Sri Lankan Air Conditioning Market Forecast to 2022 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 17, 2018--The “Sri Lankan Air Conditioning Market, Forecast to 2022” report has been added to ResearchAndMarkets.com’s offering.
The rise in residential and commercial construction projects, along with the high growth from the tourism and hospitality industry, is creating demand for HVAC products in Sri Lanka.
Sri Lanka allows total foreign ownership across several industries and imposes no restrictions on repatriation of earnings, fees, and capital. Supporting budgets and policies are expected to continually drive the industrial sector in Sri Lanka, providing a platform for growth for the HVAC industry in the long term.
Other than the western part, in most of the other parts of Sri Lanka, the AC penetration is quite low and is likely to continue to remain the same. The average overall penetration of ACs in the country is as low as 10%. Cheaper alternatives from the Chinese participants such as Aux and Yonan pose a strong challenge to participants from other countries.
China is also a part of the preferential trade agreement under the Asia-Pacific Trade Agreement (APTA). However, India has bilateral trade agreements with Sri Lanka, which allows more number of Indian origin goods to be imported into Sri Lanka with free preferential duty. Adaption of the inverter ACs and the understanding of its energy-efficient technology among the customers, coupled with government push towards energy-efficient solutions, are creating high demand for inverters ACs.
Demand in the hospitality segment is expected to grow the fastest due to growth in the tourism industry; the segment is expected to occupy nearly half of the market share by 2022. Government establishment modernizations will create high demand for HVAC products.
Increasing construction of residential projects and demand from individual households will drive the demand for high wall AC. Demand for chillers and airside units will continue to rise from the growing tourism industry and commercial projects. High walls is a highly price-sensitive segment, with the presence of approximately 15 participants including a significant presence of the Chinese suppliers.
Companies FeaturedAUX Group Co. Ltd. Yonan Air Conditioning Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/jwt4kl/sri_lankan_air?w=4
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Related Topics:HVAC (Heating, Ventilation, and Air Conditioning)
KEYWORD: ASIA PACIFIC SRI LANKA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 12/17/2018 03:02 PM/DISC: 12/17/2018 03:02 PM