Nigeria's Air Conditioner market is projected to grow at a CAGR of 5.70% during 2016-22
In 2015, Nigerian air conditioner market declined due to declining oil prices and weak economic conditions. The economy is expected to regain growth in the next two years, which would drive several infrastructure development activities in the country.
Government initiatives to improve the economy of the country, rising investments and expanding urban population with developing income level are acting as the key drivers for growing air conditioners market in Nigeria. Further, with intensifying construction activities in residential and commercial sectors, the market is expected to register growth in the coming years.
Over the next six years, the centralized air conditioner market is estimated to grow at a healthy growth rate owing to increasing construction activities in commercial sector.
Southern region of the country is the key revenue generating region in the overall market. Lagos city has led for the growth of the southern region as compared to northern region. Also, with upcoming mega projects in the city demand for higher tonnage air conditioners would surge.
- Air Conditioner Types
-- Window AC
-- Split AC
-- Floor Standing
-- Cassette Type
--- Chilling Unit (Chiller/VRF)
--- Others (pipe, valves, ducts, dampers, diffusers)
-- Commercial Offices
-- Northern Region
-- Southern Region
- Carrier Corporation
- Chigo Holding Limited
- Daikin Industries, Ltd.
- Johnson Controls, Inc. (York)
- LG Electronics, Inc.
- Midea Group Co., Ltd.
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Qingdao Haier Co., Ltd.
- Samsung Electronics Co., Ltd.
- Trane Inc.
For more information about this report visit http://www.researchandmarkets.com/research/jpdbjv/nigeria_air
Related Topics: Household Appliances, HVAC (Heating, Ventilation, and Air Conditioning)
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SOURCE Research and Markets