Page 4 - Climate Control News Dec-Jan 21

Editorial
Climate Control News
EDITOR
Sandra Van Dijk Ph: (02) 9213 8277 sandravandijk@yaffa.com.au
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Bullish outlook or just bull?
EVERY MINUTE
OF EVERY DAY SOMEONE ON THIS PLANET IS LOOKING TO PURCHASE AN AIR CONDITIONER.
Sandra Van Dijk – Editor
THIS PURCHASING RATE is set to skyrocket es- pecially in regions like Asia with fast growing economies and rising middle class populations.
According to the International Energy Agency (IEA) demand for cooling will triple by 2050. It is hard to think of an industry with better prospects.
No wonder Tesla is eyeing the air conditioning industry with interest. Tesla founder Elon Musk told investors in September that he has air condi- tioning in his sights.
"That's a pet project that I'd love to get going on next year," Musk told Tesla investors.
"You could really make a way better home HVAC [heating, ventilation and air conditioning] system that's really quiet and superefficient.”
According to an article in Nikkei Asia, Musk’s comments have air conditioning executives nerv- ous. Tesla’s latest electric vehicle range features a heat pump for temperature control.
So how bullish is the outlook for air conditioning orisitalljustabitofbull?
The global pandemic has certainly impacted revenue growth with IBISWorld forecasting mod- est revenue growth (on average one per cent through to 2025).
Many of the industry’s biggest names suffered huge revenue declines in 2020 and while demand is high it is an incredibly competitive market.
It will take time to recover from such a tough and unforgiving year.
The fallout from the pandemic is likely to continue in 2021 so let’s pray we can keep the bears at bay.
On a more positive note, CCN has profiled our HVACR Leadership Award winners.
The coverage begins with a roundup of all the action from CCN Live on page 13.
Enjoy our annual Hot Products feature and most of all, enjoy the holidays!
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