Global HVAC market to continue growth
The global HVAC market is expected to reach US$136.5 billion by 2024, registering a compound annual growth rate (CAGR) of 3.9% during forecast period.
According to a new report published by research and consulting company P&S Intelligence, the market is buoyed by several factors, including an increase in government-led initiatives, overall growth in the construction sector and a rising average global temperature.
NASA’s Goddard Institute of Space Studies states that since 1980, the average global temperature has increased by 0.5⁰C per year. Additionally, some countries in regions such as the Middle East, Africa and Asia-Pacific experience subtropical and hot climates, resulting in intensely hot and humid summers; thereby making them heavily dependent on HVAC systems for their cooling requirements.