4 Driving Factors for the Air Conditioning Market
The latest report from Technavio regarding the air conditioning market worldwide shows an analysis of the most important trends forecasted to affect the market outlook starting this year until 2020.
Here are the four driving factors for the global air conditioning market:
1. Increased Popularity of Smart Thermostats – Nowadays, smart thermostats see favorable popularity in both commercial and residential categories. Smart thermostats manage the temperature at home and in commercial venues from desktops and mobile devices. These devices are effective in modifying cooling and heating cycles that result in more money and energy savings. Smart thermostats technology continues to advance and see improvements. Abhay Sinha, the Lead Research Analyst at Technavio said, “Tado launched the Smart AC Control in early 2015, a device that turns remote-controlled air conditioners into smart devices. This device works with over 85 percent of ACs globally, is connected through Wi-Fi, and controls ACs using infrared technology. This is expected to maximize the efficiency of ACs and has a positive influence on the global air conditioning market.”
2. Rapid Adoption of Inverter Air Conditioners – According to Technavio, inverter type air conditioners can reduce energy consumption by almost 30 percent. They are also cheaper to install when compared to central air conditioning units. They use a variable speed compressor that switches off upon attaining the desired temperature changes. To date, Japan has the highest ratio of inverter-type products in terms of residential air conditioners. These products are also beginning to gain popularity in Latin America and Europe making other manufacturers expand their lineups in order to respond to the demand for these products.
3. Demand for Integrated Systems – Because of the fact that HVAC controls and building systems have become more integrated, end-users demand more of these devices to get the benefits of streamlined systems as it allows control from a single interface. Having better building management is a good business advantage and one of the things for this to be attained is to have integrated systems eliminate the redundancy in the system, thus, providing better occupant comfort. These systems are now gaining popularity in the hotels, schools, retail stores, and health care facilities.
4. Introduction of Air Purifying Technology – According to Sinha, “Rising concerns related to the inhalation of polluted air have driven vendors to introduce separate air purifying technologies. Many vendors have integrated air purification systems in their air conditioners, eliminating the need to purchase a separate one. They contain multi-layered filtration and active technologies that rid the air of impurities.” Some vendors have technologies that purify air by neutralizing bacteria, allergens, and viruses through the release of small water molecules that have hydroxyl radicals while some use streamer discharge to eliminate bad odors and allergens such as mold, pollen, and mites.
Technavio is a leading market research company with global coverage. Its research and analysis focus on emerging market trends to help businesses determine market opportunities and develop effective strategies to improve their market positions.