New research shows that the Eurozone crisis has impacted the global air conditioning market.
In 2012, the world market for air conditioning was valued at $US87.5 billion; stagnant by 0.43 per cent compared with $US87.1 billion in 2011.
The BSRIA Worldwide Market Intelligence Report identifies the Asia Pacific as the best region in the world for air conditioning sales which topped $US49.4 billion in 2012, accounting for 56.5 per cent of world sales.
As with previous years, BSRIA said China and Japan represent the biggest markets in that region (around 82 per cent).
Sales decreased in a number of markets during 2012 as a result of deteriorating economic conditions.
For example, the Brazilian market declined in 2012, but the long term outlook is positive with demand coming from major sporting events in 2014 and 2016.
The United States is slowly pulling itself out of the recession, but progress is slow.
Europe is still struggling to recover from the Euro crisis and it is not showing any signs of recovery in the near term.
Spain, Greece, Italy and Cyprus continue to face a situation of extreme fragility.
Poor growth prospects have impacted the construction market as well as the air conditioning market.