It could almost be a diabolical scheme – sweltering Texans reach for the air conditioner, sucking up power, which warms the planet and so boosts demand for cool air. But either way, a hotter climate and the need to save power suggest a healthy market ahead for the makers of heating, ventilation and air conditioning (HVAC) equipment, not to mention the bonus of rapid urbanisation.

In the US – where 84 per cent of households have some form of air conditioning, up from 57 per cent in 1980, according to the US Energy Information Administration – the opportunity is to replace and upgrade existing systems. Given that 18 per cent of American power consumption is used to change the temperature inside buildings, doing so more efficiently is a goal both for governments raising environmental standards and for households and businesses that want to save money. As the economy recovers, the cash to invest in more efficient systems should become available.

Urbanisation and new construction in the developing world adds a further layer of demand for original equipment, which constitutes about two-thirds of the $145bn global HVAC and refrigeration market. Bernstein Research calculates that, while there have been swings from rapid growth to more moderate periods and the occasional contraction, the market has grown