According to IBISWorld, HVAC franchise revenue is expected to rise at an annualized rate of 2.2 percent over the next five years, reaching $1.0 billion by 2023. In a billion dollar industry, streamlined business practices are essential, and will allow for better customer service, more efficient operations and time savings across the board.
Products with remote connectivity have become increasingly commonplace in homes and businesses these days. This advancing technology is changing HVAC systems for the better by providing consumers with self-learning thermostats, mobile and voice control options, and self-diagnosing equipment.
While ductless HVAC is not without its flaws, the technology has evolved exponentially to now provide customers with numerous configurations at affordable prices appropriate for nearly every application, which is music to the ears of entrepreneurial contractors.
HVAC contractors come into contact with countless doorbells, light switches, and home appliances. They’re trusted advisors to the customers in their care. So when the time comes for their customers to replace those doorbells with their smart home counterparts, shouldn’t HVAC contractors be the “smartest” choice for the job?
By 2022, the company estimates as many as 1.3 billion smart devices will have made their way into households. That factors out to one smart home device for every sixth person (babies and children included).
Manufacturers in the realm of IAQ are seeing an uptick in interest due to increased awareness among consumers as well, as the air quality concerns that come as a byproduct of efforts to tighten up buildings to increase energy efficiency. In response, they’ve been updating IAQ products for the age of the smartphone and the “smart” HVAC system.
My thinking was something like this: It costs a lot, may not be all it’s claimed to be, and looks to be pretty involved (learning curve), so maybe the thing to do is to sit on the sidelines for a while to see how it does. Soon, there was broad use of technology we weren’t familiar with, and I began to sense that some of our competitors had an advantage.
According to a recent study by Parks Associates, 13 percent of U.S. broadband households owned a smart thermostat by the end of 2017. And while that’s still under a quarter of eligible homes, that number has nearly tripled from just three years prior, influenced by factors like the ubiquity of the smartphone and the rise of in-home AI.
Despite the fact that there’s a lot of airtime given to smart thermostats in the media and throughout industry conferences, the reality is that only about 15 percent of households own a smart thermostat, according to Rob Munin, president at Lux Products.
Technology is rapidly changing, and nowhere is that more apparent than in the HVAC industry. It is more important than ever for HVAC instructors to keep up with these changes, and 750 teachers did just that by attending the 12th annual HVAC Excellence National HVAC Educators and Trainers Conference in Las Vegas.