LONDON--(EON: Enhanced Online News)--Technavio’s latest report on the global air conditioning market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Abhay Sinha, a lead analyst from Technavio, says, “Quality assurance and testing, a part of outsourcing, is optimum for companies looking to improve their production application quality, and reduce errors and risks through testing. With the rise in some global IT outsourcing agreements, the analysts from Technavio expect companies to aggressively seek outsourcing QA and testing as a part of the independent validation and acceptance phase.”
The market for air conditioning is also driven by replacement demand, as customers seek more convenience and efficiency from their cooling systems. The market in the US is majorly driven by these replacement demands. Vendors are thus developing products that are more energy efficient and effective. This trend has further been accelerated by the development of appliance standards in developed regions, such as North America and Europe, about the reduction of CO2 emissions and improved energy efficiency.
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The top four emerging trends driving the global air conditioning market according to Technavio research analysts are:
- Rising investment in R&D
- Growing demand for integrated systems
- Growing popularity of smart thermostats
- Increasing adoption of central air conditioning systems
Rising investment in R&D
The global air conditioning market is witnessing increased expenditure by vendors on R&D. The market is witnessing many innovative applications and solutions. In addition, vendors are working to reduce the cost of upgrades and maintenance. The rapidly changing technology and changes in consumer preferences are forcing vendors to deliver innovative solutions with high efficiency to survive the commoditization in the market. Thus, the market is expected to witness the development of innovative air conditioners during the forecast period.
Growing demand for integrated systems
HVAC controls and building systems are witnessing more integration, driving demand among end-users who seek the benefits of streamlining systems, such as lighting and access controls. This move allows higher energy efficiency in managing building systems as it allows control from one interface. It also facilitates the elimination of redundancy in systems and provides better occupant comfort, owing to better management.
Access controls integrated with HVAC controls allows building managers to use a single platform to monitor cooling and increase or decrease the cooling based on the number of people in the air conditioning environment. While these systems have already gained popularity in commercial office buildings, they are gaining popularity in hotels, healthcare facilities, schools, and retail outlets.
Growing popularity of smart thermostats
Smart thermostats such as Nest, ecobee3, and Lyric have witnessed increased popularity in both the residential and commercial markets. These thermostats are now witnessing movement into the small and medium-sized commercial buildings lately. These thermostats allow the monitoring of the temperature of spaces from mobile devices and computers. The benefit these thermostats provide is that they monitor humidity and temperature and alter cooling cycles accordingly, resulting in energy and money-saving opportunities.
Increasing adoption of central air conditioning systems
“Central air conditioners are meant to circulate cool air through a system of return ducts and supply. These supply ducts function by carrying the cooled air from the air conditioners to the home. This cooled air that is circulated becomes warm and then flows back to the central air conditioner. These air conditioners are the more efficient than traditional air conditioners,” adds Abhay.
The key vendors are as follows:
- GREE Electric Appliances
- Mitsubishi Electric
- Toshiba Carrier
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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