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As the climate crisis keeps pushing heat metrics to new records, some territories on Earth are starting to periodically feature weather conditions that are too extreme for human life.
The world is experiencing several focal points of extreme heat. Some cities in the American South and Southwest broke daily records this summer. Phoenix, Arizona is set to break a new record on Tuesday, as the Valley of the Sun enters its 19th consecutive day above 110 degrees F. The previous record of 18 consecutive days, from 1974, was tied on Monday.
During the weekend, the area of Death Valley in California marked a daily record of 128 degrees F, just a few degrees shy of reaching the highest temperature ever recorded on Earth.
But the magnitude of the crisis is global. Asia, the Middle East and Europe are also experiencing new heat records. On Sunday, the Xinjiang region of China broke its own record, reaching 126 degrees F. A heat wave is battering Italy, Greece and Spain. The heat index in Asaluyeh, Iran reached 152 degrees F on Monday.
Far from isolated events, the rising temperature and humidity levels of recent years are consistent with climate change research. For the air conditioning industry, this means an unprecedented increase in demand, as air conditioning units shift in public perception from a luxury good to an item of first necessity.
In parts of the world where the wet-bulb temperature reaches 95 degrees F at 100% humidity, the human body is no longer able to maintain its homeostatic processes, and entering an air conditioned room becomes a matter of life and death.
Paradoxically, increased energy demand from the use of air conditioning is one of the largest contributors to greenhouse gas emissions, which in turn continue to contribute to global warming and extreme climate events. This type of process is referred to in climate science as a "positive feedback loop" and is specifically known as the "air conditioning paradox."
A global shift to clean sources of energy generation, including nuclear power, will be needed in order to mitigate the environmental cost of rising air conditioner use.
According to a recent report published by research firm SkyQuest Technology, the air conditioning market is expected to experience an average compound annual growth rate of 6.2% from 2022 to 2028, reaching a value of $172.48 billion by 2028.
Worsening air quality in major urban centers is another fuel for the industry's growth, which will stem primarily from the Asia Pacific region, followed by North America and Europe. Many territories that historically have not had a need for air conditioning are now seeing increased demand.
According to a separate report by GrandView Research, the total market for air conditioners in North America today stands at $24.6 billion and is expected to reach $35.6 billion in 2030.
Companies in the consumer electronics sector are some of the best situated to benefit from this growth. Some of the largest are U.S.-based, and the stocks have experienced rising prices throughout last month, partly riding the positive wave sweeping across the tech sector.
Other air conditioner giants not headquartered in the U.S. have also experienced a positive pricing trend in the last month.
Image made using MidJourney AI.
