Increasing awareness and need for energy efficiency on a global level is expected to positively impact the air conditioning systems market. This is particularly acute in mature economies of Europe and North America, due to high penetration of air conditioning systems in these economies. Regulatory norms for electrical appliances have necessitated the production of energy efficient systems and migration from traditional equipment. These also benefit consumers, since curbing energy ratings also helps lower electricity bills. Additionally, growing degree of consciousness regarding conserving the environment is also expected to fuel the industry. Local manufacturing companies, such as Chinese participants, sell products at prices lower than the global average. This results in diminished profit margins for industry participants, since they are forced to offer competitive rates for price sensitive customers.
Product segments include chillers, airside systems, single packaged systems, as well as portable, window and split air conditioners. Split air conditioning systems accounted for majority of the market in 2012, and are expected to grow at a rate higher than the global average. This can be attributed to the plethora of benefits they offer, such as low initial cost, ease of installation, and less noise. Portable air conditioning systems and chillers are also expected to witness healthy growth over the forecast period. In comparison, single packaged systems, which are mainly used in medium and small hotels, are expected to lose considerable market share in the coming years. Residential was the largest end-use segment, and occupied over 35% of the overall market in 2012. Commercial applications, which include the tourism industry and construction industry among others also held substantial market share in 2012.
Asia Pacific accounted for the largest market share in 2012; India and China are expected to be the key growth regions. This can be attributed to growing disposable income of consumers in this region and growing awareness and inclination towards advanced energy efficient products. In terms of revenue, Europe is expected to be the fastest growing market over the forecast period as a result of initiatives from regulatory bodies to curb energy consumption and need for replacement of existing equipment.
Grand View’s market research study takes a closer look at the air conditioning systems industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key product segments including chillers, airside systems, single packaged systems, portable, window, and split air conditioning systems. Estimates for residential, commercial, and industrial end-use segments have also been provided with yearly forecast up to 2020. The report also provides the same level of information for key regional markets.
The research report analyzes various factors which has been driving and inhibiting the global air conditioning systems market in the past. In addition, the research report analyzes the impact of each driver and restraint on the market growth based on which the market is forecasted. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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