How is Global Warming Contributing to Surge in Global HVAC Market
by deepakkumarwts · June 17, 2020
The constant increase in the temperature, as a result of global warming, is one of the biggest factors responsible for the surge in the demand for air-conditioning systems and associated services across the world.
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The release of various airborne pollutants, such as nitrogen oxides, chlorofluorocarbons (CFCs), and methane, into the atmosphere, as a result of fossil fuel burning, is the biggest contributor to global warming. According to the National Aeronautics and Space Administration (NASA), there has been a 0.90 °Celsius increase in the average global temperature from the 1951–1980 period to 2017.
The other key factors boosting the demand for heating, ventilation, and air conditioning (HVAC) systems and services across the globe are the expanding construction sector in various countries and increasing number of favorable government initiatives and policies, to aid their installation in residential, commercial, and industrial buildings.
As a result, the global HVAC market reached a value of $240.8 billion in 2019, and it is expected to generate revenue of $367.5 billion by 2030. This massive growth of HVAC market is during the forecast period (2020–2030) is projected to be at a CAGR of 3.9%.
Throughout the world, a high demand is generated for the installation, upgradation/replacement, repair and maintenance, and consulting services for HVAC systems. Amongst these, the demand for the upgradation/replacement of HVAC systems was found to be the highest in 2019.
This is mainly ascribed to the huge demand for the replacement of faulty components, in order to improve their energy efficiency, across the world. This will also improve the operational efficiency of these systems, and thus reduce the dependence on non-renewable energy.