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HRAI1 17042019Market research company P&S Intelligence has published a new analysis that concludes the HVAC industry will continue to grow through 2024, suggesting that the average worldwide compound annual growth rate will be almost 4% through the 5-year period. To be exact it is expected to reach US$136.5 billion with GAGR of 3.9%.

It says positive indicators include an increase in government-led initiatives, overall growth in the construction sector and a rising average global temperature, which will catalyze discretionary projects.

NASA’s Goddard Institute for Space Studies says the Earth's global surface temperatures in 2018 were 1.5 degrees Fahrenheit (0.83 degrees Celsius) warmer than the 1951 to 1980 mean. The past five years are, collectively, the warmest years in the modern record.

“Since the 1880s, the average global surface temperature has risen about 2 degrees Fahrenheit (1 degree Celsius). This warming has been driven in large part by increased emissions into the atmosphere of carbon dioxide and other greenhouse gases caused by human activities,” says GISS Director Gavin Schmidt.