ALBANY, N.Y. — According to a new report published by Transparency Market Research, the global air conditioning systems’ market was worth $98.2 billion in 2012 and is expected to reach $178.4 billion in 2018.
The report, “Air Conditioning Systems Market – Global Scenario, Trends, Industry Analysis, Size, Share, and Forecast, 2012-2018,” highlights Asia-Pacific as having the highest 2012 market share at 34.4 percent, followed by North America.
According to the report, Asia-Pacific is expected to maintain that position for the next five years due to increasing disposable incomes of consumers, rising awareness, and an increasing trend toward living a comfortable life.
The report states that factors supporting worldwide growth of the air conditioning systems market include replacement needs 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.
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.
Publication date: 2/25/2013