Global Air Conditioning Market Research and Forecast 2018-2023
Posted by omrglobal on October 31st, 2018
Inverter acs making your home energy-efficient
Air conditioners are widely used in various area such as a hospitals, offices, and pharmaceuticals to improve thermal comfort and indoor air quality. The major parts in AC system are compressor, condenser coil, fan, evaporator coil, air handling unit, air filters, drainage system and pan, and AC with a heat pump. Most of the AC market players are working on making their inverter AC product portfolio more robust. Due to the advantages of inverter AC system such as lower energy consumption and shifting speed motors that adjust its speed, the demand for inverter AC is increasing across the globe. Due to its feature of adjusting speed, the energy consumption will be around 30-40% less compared to the regular Split ACs. As per Bureau of Energy Efficiency, an Inverter AC of BEE 3 Star Rating is 7% more energy efficient than a BEE 5 rated normal Split AC. With regular AC, whenever the compressor starts, there will be a slight fluctuation, and when the compressor runs, the room gets cold, and when it turns off, the room might get a little warm. In case of inverter AC, the temperature would remain consistently same, creating a suitable atmosphere. Such features of inverter technology are contributing to the growth of the AC market across the globe.
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Best inverter acs in india (2018)
The major players are also shifting towards inverter AC. LG for instance, have moved completely towards the inverter AC. From January 2017, LG has stopped producing split ACs that are not installed with the inverter technology. LG is the first AC manufacturer to completely shift the product portfolio to inverter ACs from the spilt ACs. Moreover, in March 2018, along with launching its first window inverter AC, LG India has launched 59 inverter AC split models. The company has aimed the growth of approximately 40% in AC segment with the launch of this new AC portfolio. Due to this, the company is able to increase market share in the inverter AC segment from 19% to 53%. The company aims at strengthening its leadership in inverter AC segment. By including 100% copper with ocean black protection, the company has improved its dual inverter AC range. This considerably increases the durability of the product along with R-410 refrigerant gas which is environment-friendly. The company has moved to a step further in inverter technology with dual Inverter. This inverter AC consumes much lesser energy in contrast to traditional AC. Dual inverter ACs of the LG comply with Indian Seasonal Energy Efficiency Ratio (ISEER) Ratings. It is a new efficiency rating for AC by Bureau of Energy Efficiency (BEE). The inverter AC provided by the LG uses dual rotary compressor. This encompasses twin rotors resulting in fast cooling, low operational noise, high energy saving, and greater stability. For instance, a 1.50-ton dual inverter AC in one year, is capable of saving 834 units as compared to a 5-star Split AC. This is an absolute saving for the users that significantly would drive the market growth.
Pricing analysis in the market
There has been decline in the cost of AC system across the globe as the major market players are decreasing their product cost for increasing their sale. Most of the air conditioner manufacturer such as LG electronics and Panasonic are decreasing its air condition system costs. Further, LG Electronic decreases it’s AC costs up to 25% to set competition in the global AC market in 2017. LG Electronic cost cutting strategy is forcing other brands to develop regular AC even more cheap. There is increase in costs of component imported by Chinese manufacturer which used in AC such as compressor and indoor units by 15% in 2017. Instead of this raise in component price, the overall cost of AC system has been declined. In India, the cost of LG’s inverter 1.5 tonne AC was around 0 in 2017 which was 0 in 2016.
To support advanced technologies that can further improve efficiency of AC systems, governments across the globe are establishing regulations and legislation on AC manufacturer. In 2013, International Energy Agency (IEA) set a goal to achieve the global building energy-efficiency goals. The IEA aims to achieve AC efficient up to 20-40% by 2030 and 30–50 % by 2050. The AC industry has improved the energy efficiency of AC systems through a combination of technological innovation and market transformation strategies such as product lunch. Inverter ACs will significantly contribute in the global building energy-efficiency goals.
There is advancement in low-GWP (global warming potential) refrigerants which will reduce the global warming caused by refrigerant used in AC. Increasing use of Low-GWP refrigerant by AC manufacturers is expected to contribute in the growth of the market. For instance, LG uses R-410 refrigerant gas in their inverter AC systems which will support in reducing the global warming caused by ACs. Further, AC manufacturer have introducing innovative AC technologies that have collectively improved overall system efficiency. Further, various government and industry programs such as Japan’s Top Runner program, the DOE standards, and the EU’s Ecodesign program25 have also significantly increased the adoption of high-efficiency AC systems. Such support from government and manufacturer in improving the efficiency of AC system are contributing to the growth of the AC market across the globe.
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