Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The report discusses the intricacies of the impact that energy efficiency initiatives will have on the global air conditioning systems market. Currently, air conditioners are regarded as appliances that consume massive amounts of energy. Manufacturers are thus innovating to change this perception - especially in the backdrop of environmental regulations. The market currently offers considerable scope for the development of energy-efficient air conditioning systems.
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North America trails the APAC region in terms of market share. Here, the dynamics of the market are slightly different in that demand stems chiefly from the need to replace or maintain older systems. Consumers installing new air conditioning systems prefer energy-efficient models or those with low emissions. Moreover, products that boast advanced features and new climate control/sensible cooling technologies are preferred. The report finds that there is an expanding market for air conditioning systems that work on solar power or other unconventional energy sources. The stringent energy and power-consumption regulations here are responsible for the change in consumer demand.
The growth of the air conditioning systems market largely depends on the state of the construction and housing sector. With higher construction permits being awarded, the need for equipment such as air conditioning systems rises. A rise in the total spending across industry verticals is being observed. This aspect will likely drive the global air conditioning systems market over the next few years, which will witness demand from end users such as manufacturing units and other small to medium enterprises.
The TMR report observes that North America and Europe offer considerable scope for the development of the air conditioning systems market. According to the estimates of this report, the portable air conditioning systems market in North America is poised to grow from its 2012 figures of 973.7 thousand units to about 1,743.7 thousand units by the end of 2018. This marks an estimated compounded annual growth rate (CAGR) of 10.2% between 2012 and 2018.
However, in regions that are exposed to extreme weather conditions, the adoption rate of split air conditioning systems is higher. Split air conditioners offer the advantage of better temperature control, making them suited to very hot or very cold regions. Portable systems are more reasonable as compared to window-fitted air conditioning systems.
However, the former product category will likely witness higher prices as the demand gradually goes up.
The report profiles leading market players including but not limited to: Samsung Electronics, Daikin Industries Ltd., Mitsubishi Corporation, LG Electronics, Hitachi Ltd., Panasonic, Carrier, and Sharp Corporation.
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