The Global Sales of Air Conditioning Systems are Projected to Reach 137.8 Million Units by 2020
Global
Warming, Rising Living Standards & Urbanization Drive Sales of Air
Conditioning Systems, According to a New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Air Conditioning Systems. The
global sales of Air Conditioning Systems are projected to reach 137.8 million units
by 2020, driven by the rich mixture of major factors such as global warming,
rising standards of living and urbanization.
Energy consumed
for heating and cooling is rapidly rising worldwide. Air conditioning systems
in residential, commercial, and industrial sectors worldwide consume over 1
trillion kilowatt-hours of energy. A key fallout of the global climate change phenomenon
is the rise in cooling needs. As a result of the depletion of the ozone layer
and the El Nino effect, global average surface temperature is rising gradually,
resulting in higher spring and summer temperatures. As countries and
communities gear up to cool a warming planet, demand for air conditioning systems
is poised to grow strongly in the coming years.
The use of air
conditioning systems in the residential sector is reflective of an economy’s
health in a given country or region. This is primarily because an increase in
per capita income pushes up consumer demand for comfort living. Demographic and
socio-economic factors driving growth in the market include expanding
population, rising income and discretionary spending power, urbanization and
demand for well-furnished and provisioned houses. Growing awareness over the
importance of indoor air quality is also generating increased demand for air
conditioning systems. Demand for room air conditioners will be driven by the recovery
in the construction and residential housing market. The market for packaged air
conditioners, on the other hand, will benefit from the growing number of commercial
building permits for the construction of malls, industrial facilities, and
office spaces, among others. Growing concerns over the unsustainable rise in
energy consumption and the ensuing impact on the environment will spur demand
for energy efficient and green air conditioning systems.
Japanese
manufacturers are gradually losing competitive advantage to their Korean and
Chinese counterparts, primarily due to mistimed investments, and delayed entry
into developing markets such as China and India. Increase in capital expenditure across diverse industrial sectors will
boost adoption of packaged air conditioning systems, over the next few years.
The market will be primarily led by energy efficient models, such as the energy
star rated air conditioning systems. As stated by the new market
research report on Air Conditioning Systems, Asia-Pacific represents the largest
market worldwide, led by China, India and Korea.
Key factors driving growth in the region include rapid industrialization,
urbanization, technology advancements & falling prices of air conditioning
technologies, and growth in the number of data centers, server farms and office
buildings packed with heat generating electronic equipment.
Major players covered
in the report include Carrier Corporation, Daikin Industries Ltd., Electrolux
AB, GD Midea Holding Co. Ltd., General Electric Company, Gree Electric
Appliances Inc., Hitachi Ltd., LG Electronics Inc., Mitsubishi Heavy Industries
Ltd., Panasonic Corporation, Samsung Electronics Corp., Toshiba Group, Trane,
and Whirlpool Corporation, among others.
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