JEDDAH – Global air conditioning market is projected to grow at a CAGR of 5.18 percent over the period 2012-2016, Research and Markets said in Global Air Conditioning Market 2012-2016 report. One of the key factors contributing to this market growth is the increase in construction activities. The Global Air Conditioning market has also been witnessing the increased use of green technology and removable energy sources. However, the capital intensive market could pose a challenge to the growth of this market. The key vendors dominating this market space are Carrier Corp., Daikin Industries Inc., Ingersoll-Rand plc, Johnson Controls Inc., and LG Electronics Inc. The other vendors mentioned in the report are Airwell Group, ETA General Private Ltd., GD Midea Holding Co. Ltd., Haier Inc., Hitachi Ltd., Lennox International Inc., Mitsubishi Electric Corp., NORDYNE Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Whirlpool Corp., and Zhu Hai Gree Corp. Commenting on the report, an analyst from the team said: “The global air conditioning market is increasingly adopting green technology and using renewable energy sources to create energy-efficient, eco-friendly air conditioning systems. The governments of many countries such as Saudi Arabia, UAE, and the US are adopting green initiatives and promoting the use of renewable energy sources to promote clean energy. Moreover, the advent of hybrid systems and non-polluting refrigerants has led to the provision and adoption of green technology by vendors and end-users, respectively. In addition, vendors are developing innovative air conditioning systems that are compatible with eco-friendly refrigerants. Further, companies are manufacturing air conditioning systems to meet/exceed the guidelines set by the Energy Star program and the EnergyGuide labels.” According to the report, the market has been witnessing an increase in the global sales of homes and new buildings, leading to an increase in construction activities. This increase in construction activities, which directly influences the sales of air conditioning systems, is expected to drive the growth of the global air conditioning market. Further, the report said that one of the key challenges in this market is the capital-intensive nature of the market. Moreover, the global downturn in the economy has made it difficult for vendors to invest heavily in the market. – SG
