BRACKNELL, United Kingdom - According to BSRIA, a construction and building consulting company, the 2009 global air conditioning market contracted by 11 percent compared to 2008 and stood at $63.2 billion in 2009. BSRIA’s World Market for Air Conditioning study indicates that the market should see a slow recovery in 2010 with an expected growth rate of around 5 percent by value.
The study notes that Asia-Pacific remains the largest world region in terms of air conditioning sales, accounting for 49 percent of the total market by value, followed by the Americas region and Europe. The Chinese market is not only the largest market in Asia, but also the biggest market by value in the world, representing approximately 66 percent of the world air conditioning units in terms of production in 2009. This represents a 7 percent increase in production compared to 2008. The Japanese market follows closely after that with a value of $10.5 billion. Last year’s number two, the U.S. market, became the third largest market with $8.7 billion in 2009. The U.S. market is expected to regain its second position in 2013.
According to the study, Europe was hit the hardest by the economic downturn in 2009; overall the market declined by 25 percent in value. The worst affected markets were Turkey, United Kingdom, Russia, Poland, Italy, Greece, Germany, and Spain. The United Kingdom’s economy is facing its longest recession on record with rising unemployment, weak investment levels and the recovery is proving to be slower than expected. The Russian economy has experienced the biggest annual fall in 15 years, shrinking 7.9 percent in 2009. The sharp drop in energy prices has been blamed for the hit. The European market is expected to show the first signs of recovery this year with around a 3 percent growth in value compared to the year before.