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- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 07/07/2022
Summary and extracts
1 Market Overview
1.1 Definition and presentation
An air conditioner is a device that cools air. Air conditioners and heat pumps are approached, as both units share the same principles of operation. Heat pumps can be aerothermal, geothermal or hydrothermal. Air conditioners can be designed as a special segment of heat pumps. Air conditioners are also often reversible, making them solutions for cooling air as well as for heating.
The size of the global market for air conditioning systems has been estimated at $115 billion in 2021. It is expected to grow at a CAGR of 6.2% from 2021 to 2028. China largely dominates this market with 40% of global demand.
The air conditioner market is innovating and taking advantage of the latest technological developments applicable to many capital goods. The market is increasely developing a range of connected and smart products. For example, it is now possible to remotely control the air cooling system via a smartphone.
it is also a highly regulated market, subject to EU legislation in terms of eco-design and energy efficiency of products offered for sale. Household appliances must be clearly labeled and indicate their energy performance.
The market is also dependent on weather, especially heat waves. June 2019 was the hottest month recorded in Italian history and showed an increase in sales of 186 over 2018. Increased disposable income, more affordable devices, and global warming seem to be the main drivers for this market going forward.
1.2 World market
The size of the global market for air conditioning systems has been estimated at $*** billion in ****. It is expected to grow at a CAGR of *.*% from **** to ****. The spread of the COVID-** pandemic negatively impacted air conditioner demand in **** due to reduced consumer spending. However, the market recovered in **** and registers ...
1.3 Domestic market
The ATECO code we refer to in this section is **.**"Steam and air conditioning supply" and that includes the following activities:
production, capture and distribution of steam and hot water for heating, motive power and other uses production and distribution of cold air production and distribution of chilled water for cooling ...
1.4 Foreign trade
The HS heading we refer to in this section is ****, which includes all types of "air-conditioning machines, comprising a motor-driven fan and elements for the variation of temperature and humidity, including those machines in which humidity cannot be separately regulated".
Italy's trade balance for these products remains fairly stable over the ...
2 Demand analysis
2.1 The habits of Italians
According to the Istat Report on Household Energy Consumption in ****, half of Italian households (***).
single hot/cold units
(***)
(***)
(***)
Type of air conditioning used in homes Italy, ****, % Source: ****
one-third
one-third
one-third
Moreover, in the hot months in Italy, air conditioners are turned on on average more than six hours ...
2.2 The seasonality of the market
We also know that demand in the air conditioner market is very cyclical and is driven mainly by heat waves in the target country.
This is demonstrated by the following graphs, which show Google's trend data for the terms "Air Conditioning" and "Air Conditioner": we immediately notice peaks of interest in ...
2.3 The impact of the energy crisis
An energy crisis is defined as follows, according to AGN Energy:"when demand for a renewable and nonrenewable source of energy increases, but its availability decreases or cannot meet demand, this creates a price increase, resulting in problems for both the population and industries. "
In order to understand the future of ...
3 Market structure
3.1 Italian market structure
Thanks to the graphs below, which take Istat data, we can see that the structure of the "Steam and air conditioning supply" sector is not changing in Italy. The number of companies in the sector has in fact increased from *** to *** (***).
Number of enterprises and employees in the "Steam and air ...
3.2 Italian production and its outlets
The product codes we refer to in this section are part of the category "Manufacture of equipment, non-domestic use, for refrigeration and ventilation" and are as follows :
******** Heat exchangers ******** Air or gas liquefaction apparatus and devices ******** Air conditioning systems of the wall or window type, forming a single body or ...
4 Supply analysis
4.1 Type of products
An air conditioner consists of two main elements, the outdoor unit that is the motor and the indoor unit from which the conditioned air comes out. The indoor unit is what is called the split unit.
[***]
4.2 Market prices charged and production costs
Average prices
[***]
Installation costs
[***]
Consumer price index
Consumer prices for household appliances and home appliances have remained fairly stable over the past year.
Consumer price index for "home appliances and household equipment" Italy, ****-****, Base ***=**** Source: ****
Industrial producer price index
In the graph below, it can be seen that ...
5 Regulations
5.1 Regulations
As of May *, ****, a new rule applies in Italy for all public buildings (***): the temperature of the air conditioner cannot be lower than ** degrees. It does not apply to private homes and will remain in effect until March **, ****. The winter limit will be ** degrees.
Moreover, air conditioners in Italy are also ...
6 Positioning of actors
6.2 Segmentation of Italian actors
- Edison Next Spa
- Fen Energia
- Cristoforetti Servizi Energia Spa
- Varese Risorse Spa
- Arcoservizi
- Samsung Italia
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