The new marine air conditioning systems market research from Technavio indicates negative growth in the short term as the business impact of the COVID-19 spreads.
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Technavio has announced the latest market research report titled Global Marine Air Conditioning Systems Market 2021-2025 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the marine air conditioning systems market.
"One of the primary growth drivers for this market is the robust growth in commercial shipping," says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the marine air conditioning systems market size to grow by USD 3.08 billion during the period 2021-2025.
Marine Air Conditioning Systems Market Segment Highlights for 2020
The marine air conditioning systems market is expected to post a year-over-year growth rate of 1.30%.
Based on the end-user, the leisure ships segment saw maximum growth in 2020. The leisure boating industry is witnessing exponential growth influenced by the increasing GDP levels, the rise in disposable incomes, the increasing volumes of international tourism, and the improving adult participation in recreational boating activities.
The growth of the market segment is expected to be significant throughout the forecast period.
53% of the growth will originate from the APAC region.
The cost advantages in the commercial and residential shipbuilding sector that encourages the manufactures to shift their manufacturing bases is one of the prime factors that will facilitate the marine air conditioning systems market growth in APAC over the forecast period.
China, Japan, and India are the key markets for marine air conditioning systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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The marine air conditioning systems market size is expected to accelerate at a CAGR of over 2% during the forecast period.
The marine air conditioning systems market is segmented by the end-user (Leisure ships and Commercial ships) and geography (APAC, Europe, North America, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including Aquamare Marine Ltd., Carrier Global Corp., Daikin Industries Ltd., Dometic Group AB, FRIGOMAR Srl, GEA Group Aktiengesellschaft, Heinen & Hopman Engineering BV, Johnson Controls International Plc, Nissin Refrigeration & Engineering Ltd., and Webasto SE.
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