Global Packaged Air Conditioner Market 2017-2021
About Packaged Air Conditioner
A packaged air conditioner is a cooling or heating system consisting of a single housing cabinet that contains all the components required for cooling, heating, dehumidification, filtering, and air handling. Packaged air conditioners account for a relatively small share of the global air conditioners market but have a significant demand in the US and China, with high potential demand in several developed and emerging markets. Their demand is expected to grow considerably over the next five years as the number of residential and commercial construction is on the rise globally, and there is rapid urban and economic growth in several countries. The rise in housing constructions across key countries and regions including China, the US, Saudi Arabia, and India, and the rise in demand for luxury goods due to improving living standards are the key factors that will spur market growth over the forecast period.
Technavio’s analysts forecast the global packaged air conditioner market to grow at a CAGR of 5.29% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global packaged air conditioner market for 2017-2021. To calculate the market size, the report considers the demand from end-users.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Packaged Air Conditioner Market 2017-2021
Technavio recognizes the following companies as the key players in the global packaged air conditioner market: Carrier, DAIKIN INDUSTRIES, Johnson Controls, Lennox International, and Ingersoll Rand
Other Prominent Vendors in the market are: Blue Star, GREE ELECTRIC APPLIANCES, Haier, LG Electronics, Midea Group, Mitsubishi Electric, Nortek Global HVAC, Panasonic, Rheem Manufacturing Company, SAMSUNG, Voltas, and Whirlpool.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing adoption of R32 refrigerant in air conditioners. All air conditioning and refrigeration systems use some form of refrigerant to absorb the heat from the air to cool it. Traditionally used fluid refrigerants include chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), ammonia, and halons. The global heating, ventilation, and air-conditioning (HVAC) industry is now moving toward the adoption of newer, advanced refrigerants with better efficiency than traditional refrigerants.”
According to the report, one of the major drivers for this market is Growth in global construction activities. The global infrastructure and construction market is steadily growing across most regions. The increase in residential and commercial building construction is one of the key factors expected to drive the global packaged air conditioner market, as air conditioning systems are integral to modern construction.
Further, the report states that one of the major factors hindering the growth of this market is High cost of purchase and installation. A major factor that negatively impacts the demand for packaged air conditioners across different markets is the cost of the equipment. This factor is more penalizing in the case of price-sensitive customers, such as those in developing economies. Therefore, the high cost of packaged air conditioning unit will be a hurdle to its adoption in several markets. The price disparity between packaged air conditioners and window and split air conditioners increases the threat of substitutes in the global packaged air conditioner market.
Carrier, DAIKIN INDUSTRIES, Johnson Controls, Lennox International, Ingersoll Rand, Blue Star, GREE ELECTRIC APPLIANCES, Haier, LG Electronics, Midea Group, Mitsubishi Electric, Nortek Global HVAC, Panasonic, Rheem Manufacturing Company, SAMSUNG, Voltas, and Whirlpool.
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