With the arrival of another new year, it’s a perfect time to look ahead at what’s shaping the industry. HVAC tech and demand are constantly shifting, and for residential HVAC dealers and contractors, it’s critical to stay on top of trends to stay competitive and meet the evolving needs of homeowners.

Here’s a quick look at the most significant trends to know for 2024.

1. Rising demand, rising prices 

Driven by climate change and technological innovation, the demand for new HVAC systems and upgrades has been rising for years, and 2024 will be no different, as the market is expected to grow at a global CAGR of 6.39% between now and 2028. At the same time, supply chain issues are also likely to persist through 2024, causing continued price fluctuations. 

This opens up opportunities for HVAC dealers and contractors to grow their businesses but also presents challenges. Finding ways to streamline operations so your teams work more efficiently and with less waste will be crucial to keeping your margins healthy in 2024.

2. Greener heating and cooling 

Energy efficiency systems remain the most in-demand, including furnaces with AFUE ratings of 90% or higher, heat pumps with HPSF ratings of 8 or higher, and cooling systems units with SEER ratings of 14 or higher. These more energy-efficient units are more eco-friendly and help lower the utility bills for homeowners, making them especially attractive as both upgrades and new installations.

3. Low-GWP refrigerants

North America is continuing its transition to low-GWP refrigerants, though the exact regulations in each country still need to be fully aligned. What matters most to HVAC contractors and dealers is understanding that the transition to low-GWP systems is underway and gaining momentum. That means HVAC pros need to know how to sell, service, and troubleshoot systems now using refrigerants like R134A.

4. Ductless systems 

As the demand for air conditioning continues to rise due to warming climates, ductless HVAC systems are becoming an increasingly popular solution in homes without existing ductwork. For contractors and dealers traditionally specializing in forced air HVAC systems, ductless systems present an excellent opportunity to grow your business and reach new customers.

5. Monitored HVAC systems

Integrating the Internet of Things (IoT) in HVAC has opened up new opportunities for monitored systems. These can provide homeowners and their system provider with real-time data that, for example, spot a potential mechanical issue early on and schedule the system for predictive maintenance. 

This is a very new type of service that HVAC contractors and dealers can provide to homeowners, but one that can open up new lines of revenue and help connect with customers who are already seeking smarter and more connected solutions in other areas of their homes. 

Staying one step ahead 

Rising demand, greener systems, new regulations, and innovative solutions are shaping the HVAC industry in 2024. Staying on top of these trends is critical to meeting customer needs and staying competitive. 

For a more hands-on look at the latest in HVAC tech, visit us in-store at your nearest ECCO.