Asia-Pacific air conditioning market is forecast to grow at a significant growth rate at a CAGR of 4.4% during the forecast period. Some of the major factors which are providing a significant market to the region are increasing urbanization, adverse climate change, and increasing disposable income in the emerging economies. Most of the countries in the Asia-Pacific region are developing countries, therefore, the countries have some relief in the usage of HCFC as per the Montreal Protocol.
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Rapid urbanization in Asia-Pacific has led to the widespread adoption of energy-intensive ways of cooling the interior spaces. Asia-Pacific is one of the major regions experiencing significant growth in terms of AC adoption. Very high demand for this equipment has been recorded in growing countries such as China, Japan, and India which is driving the market. Asia-Pacific AC market is having a paradigm shift towards the rapid adoption of the latest technologies and various environmentally friendly cooling solutions, which include the VRF technology and R32 low GWP refrigerants. Moreover, the introduction of different regulatory scenarios such as the Indian Bureau of Energy Efficiency and Labelling Standards and Australian Minimum energy performance standards, which focuses on the development of energy and green building across the Asia-Pacific is providing a significant opportunity to the market.
Some of the major environmental issues such as global warming and various other concerns are gradually increasing as ACS consists of several hazardous components such as hydrofluorocarbons which are responsible for deleting the ozone layer and cause the ozone layer depletion. It further led to the introduction of regulatory standards for the manufacturing of the AC systems. The main aim of these regulations is to produce the AC consisting of more efficacy and environmentally friendly. This, in turn, has benefited the consumers by extensively reducing the overall energy spending.
On the basis of geography, the market is segmented into China, India, Japan, and Rest of APAC. During the forecast period, India is expected to show a significant growth rate in the market owing to the increasing disposable income of the people. Moreover, China will hold the major market share in the region. Apart from these major countries South Korea, Australia, ASEAN countries are also expected to have a significant market during the forecast period.
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Asia-Pacific Air Conditioning Market Segmentation
By Application
· Residential
· Commercial
· Industrial
· Healthcare
· Institution
· Automotive
· Others
By Type
· Splits
· Rooftop
· Indoor Packaged
· Chillers
· VRF
· AHU/FCU
By Refrigerant Type
· HCFC
· HFC
· HFO
· Natural Refrigerant
Regional Analysis
· China
· Japan
· India
· Rest of Asia-Pacific
Company Profiles
· Blue Star Ltd.
· Calsonic Kansei Corp.
· Daikin Industries Ltd.
· DENSO Corp.
· Electrolux AB
· Fujitsu General Ltd.
· Godrej Consumer Products Ltd.
· Gree Electric Appliances Inc.
· Haier Electronics Group Co. Ltd.
· Hitachi Ltd.
· Johnson Controls International PLC
· LG Electronics Inc.
· Midea Group
· Mitsubishi Electric Corp.
· Panasonic Corp.
· Samsung Electronics Co., Ltd.
· TCL Air Conditioning Zhongshan Co., Ltd.
· The Whirlpool Corp.
· Toshiba Corp.
· United Technologies Corp.
· Voltas Ltd.
· Xiaomi Corp.
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