Sales within the air conditioning systems market have been forecast to hit 148.3 million units by 2018, stimulated by rising global temperatures, growing incomes and an increase in demand for energy saving products.
Value wise, the air conditioning systems market was worth $98.2 billion in 2012 and is expected to reach $178.4 billion by 2018.
Global warming continues to remain a major factor propelling market demand, especially in the residential segment. Global warming, along with the depletion of ozone layer and the El Nino effect make up for the primary reasons that create the need for air conditioning systems.
Inverted-based and solar-based air conditioning systems are expected to witness significant growth in the near future due to their additional energy-efficient features.
In addition, improvements in housing-construction design and a rise in the number of building permits, particularly for commercial infrastructures, are aiding the growth of the air conditioning-systems market.
An increase in total spending across different industry verticals is expected to support the acceptance of packaged air conditioning systems and drive demand over the next few years.
Furthermore, replacement needs are also expected to generate a substantial portion of demand for air conditioning systems across the globe, particularly in matured markets such as the US and Europe.
Asia-Pacific represents the largest global market, led by developing markets such as China, India and Korea. Advances in the Asia-Pacific market is fuelled by factors such as encouraging growth in its urban population, tropical climate in most countries, increasing living standards and rising per capita incomes.
Air conditioning is common in the US, with 88% of new single-family homes constructed in 2011 including air conditioning, ranging from 99% in the South to 62% in the West. In Europe, home air conditioning is generally less common.
Southern European countries such as Greece have seen a wide proliferation of home air-conditioning units in recent years. In another southern European country, Malta, it is estimated that around 55% of households have an air conditioner installed. In India AC sales have dropped by 40% due to higher costs and upgradation of energy efficiency norms.
For more information on the air conditioning systems market, see the latest research: Air Conditioning Systems Market
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