market, customer service is becoming the main priority. Technicians need to improve interpersonal relationships and have strong communication skills. Improved communication skills create trust and a bond with the customer. Along with communication skills, the business owner needs to have a working knowledge of the latest technologies to satisfy both personal relationships and day-to-day operations of the business.
Meeting Customer Demands
In general, customers are becoming more and more demanding. Competition is at an all-time high and businesses are going all out to impress possible customers. The everyday shopper has become mindful of the power of choice. They use everything at their disposal, whether it be through reviews or the internet. They no longer blindly go with the nearest option available. Thus, causing businesses to do their homework and seek genuine reviews from loyal customers.
Keeping Customers Happy
In the business of HVAC, customer reviews and referrals can set your business apart. The majority of new client base comes mainly from what they have heard about you. Not many businesses last very long with under 3 stars. Furthermore, this directly relates to why business models are being completely rearranged and reprioritized. HVAC companies are changing their maintenance patterns to fit these new business models and to ensure widespread customer satisfaction.
Adapting to Changing Trends
Technology has not only changed how we experience HVAC systems, but also the role of those involved in maintaining them. As a result, current HVAC trends are geared toward automating HVAC systems and making it a seamless experience for users and operators. Many of the answers are lying in enhanced technologies, renewable energy sources or even a complete reimagining of how an HVAC system should work. It is crucial to your businesses success to implement a marketing plan based off of these changing trends because as technology becomes more advanced, so will the HVAC trends. The HVAC industry will continue to grow.