The global air
conditioning systems market was worth USD 98.2 billion and is
expected to reach USD 178.4 billion in 2018, growing at a CAGR of
10.5% from 2012 to 2018. Asia-Pacific accounted for the highest
market share (34.4%) in 2012, followed by North America. Asia-Pacific
is expected to maintain its leading position for the next five years
owing to the increasing disposable incomes of consumers, rising
awareness and an increasing trend towards living a comfortable life.
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Some of the factors
supporting growth of the air conditioning systems market worldwide
include replacement need in developed regions such as North America
and Europe, growing awareness about energy efficient and eco-friendly
products, and increasing demand for technologically advanced air
conditioning with sensible cooling. Inverter-based and solar-based
air conditioning systems are expected to witness significant growth
in the near future due to their energy efficient features, which help
meet stringent energy regulations. In addition, improvements in
housing construction design and rise in number of building permits,
particularly for commercial infrastructures, is aiding the growth of
the air conditioning systems market. Increase in the total spending
across different industry verticals is expected to support the
acceptance of packaged air conditioning systems and drive the demand
in the coming few years. Industry verticals such as manufacturing
sector and small to medium enterprises are potential end users for
packaged air conditioning systems.
Currently, a major
challenge affecting the market growth is the power consumption by air
conditioners, which is higher as compared to other electrical
appliances. However, this is in turn increasing the demand and scope
for energy efficient models. Also, the carbon emission associated
with usage of air conditioning systems is further deterring market
growth, and is expected to have significant impacts in the future, if
not addressed properly. This is mainly due to increased focus on
reducing green house gas emission and signing of many relevant global
treaties and agreements like the Kyoto protocol and Montreal
protocol.
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Amongst the
different systems, portable air conditioning systems are popular in
regions such as North America and Europe, as its cooling capacity
matches with the environmental conditions of these regions. North
America portable air conditioning systems market is expected to grow
from 973.7 thousand units in 2012 to 1,743.7 thousand units in 2018;
at an estimated CAGR of 10.2% from 2012 to 2018. On the other hand,
split air conditioning systems have higher adoption rate in regions
with extreme weather conditions, as these systems provide better
temperature control and best fit to these conditions. Portable
systems are the lowest priced while windows air conditioning systems
are priced marginally higher than portables and are about half the
average price of a split air conditioning system. The price of
portable systems is expected to rise owing to its increasing demand
in the newer segments such as tent market.
Some of the major
players in the air conditioning systems market include Daikin
Industries Ltd., LG Electronics, Mitsubishi Corporation, Hitachi
Ltd., Samsung Electronics, Panasonic, Carrier, Sharp Corporation,
Haier Electronics Group Co. Ltd, and many more. Daikin is the world's
largest player in this market. Small players and new entrants will
find it difficult to establish themselves in the air conditioning
systems market and are expected to face stiff competition from the
existing players, due to widely followed merger and acquisition
strategies by these players, to consolidate and maintain their
positions and survive the competition.
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