NEW YORK, Dec. 23, 2015 /PRNewswire/ -- Global Air Conditioning Market 2016-2020
Covering: This market research report provides a comprehensive segmentation of the global air conditioning market by product type (air side systems, chillers, portables, single packaged, splits, and window units). It outlines the market shares for key regions such as the Americas, APAC, Europe, and MEA. The key vendors analyzed in this report are Daikin, Gree Electric Appliances, Midea, Mitsubishi Electric, Panasonic, and Toshiba Carrier.
Market outlook of the air conditioning market
Technavios market research analyst predicts the global air conditioning market to grow at a CAGR of around 8% during the forecast period. The intensifying urban heat island (UHI) effect is the primary driver for the growth of this market. The UHI effect is a major cause of rising temperatures worldwide, with the lack of greenery; widespread, dark roofs; and paved surfaces in cities adding to the increased absorption of solar radiation. For instance, according to the US Environmental Protection Agency, the annual mean air temperature of urban heat islands with a population of around 1 million is expected to be nearly five degrees Fahrenheit warmer in comparison to other areas.
The rising awareness about energy efficiency is also expected to boost market growth during the forecast period. Energy efficiency is of vital importance for both consumers and governments as unrestricted use of energy has put a high pressure on energy supply and also increased its cost. Vendors are developing green and efficient technologies and are redesigning their product offerings to reduce running costs, with a focus on sustainability. This is predicted to drive the replacement of existing low energy-efficient air conditioning equipment during the forecast period.
Product segmentation and analysis of the global air conditioning market
The splits segment dominated the market during 2015, with a market share of around 77%. The replacement of window units by split air conditioners, which are comparatively more energy-efficient and sleek, is fueling the demand for this segment. This research report anticipates this segment to retain its market leadership until the end of 2020.
Geographical segmentation and analysis of the air conditioning market
APAC accounted for around 62% of the market share during 2015 and is expected to retain its market leadership until the end of the forecast period. The growing urbanization and rising levels of income in countries such as India, China, and Vietnam are driving the market growth in this region. China and Japan are the market leaders in APAC accounting for a combined market share of around 80%.
Competitive landscape and key vendors
The global air conditioning market is highly fragmented due to the presence of numerous small and large vendors. The vendors in the market compete on the basis of services, availability, price, technology, and quality. High vendor competition has led to an increased number of M&A, wherein smaller entities are being acquired by or are merging with major players.
The leading vendors in the market are -
Gree Electric Appliances
The other prominent vendors in the market include Blue Star, Electrolux, Haier, Hitachi, Ingersoll-Rand, Johnson Controls, LG, and Samsung.
Key questions answered in the report include
What will the market size and the growth rate be in 2020
What are the key factors driving the global air conditioning market
What are the key market trends impacting the growth of the air conditioning market
What are the challenges to market growth
Who are the key vendors in this market space
What are the market opportunities and threats faced by the vendors in the global air conditioning market
What are the trending factors influencing the market shares of the Americas, APAC, Europe, and MEA
What are the key outcomes of the five forces analysis of the air conditioning market
Technavio also offers customization on reports based on specific client requirement.
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