According to a new market report published by Transparency Market Research "Air Conditioning Systems Market - Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2012 - 2018", 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.
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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 Montrealprotocol.
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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.
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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.