Rising environmental awareness and demand for energy-efficient products is expected to fuel the European air conditioning systems market. High standards of living and increased disposable income are also expected to drive market growth.
Stringent standards for energy conservation may act as a restraint to Europe's air conditioning systems market growth. The standards define the quality of product and service and have to be adopted as national standards by all states of the European Union including Germany, the UK, France, Austria, etc. Few important regulations in the European air conditioning sector are for hygiene in air handling systems, ventilation in residential buildings, and technology used for manufacturing equipment. Chinese manufacturers may pose a threat to European manufacturers due to their low priced products and large production capacities.
The European air conditioning systems market is characterized by the presence of weak economic situations in countries such as. Spain, Greece, Italy, Russia, and Turkey. Increasing replacement demand may provide growth opportunities to companies operating in the regional market. Industry participants have been focusing on manufacturing energy-efficient air conditioners to cater to the European market.
The European air conditioning systems market can be segmented on the basis of product and end-use. Key product segments include chillers, as well as window, split, airside, portable, and single packaged air conditioners. Window and split air conditioners combined are expected to account for considerable market share. End-use areas include commercial, residential and industrial sectors. The commercial segment includes hospitality, construction, and tourism.
Few key participants in the European air conditioning systems market include Sharp Corporation, Daikin Industries Ltd., Panasonic, Mitsubishi Corporation, Haier Electronics Group Co., Ltd, Samsung Electronics, Electrolux AB, LG Electronics and Hitachi Ltd.
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.