BURNABY, Canada, August 13, 2015 /PRNewswire/ --
Increasing purchasing power coupled with growing construction sector to drive global air conditioners market through 2020
According to recently published TechSci Research report, "Global Air Conditioners Market Forecast & Opportunities, 2020", global air conditioners market is projected to grow at a CAGR of 8.5% during 2015-20. Growth in the market is anticipated on account of growing population, increasing global temperature, rising purchasing power and upcoming construction projects across the globe. Further, various technological advancements such as development of air conditioners with built in air purifiers and introduction of energy-efficient air conditioners are also propelling growth in the global air conditioners market.
In global air conditioners market, split air conditioners segment accounted for the largest revenue share in 2014. The segment is anticipated to maintain its dominance in the market over the forecast period, owing to less operating noise, decreasing prices, rising urbanization, and growth in commercial and industrial sectors across the world. Window air conditioners, VRF systems, Chillers and Portable air conditioners are other segments witnessing growth in the market. Major players operating in global air conditioners market include Gree, Daikin, Toshiba Carrier, Midea, Mitsubishi Electric, Panasonic, and LG, among others.
"Global air conditioners market will continue to exhibit promising growth over the next five years on the back of increasing demand worldwide. However, high power consumption by air conditioners is proving to be a major factor hindering market growth. To curb this issue, manufacturers are introducing energy efficient air conditioners and inverter technology based air conditioners, which can reduce electricity consumption by as much as 30%. This is expected to boost adoption over the next five years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Air Conditioners Market Forecast & Opportunities, 2020" has evaluated the future growth potential of global air conditioners market, and provides statistics and information on market structure, size, share and future growth. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges in global air conditioners market.
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