Global Air Conditioning Market: Snapshot
Essentiality of electricity is increasing day-by-day. Coal and natural gas plants are generating electricity by emitting greenhouse gases to meet the growing demand for electricity worldwide. Greenhouse gas emissions were around 1.25 billion tons in 2016 and is projected to be 2.28 billion tons by 2050, according to the estimations of International energy agency. Thus these emissions are contributing to global warming, which in return is heightening the demand in the global air conditioning market. According to IndustryARC, the global air conditioning market will grow at a CAGR of around 4%-6% over the forecast period 2019-2025.
Air conditioning is defined as a process in which the main target is to remove heat from an occupied space. It is used to dehumidify rooms and also to improve the comfort of inhabitants amid with heat producing devices such as computer servers and power amplifiers. Desiccants and subterraneous pipes are the preferred raw materials of air conditioning systems as they help to efficiently distribute the hot air out through condenser and maintain cold room. Air conditioner consists of an evaporative unit, evaporator coils on the interior and a condensing unit, condenser coils on the exterior. It also comprises of actuators to control the air flow in a closed environment. The growing usage of air conditioners everywhere that is in the home and workplaces rises the stock of air conditioners to grow from 1.6 billion to 5.6 billion by 2050
According to the International energy agency, the rising demand for the adoption of air conditioners is estimated to be high in eminent countries such as India, China, and Indonesia. These factors influenced APAC to be the dominating region with a share of nearly 34%-37% for the year 2018. Asia, Africa, Latin America, and the Middle East are the hottest regions across the globe with about 2.8 billion population, out of which only around 8% of the population owns an air-conditioner thus there is a possibility for the growth of air conditioning market in these regions as well. The increasing number of automotive unit sales in the world coupled with the rising number of vehicles equipped with either manual or automatic air conditioning systems are attributing for the growth of air conditioning market in the automotive industry at a CAGR of 4%-6% through to 2025.
Expertise analysis of the IndustryARC analysts revealed that the global air conditioning market size was between $123 billion – $ 125 billion in 2018. This information is found in a newly published report titled: “Air Conditioning Market: By Product Type (Unitary, Split, Others), By Design, By Mount Type (Windowed, Standalone, Roof Top, Others), By Capacity, By Energy Rating, By Component, By End-Use (Residential, Commercial, Industrial,); By Geography – Forecast (2019-2025).”
Global Air Conditioning Market Companies: Recent Developments
Denso Corporation, Eberspaecher Holding GmbH & Co. KG, MAHLE GmBH, Hanon Systems, Calsonic Kansei Corporation, Keihin Corporation, Sanden Holdings Corporation, Mitsubishi Heavy Industries Ltd., Valeo SA, and Subros Limited are the major players operating in the global air conditioning market.
- In October 2018, MAHLE GmBH opened a new plant to manufacture electric air conditioning compressors. Through this plant expansion, it was targeted to excel its competency in electric vehicles too
- Sanden Holdings Corporation operating its new plant in China from August 2018 to produce electric compressors
Air conditioning widespread in the hottest countries due to the rising need for venting the heat out is influencing the growth of air conditioning market. The automotive industry is the major end-user industry for air conditioning systems, it is projected to enhance the growth of air conditioning market at a faster pace by 2025.
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