As the fall heating season sets in, several factors are poised to impact the PHC (Plumbing, Heating, and Cooling) business landscape. Among these, the rise of connected equipment is notable. These technologies not only streamline new installations but also facilitate remote monitoring and adjustments, saving time on callbacks for tweaks.
Inflation and rising interest rates are other significant considerations. The increased cost of equipment and materials necessitates a close eye on business expenses, urging a timely revision of service pricing to sustain profitability.
On a positive note, the supply chain woes that plagued the industry have shown signs of easing, albeit challenges in stocking certain parts persist. It’s a slight breather, yet the journey to a seamless supply chain isn’t over.
Electrification continues its upward trend, with a marked increase in client requests for heat pumps over traditional heating systems. This shift aligns with a broader industry movement toward electrification, mirrored in significant acquisitions like Carrier’s purchase of Viessmann to tap into the heat pump market.
Lastly, the article touches on a renewed interest in acquiring PHC companies, driven by the pandemic-induced shift in work and living dynamics. This trend underscores the evolving nature of the PHC industry, urging business owners to stay attuned to these shifts, ensuring their practices align with the changing market dynamics, and exploring the value of their companies in this new business climate.
