The Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) System Market is a rapidly growing market, especially in the U.S and Canada with a value of $81.1 billion in 2015 - and is expected to continue to grow by 5.5% each year through to 2022 [1]. In addition to this, jobs within mechanics and installation in HVACR are also increasing by 21% through to 2022 [2].
Talent At A Premium
This exponential growth is obviously very positive for the industry in the long term; however optimism could be dampened by the talent shortage that is arising. Although the job opportunities are increasing, which is great for the industry, companies are not able to grow as much as they want to as they are struggling to attract the best talent, particularly in mid-senior level positions. With a growing demand for HVAC products, this market forms an increasingly important part of the economy, meaning the talent shortage needs a quick and effective solution for continued growth to result.
In the U.S there is expected to be a shortage of over 138,000 workers in the industry by 2022 [1]. The reasons for this shortage are numerous; one key reason within the U.S is that there is an ageing workforce with 50% of the workforce set to retire in the next 10 years [2]. This strain on the supply of workers in this situation is heightened by a lack of young talent coming through. Many of those in colleges and universities do not see the HVACR industry as a leading career option and therefore do not pursue it. This negative perception is damaging the industry.