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The Marine Air Conditioning (AC) Systems market size is estimated to grow at a CAGR of 2.7% between 2022 and 2027. The market size is forecast to increase by USD 3,769.77 million. The growth of the market depends on several factors, such as the robust growth in commercial shipping, the strong growth potential in the yacht industry, and the increasing demand for FPSO vessels.
This report extensively covers market segmentation by product (chiller systems, self-contained systems, and split systems), end-user (leisure ships and commercial ships), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Marine Air Conditioning Systems Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The exponential increase in demand for petroleum and energy-related products across the world significantly influences the growth of the market for floating, production, storage, and offloading (FPSO) vessels. According to the EIA, oil and gas will be extensively used to fulfill 60% of the global energy demand by 2030, when China is expected to overtake the US and become the world's largest consumer of oil.
Moreover, the increasing demand for energy, gas, and oil will be fulfilled by several advancements in technology along with R&D an innovation that will enable the extraction of oil and gas from unconventional resources. As a result, it will result in the growth in the number of offshore oil platforms and renewable resources, offering huge potential to participants in these sectors. Hence, such factors are positively impacting the marine air conditioning (AC) systems market. Therefore it is expected to drive the market growth during the forecast period.
The growing competitiveness in the shipping industry has resulted in unpredictable fluctuations. The market players in the ports and shipping industry are finding it hard to survive the competition in terms of costs and services. Several ports across the world are competing against each other to attract shipping lines to provide efficient services and better facilities.
Moreover, in order to minimize operating expenses, many prominent shipping companies are adding fuel-efficient ships to their fleets as well as trimming down port assets and third-party logistics. Additionally, there are several strategic partnerships by shipping companies to cover certain trade routes and share ship and port operations. Hence, such factors are positively impacting the marine air conditioning systems market. Therefore, it is expected to drive the market growth during the forecast period.
One of the major challenges faced by the market players is retrofitting existing vessels with new air conditioning systems as it is highly complex and disruptive. As a result, several market players are limiting the upgrades to the system due to the need for modifications to integrate new equipment, coupled with potential downtime during installation.
Moreover, marine vessels are available in different sizes, types, and layouts, each with specific requirements for air conditioning. Therefore, retrofitting a standardized system that is applicable to a broad range of vessels can be challenging and might need customization for each application. Hence, such factors can negatively impact the marine AC systems market. Therefore it is expected to drive the market growth during the forecast period.
The chiller systems segment is estimated to witness significant growth during the forecast period. The chiller segment can be referred to as a common type of air conditioning system that is extensively used in different applications, especially marine environments. Several marine air conditioning systems that utilize chiller systems are specifically designed to offer cooling and climate control for the interior spaces of boats, ships, and other maritime vessels.
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The chiller systems segment was the largest segment and was valued at USD 10,885.61 million in 2017. One of the main advantages of the chiller system segment is that it is designed in such a way that is more energy-efficient over time, which helps vessel operators reduce energy consumption and operating costs. Therefore, there is an increasing demand for energy-efficient air conditioning systems due to the growing concern regarding sustainability. Additionally, there is an increasing growth in marine tourism and leisure industries, and several people are opting for cruise vacations, luxury yacht charters, and other maritime leisure activities. Thus, there is a rising investment by ship owners in advanced air conditioning systems, especially chiller systems in order to offer a comfortable and enjoyable experience for passengers. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on end-users, the segment is classified into leisure ships and commercial ships. This leisure ships segment mainly comprises cruise ships, passenger ships, and yachts. Factors such as the combined effect of rising GDP levels, an increase in disposable incomes, increasing volumes of international tourism, and improving adult participation in recreational boating activities are significantly contributing to the growth of this segment. Additionally, there is an increase in demand for yachts, especially large-sized yachts. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 52% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Some of the main factors that are significantly contributing to the marine AC systems market growth in APAC are the increasing number of ship-owning countries in the region and the huge volumes of seaborne trade between the region and Europe and North America, fuelled by rapid industrialization and export-import-driven strategies adopted by countries in the region.
As a result, it will significantly fuel the demand for marine air conditioning systems for commercial and leisure ships in the region. Additionally, factors such as growth in industrial, trade, and export-import activities are fuelling the demand for shipping and ocean transport in APAC. Furthermore, there is an increasing shift of manufacturing bases to APAC due to the comparative cost advantages in the region which will positively impact the market growth. Hence, such factors are expected to drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global marine air conditioning systems market was witnessed due to a halt in manufacturing activities and disruptions in the supply chain in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of marine trading operations. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aquamare Marine Ltd: The company offers marine air conditioning systems used by leisure ships called AquaAir Air which is ASHRAE standards certified and follows ABYC and CE guidelines.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
BRONSWERK GROUP Ltd., Carrier Global Corp., Chongqing Acir Marine Co. Ltd., Daikin Industries Ltd., Dometic Group AB, Eberca Holding BV, Flagship Marine Inc., FRIGOMAR Srl, GEA Group AG, Heinen and Hopman, Johnson Controls International Plc, Mabru Power Systems, MARINAIRE TECHNOLOGIES INC., Nissin Refrigeration and Engineering Ltd., Ocean Breeze, Pompanette LLC, The Koja Group, Veco S.p.A, and Webasto SE.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The marine air conditioning systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Marine Air Conditioning Systems Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.7% |
Market growth 2023-2027 |
USD 3,769.77 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.46 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aquamare Marine Ltd., BRONSWERK GROUP Ltd., Carrier Global Corp., Chongqing Acir Marine Co. Ltd., Daikin Industries Ltd., Dometic Group AB, Eberca Holding BV, Flagship Marine Inc., FRIGOMAR Srl, GEA Group AG, Heinen and Hopman, Johnson Controls International Plc, Mabru Power Systems, MARINAIRE TECHNOLOGIES INC., Nissin Refrigeration and Engineering Ltd., Ocean Breeze, Pompanette LLC, The Koja Group, Veco S.p.A, and Webasto SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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