← Back to Physical Services
PHYSICAL SERVICES

HVAC Contractors

Leader: EMCOR Group — 3.5% S1 · 6.3% CR3

S1
3.5%
leader
CR3
6.3%
top 3 combined
HHI
21
Unconcentrated
MARKET SIZE
$156B
US

How this is calculated

FORMULA
S1 = EMCOR Group revenue / total revenue = 3.5%
CR3 = EMCOR Group + Comfort Systems USA + Johnson Controls (service) = 6.3%
HHI = Σ(share²) = 21 (Unconcentrated (HHI < 1,500))
DENOMINATOR
Revenue — $156B (US)
US HVAC + plumbing contractor services revenue.
Size from: IBISWorld NAICS 23822
TOP 3 PLAYERS
#1EMCOR Group3.5%
#2Comfort Systems USA2.0%
#3Johnson Controls (service)0.8%
METHODOLOGY NOTE
EMCOR mechanical services ~$5.5B (10-K), Comfort Systems USA $7.2B FY24 with ~70% HVAC mix ≈ $3.1B (10-K), Johnson Controls NA building solutions service ~$1.3B (FY24 commentary; estimate, not separately disclosed) divided by $156B US HVAC market (IBISWorld NAICS 23822). Validated against BLS QCEW firm counts.
SOURCES
Year: 2025
Geo: US
Firms: 117,000+
NAICS: 23822

Historical S1 / CR3 trajectory

1995S1: 1.5%CR3: 4%Fragmented pre-EMCOR
2005S1: 2.5%CR3: 6%EMCOR roll-ups
2015S1: 3%CR3: 7.5%Comfort Systems growth
2025S1: 3.5%CR3: 6.3%PE + M&A wave; refined CR3 with explicit s3

Labor economics

REV / EMPLOYEE (leader)
$0.3M
industry avg $0.2M
SG&A % (leader)
10%
of revenue

EMCOR FY2024 SG&A 9.7%; trades work limits AI compression; scheduling/quoting automatable

See full Labor & AI analysis →

Related markets

Roofing
Tecta America
2.6%
CR3 4.9%
Plumbing
Roto-Rooter
1.5%
CR3 2.8%
Electrical
Quanta Services
4.9%
CR3 8.4%
Pest Control
Rentokil (Terminix)
20.0%
CR3 38.0%
Commercial Cleaning
ABM Industries
5.0%
CR3 6.1%

Source Quality Hierarchy

Every market has a primary source plus 1–3 validation sources. Revenue numerators come from SEC 10-K filings; denominators validated against the Economic Census where available.

TIER 1Authoritative anchorsGovernment data + SEC filings
US Economic Census (data.census.gov) · SEC EDGAR / Company 10-Ks · BEA Industry Value-Added (FRED) · BLS QCEW · USGS Mineral Commodity Summaries · EIA Refinery Capacity Report · FDA device listings
TIER 2Leading commercial trackersIndustry-standard paid trackers
IDC Semiannual Software Tracker · Gartner Market Share & Magic Quadrant · IBISWorld NAICS reports · StatCounter Global Stats · eMarketer / Insider Intelligence · Synergy Research Group
TIER 3Category specialistsBest-in-class niche authorities
SIPRI (aerospace & defense) · IQVIA (pharma) · TrendForce (semiconductors) · CIMdata (CAD/PLM) · Nilson Report (payments) · Am Law 100 (legal) · ENR Top 500 (A&E) · AM Best (insurance) · SIA (staffing) · Ad Age (agencies) · Barron's / Cerulli (wealth) · Evaluate MedTech · Nielsen Gauge (streaming) · Gridwise (ride-hail) · Bloomberg Second Measure (delivery) · RC Top 100 (roofing) · SDM Top 100 (fire/safety) · Big 4 annual reports · ALM Intelligence (consulting)

Data vintage: Q2 2025 research compilation. Labels updated 2026-Q2. Tier 1 sources refreshed from FY2025 SEC filings where available. For full methodology see the Methodology page.