Extreme fragmentation in US HVAC market drives roll-up activity

Across roughly 120,461 US HVAC contracting businesses, the largest single player holds under 2% market share, representing a textbook setup for roll-ups.

“The market is extremely fragmented: across roughly 120,461 US HVAC contracting businesses, the largest single player holds under 2% market share (IBISWorld 2026; Forbes 2024) — the textbook setup for roll-ups.”

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