How is Global Warming Contributing to Surge in Global HVAC Market

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Market. Insights on Strategies of Key
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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.

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