How is Global Warming Contributing to Surge in Global HVAC Market

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The constant increase in the temperature, as a result of global warming, is one of thebiggest factors responsible for the surge in the demand for air-conditioning systemsand associated services across the world.Get Sample Copy of Report: https://www.psmarketresearch.com/marketanalysis/hvac-market/report-sampleThe release of various airborne pollutants, such as nitrogen oxides,chlorofluorocarbons (CFCs), and methane, into the atmosphere, as a result of fossilfuel burning, is the biggest contributor to global warming. According to the NationalAeronautics and Space Administration (NASA), there has been a 0.90 °Celsiusincrease in the average global temperature from the 1951–1980 period to 2017.The other key factors boosting the demand for heating, ventilation, and airconditioning (HVAC) systems and services across the globe are the expandingconstruction sector in various countries and increasing number of favorablegovernment 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 itis expected to generate revenue of $367.5 billion by 2030. This massive growthof HVAC market is during the forecast period (2020–2030) is projected to be at aCAGR of 3.9%.Throughout the world, a high demand is generated for the installation,upgradation/replacement, repair and maintenance, and consulting services for HVACsystems. Amongst these, the demand for the upgradation/replacement of HVACsystems was found to be the highest in 2019.This is mainly ascribed to the huge demand for the replacement of faultycomponents, in order to improve their energy efficiency, across the world. This willalso improve the operational efficiency of these systems, and thus reduce thedependence on non-renewable energy.
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How is Global Warming Contributing to Surge in Global HVAC Market

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