Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Australia Air Conditioners Market By End Use Sector (Commercial, Residential), By Region, Competition Forecast & Opportunities, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Australia Air Conditioners market was valued at USD2,217.83 million in 2022 and is expected to register a CAGR of 6.52% through 2028, owing to the development of new hotels such as Oria Spring Hill Development, Russell Place Hotel, etc., and the availability of different air conditioners for commercial use such as ductable split, chillers, variable refrigerant flow, etc.
The Bureau of Statistics reports that just over 25% of Australian households do not have any form of air conditioning system. Roughly 50% of people use reverse-cycle air conditioning, while 13% use evaporative coolers.
Due to the extreme heat during and after Christmas, there is always a sudden increase in demand for air conditioner sales. Therefore, these are certain factors that are significantly contributing to the Australia Air Conditioners market growth.
Australia Air Conditioners Market Scope
Air conditioners, also known as ACs, are devices used to control and regulate the temperature, humidity, and air quality of indoor spaces. In Australia, air conditioners are essential for comfortable living during the hot and humid summer months. They work by drawing in warm air from the room and passing it over a set of refrigerant-filled coils.
The refrigerant absorbs the heat from the air, which is then blown outside, while the cool air is circulated back into the room. Air conditioners can be standalone units, wall-mounted units, or part of a central HVAC (heating, ventilation, and air conditioning) system. They come in various sizes and designs to suit different needs and preferences.
Australia Air Conditioners Market Overview
The Australia Air Conditioners market is witnessing high demand owing to the surging temperature of the country, which is substantially influencing the demand for cooling products. Furthermore, the usage of air conditioners is rising in the residential and commercial sectors as the construction sector is expanding quickly across the country.
For instance, the total number of dwelling permits increased by 23% in 2021, according to data from the Australian Bureau of Statistics, and approvals for private housing rose by 42%. As a result, the growth of the construction sector has been fueling demand across the nation for all types of air conditioners. Therefore, the Australia Air Conditioners market is expected to experience significant growth in the forecast years.
Based on the end-use sector, the Australia Air Conditioners market is segmented into commercial and residential. It is a "Commercial" space where the air conditioners are specifically designed for larger spaces such as offices, shops, and other commercial buildings. They have a higher cooling capacity and are more durable compared to residential air conditioners. Hence, these are certain factors contributing to the market growth.
Australia Air Conditioners Market Drivers
The adoption of air conditioners has been growing steadily in recent years, with the rising usage of air conditioners within the residential and commercial sectors and the potential benefits of this technology. The key factors that are driving the market are the surging temperature issue, severe droughts, wildfires, floods, and other extreme weather because of global warming.
The Copernicus Atmosphere Monitoring Service of the European Union estimates that Australia's bushfires released 400 megatons of carbon dioxide into the atmosphere in 2020. The severity of the widespread bushfires is a major factor in the ozone layer's loss, which is further causing temperatures to rise. As a result, sales of air conditioners will increase more quickly as the temperature rises.
Australia Air Conditioners Market Trends
In Australia, smart air conditioners are growing in popularity as people search for more practical and adaptable ways to regulate the temperature in their homes and workplaces. These air conditioners can be managed with the aid of a smartphone app, voice commands, or even by connecting them to other smart home appliances like Amazon Alexa or Google Home.
Smart air conditioners offer several advantages, one of which is the ability for users to regulate the temperature remotely from any location with an internet connection. In other words, even when users are not at home, they can turn their air conditioner on or off, change the temperature, or set a schedule.
Furthermore, various smart air conditioners have built-in energy monitoring capabilities that let users track their energy use and find ways to save money and the environment.
Moreover, the Australian government has been encouraging the adoption of more energy-efficient appliances, including air conditioners, to help reduce greenhouse gas emissions. This has led to the development of new technologies and products that are more energy-efficient and environmentally friendly.
Australia Air Conditioners Market Challenges
There are several issues that air conditioner users in Australia face, such as high energy bills, as the cost of running air conditioners can be high, especially during the summer months. This can result in high energy bills for users, which can be a major concern. Furthermore, poor air quality can be a problem in some areas of Australia, particularly during bushfire season.
Air conditioners can help improve indoor air quality, but users must ensure they are properly maintained and cleaned. Similarly, air conditioners can have a negative impact on the environment due to their energy consumption and greenhouse gas emissions. Users may be concerned about their carbon footprint and may want to choose more environmentally friendly options.
Moreover, the effectiveness of air conditioners can vary depending on the size of the room and the outdoor temperature. Users may find that their air conditioner is not as effective as they expected, particularly on very hot days. Overall, while the use of air conditioners can be a necessity in Australia's hot climate, users may face a variety of issues related to cost, maintenance, air quality, noise, and environmental concerns.
Market Opportunities
Single split air conditioners are a popular choice for residential and commercial buildings due to their affordability and ease of installation. According to a report by the Australian Bureau of Statistics, the number of air conditioners installed in Australian households has been steadily increasing over the years.
In 2018, there were 7.6 million households with air conditioners, which is around 70% of all households in Australia. Split-system air conditioners are the most popular type of air conditioner installed in Australian homes, accounting for around 75% of all air conditioners installed. Overall, the demand for single split air conditioners in Australia is expected to remain strong due to the increasing awareness of the benefits of air conditioning and the growing trend towards energy-efficient and environmentally friendly products.
Due to their low operating costs, e-commerce portals are a desirable option for air conditioner companies. Additionally, the advent of online channels has allowed customers to quickly browse and compare a wide range of products on a single platform without putting in a lot of time in stores.
Additionally, the customer purchasing process has been digitized by rising internet usage, online search, and expanding e-commerce. The online medium seems to be advantageous for businesses to reach out to targeted consumers as a result of increased digital and social media penetration.
Additionally, as internet usage grows, so does consumer awareness of and desire for the newest products that businesses are offering. Several companies have also collaborated with online marketplaces to increase their consumer reach.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in Australia Air Conditioners market.
- Daikin Australia Pty Limited
- LG Electronics Australia Pty Ltd
- AHIC (Australia) Pty Ltd
- Fisher & Paykel Australia Pty Limited (Haier)
- Samsung Electronics Australia Pty. Ltd.
- Mitsubishi Electric Australia Pty. Ltd.
- Electrolux Home Products Pty Limited
- Panasonic Australia Pty. Ltd.
- Rinnai Australia Pty Ltd
- Actron Engineering Pty Ltd
Report Scope:
Australia Air Conditioners Market, By End Use Sector:
- Commercial
- Residential
Australia Air Conditioners Market, By Region:
- Queensland
- Australia Capital Territory & New South Wales
- Victoria & Tasmania
- Western Australia
- Northern Territory & Southern Australia
For more information about this report visit https://www.researchandmarkets.com/r/r0grq0
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