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2024 U.S. Industry Statistics & Market Forecast - Plumbing, Heating, and Air-Conditioning Contractors
Market Size & Industry Statistics
The total U.S. industry market size for Plumbing, Heating, and Air-Conditioning Contractors:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|
| Market Forecast ($ millions) | |||||
| Projected Industry Growth Rate (%) | |||||
Industry Insights
Major trends affect the Plumbing, Heating, and Air-Conditioning Contractors industry include:- Increased emphasis on sustainability and eco-friendly systems
- Rising demand for smart and automated HVAC systems
- Expansion of energy-efficient practices and products
- Stringent regulatory standards for energy consumption and emissions
- Growing adoption of IoT technologies for monitoring and maintenance
- Shift towards renewable energy sources integration
- Labor shortages and the need to attract skilled technicians
- Importance of indoor air quality and health awareness
- Influence of urbanization on market expansion
- Impact of climate change on HVAC system requirements
- Continuous advancements in heating and cooling technologies
- Challenges and opportunities in retrofitting older buildings
- COVID-19 pandemic effects on business operations and safety protocols
- Increasing consumer preferences for customization and comfort
- Price sensitivity and competitive pricing pressures
U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) |
|
|---|---|---|
| Total Revenue | Order at top of page |
|
| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Plumbing, Heating, and Air-Conditioning Contractors company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Plumbing, Heating, and Air-Conditioning Contractors industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
|
| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Plumbing, Heating, and Air-Conditioning Contractors measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 5% | Order at top of page |
||
| Chief Executives | 0% | |||
| General and Operations Managers | 3% | |||
| Office and Administrative Support Occupations | 12% | |||
| Construction and Extraction Occupations | 42% | |||
| Construction Trades Workers | 34% | |||
| Pipelayers, Plumbers, Pipefitters, and Steamfitters | 26% | |||
| Plumbers, Pipefitters, and Steamfitters | 25% | |||
| Installation, Maintenance, and Repair Occupations | 29% | |||
| Other Installation, Maintenance, and Repair Occupations | 26% | |||
| Heating, Air Conditioning, and Refrigeration Mechanics and Installers | 23% | |||
| Heating, Air Conditioning, and Refrigeration Mechanics and Installers | 23% | |||
Plumbing, Heating, and Air-Conditioning Contractors Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Plumbing, Heating, and Air-Conditioning Contractors industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Plumbing, Heating, and Air-Conditioning Contractors industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Plumbing, Heating, and Air-Conditioning Contractors industry. |
Source:
Innovation News
- May 23, 2024: Q-Pac Systems patents Modular Bulkhead System
- Apr 18, 2024: Q-Pac Systems patents Fan Array Wiring System
- Apr 18, 2024: Q-Pac Systems patents Fan Array Wiring System
- Jan 24, 2024: Augerpros Plumbing & Drain trademarks "PLATINUMPIPECARE" - Plumbing
- Jan 18, 2024: Fidelity Engineering trademarks "FIDELITY COMFORT" - Maintenance of HVAC systems, air purification systems, and climate-control systems
- Jan 18, 2024: Fidelity Engineering trademarks "FIDELITY ENERGY CONNECT" - Home energy assessment services for the purpose of determining home improvements needed to improve energy use and efficiency; Energy assessment services for the purpose of determining improvements needed to improve energy use and efficiency for industrial and commercial purposes
- Sep 14, 2023: Temp-Con raises $36 million in funding.
- Nov 17, 2022: Sagamore Plumbing & Heating raises $24 million in funding.
- Nov 14, 2022: Heat Watch raises $19 million in funding.
Recent Federal Contracts for Plumbing, Heating, and Air-Conditioning Contractors
- Apr 02, 2024: JETT'S SPECIALTY CONTRACTING, LLC (Paducah, KY) awarded $138,372
- Apr 02, 2024: VETERANS FACILITY SERVICES, INC (Cataula, GA) awarded $2,446,247
- Apr 02, 2024: JOHNSON CONTROLS INC (Milwaukee, WI) awarded $146,373
- Apr 02, 2024: TJ&B AIR CONDITIONING AND ELECTRIC, LLC (Avon Park, FL) awarded $924,307
- Apr 02, 2024: PHK CONSTRUCTION LLC (Portland, OR) awarded $13,479,485
- Apr 02, 2024: PUEBLO MECHANICAL AND CONTROLS, LLC (Tucson, AZ) awarded $76,902
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