Surging demand for energy efficient products is expected to favorably impact Latin America air conditioning systems market growth. Furthermore, regulations pertaining to energy efficiency along with increasing consumer awareness are expected to drive market growth. In many countries of the region, there is a trend towards formulating national energy efficiency programs and providing them regulatory as well as legal support. Technological proliferation and new product development is further expected to drive Latin America air conditioning systems market growth.
Increased exports of compressors in regions including Mexico, Brazil and Argentina may also fuel Latin America air conditioning systems market growth. Rapid urbanization and increased infrastructure spending is expected to drive air conditioning system shipments over the forecast period. A rise in disposable income across emerging countries along with improved standard of living is also expected to accelerate the market growth over the forecast period. In addition, diverse weather conditions are expected to propel the regional market over the next few years. However, the use of harmful refrigerants in air conditioning systems is known to significantly contribute to global warming, which is expected to pose a challenge to market growth.
Key participants in the Latin America air conditioning systems market include Daikin Industries Ltd, Watsco, Inc, Carrier Corporation and Lennox. A few major industry participants such as Daikin Industries have plans to build new plants in Mexico, Argentina and Brazil with an aim to capture market that was initially overlooked. The company is expected to start production of air conditioners and shift the production of core components in Mexico by the end of 2015.
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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.