Due to the escalating demand for heating, ventilation, and air-conditioning (HVAC) equipment for various buildings and other enclosed spaces, rising government measures for HVAC adoption, and soaring global surface temperature, the HVAC market is expected to witness stable growth during the forecast period (2020–2030).
The market is predicted to increase in value from $240.8 billion in 2019 to $367.5 billion by 2030. HVAC equipment is widely used for heating and cooling purposes in residential, industrial, and commercial buildings.
The rapid rise in temperature, on account of global warming, is the biggest factor boosting the demand for cooling equipment, thereby driving the growth of HVAC market globally.
Global warming is mainly caused by the release of nitrogen oxides, methane, carbon dioxide (CO2), chlorofluorocarbons (CFCs), and other greenhouse gases, due to the burning of fossil fuels. According to the National Aeronautics and Space Administration (NASA), in 2017, there was a 0.90 °Celsius increase in the average global temperature from the 1951–1980 period.
The rise in the supportive measures and regulations launched by various governments across the globe is another important factor fueling the surge in the HVAC market revenue. For instance, the Environmental Protection Agency (EPA) is planning to expand the laws pertaining to the reduction in CFC and other ozone-layer-depleting substances’ emission.
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Furthermore, in 2018, the Indian Ministry of Power launched Eco-Niwas Samhita, which makes it mandatory for residential and mixed-land-use buildings to set minimum performance standards related to heat gain and heat loss.
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