Market research firm Fact.MR has released a report on the global air conditioning system market for 2017 to 2026. It expects the market to grow at a compound annual rate of more than 6% by value. By the end of 2026, revenue should pass US$175,000 million. Unit sales, meanwhile, are expected to top 240,000 million.
Two trends stand behind that outlook. The first is the smart thermostat, which is becoming the main control for air conditioning in connected homes. Owners can adjust the temperature from a computer or a phone. The devices are also catching on in small and mid-sized commercial buildings. The second is the push for greener refrigerants. Since governments are phasing out HFCs, HCFCs and CFCs, makers are moving to natural options. These include water, air, ammonia, CO2 and hydrocarbons. That shift, however, leaves manufacturers with hard choices about refrigerants and parts.
The report sums up its findings in five points.
- Regions. North America stays the most valuable market, with revenue close to US$60,000 million by 2026. Asia-Pacific excluding Japan grows fastest, Europe holds the second-largest share and Japan the smallest.
- Products. Chillers keep the lead in revenue. Window and single-packaged systems end up with almost equal shares, while window and split systems grow side by side.
- Applications. Industrial use remains the most profitable segment, and commercial use follows close behind.
- Sales channels. B2B and independent electronics stores lead in revenue. Authorized stores expand fastest.
- Competition. The field is crowded, so most makers compete on energy efficiency.
Companies profiled in the study include Daikin Industries, Mitsubishi, Qingdao Haier, Samsung Electronics, LG Electronics, Electrolux, Panasonic, UTC, Hitachi, Gree Electric Appliances, Sharp, Carrier, Midea Group and Johnson Controls.
