Air Conditioning Global Market Sets to Grow
USA: Global demand for air conditioning is expected to grow at a rate of 10.5% per year to 2018, according to a new report.
The report by Transparency Market Research claims the air conditioning systems market, currently worth $98.2bn, is expected to reach $178.4bn in 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 and aspirations of consumers.
Growth factors are seen as the replacement market 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 also predicted 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. An increase in total spending across industries such as manufacturing and small to medium enterprises are seen as growth areas for packaged air conditioning systems.
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