Pune, India, July 07, 2021 (GLOBE NEWSWIRE) -- The Asia Pacific commercial air conditioner market is set to gain traction from the rising usage of energy-efficient inverter type air conditioners, especially in India, the Philippines, and Myanmar. These can prevent the negative effects of global warming by using refrigerants with low global warming potential, such as R-32. As per a report by Fortune Business Insights™, titled, “Asia Pacific Commercial Air Conditioner Market, 2021-2028,” the market size is projected to grow from USD 12.16 billion in 2021 to USD 16.28 billion in 2028 at a CAGR of 4.3% in the forecast period. It stood at USD 11.72 billion in 2020.
COVID-19 Pandemic: Uncertainty in Manufacturing & Healthcare Sectors to Hinder Growth
The COVID-19 pandemic has had a severe impact worldwide and this industry is not an exception. It has sparked vulnerability and uncertainty in the manufacturing sector in South-East Asia. According to the United Nations ESCAP (UN ESCAP), the Philippines, Malaysia, Indonesia, and Myanmar have very weak healthcare systems and therefore, are vulnerable amid the pandemic. Similarly, the United Nations Conference on Trade and Development (UNCTAD) declared that Vietnam (communication equipment), Japan (machinery and automotive), the Republic of Korea (machinery equipment), and Taiwan-Province of China (office machinery and communication equipment) are the worst affected areas.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments-
R-600A/ R-290 Segment Generated 21.5% Share in 2020: Fortune Business Insights™
Based on the refrigerant, this industry is segregated into R-32, R-410A/R-407C, R-600A/ R-290, and others (R-22, etc.). Out of these, the R-600A/ R-290 segment earned 21.5% in terms of the Asia Pacific commercial air conditioner market share in 2020. The R-32 segment is expected to grow rapidly backed by its ability to minimize the electricity consumption.
Report Coverage-
The research report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every Asia Pacific commercial air conditioner manufacturer operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
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Drivers & Restraints-
Expansion of Tourism Industry in Thailand and Malaysia to Bolster Growth
South Asian countries, such as China, Vietnam, Malaysia, Indonesia, and Thailand are experiencing high demand for air conditioners because of the surging number of construction projects. The expansion of the tourism industry and the rising infrastructural activities would mainly propel the Asia Pacific commercial air conditioner market growth in the near future. The World Economic Forum (WEF) mentioned that Southeast Asia welcomed around 40% of international tourists in 2019. However, the usage of harmful refrigerants, such as R-12 and R-410A can cause environmental issues. It may hinder the demand for commercial air conditioners in Asia Pacific.
Country Insights-
India to Show Highest CAGR Stoked by Unfavorable Climatic Conditions
Amongst all the countries in Asia Pacific, India is expected to showcase the highest CAGR in the forthcoming years. The country stood at USD 0.92 billion in terms of revenue. The high demand for commercial air conditioners in this country on account of unfavorable climatic conditions is expected to augment growth. As per the India Brand Equity Foundation IBEF, the production of air conditioners surged by 4.9% during the first quarter of 2018 in India. This number is set to increase in the upcoming years, thereby propelling the Asia Pacific commercial air conditioner industry.
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Competitive Landscape-
Key Players Focus on New Product Developments to Cater to High Consumer Demand
This industry houses a large number of big, small, and medium companies that are majorly focusing on introducing state-of-the-art products to reduce the effects of global warming and cater to the high consumer demand. At the same time, they are striving to keep up with the strict guidelines provided by regulatory bodies. Below are the two industry developments:
- September 2020: Carrier upgraded its WeatherExpert® line of rooftop units by including the variable-speed 50JC electric/electric and 48JC gas/electric models. They are designed to vary cooling capacity up to 105% and down to 25% of normal capacity.
- August 2020: Johnson Controls unveiled its latest NexusPremier 25-50 ton commercial rooftop line. It would comply with the stringent 2023 energy efficiency standards implemented by the Department of Energy (DOE).
A list of renowned companies present in the Asia Pacific commercial air conditioner industry:
- Carrier (Florida, United States)
- DAIKIN INDUSTRIES, Ltd. (Osaka, Japan)
- Johnson Controls (Cork, Ireland)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- LG Electronics (Busan, South Korea)
- SAMSUNG (Suwon-si, South Korea)
- Trane (Ingersoll Rand) (Dublin, Ireland)
- Blue Star Limited (Mumbai, India)
- FUJITSU (Tokyo, Japan)
- AIREDALE INTERNATIONAL AIR CONDITIONING LTD. (Leeds, United Kingdom)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Asia Pacific Commercial Air Conditioner Market Share Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
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