Africa Air Conditioner Market Outlook, 2024 -Sample

Report Code :HC 1005
2016-2024
Africa Air-Conditioner Market Outlook 2024: Opportunity & Growth Analysis,
2016-2024
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Table OF Contents
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Africa Air-Conditioner Market Outlook
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Table of Content
Research methodology
Market Overview
Africa Air-Conditioner Market Size USD (Million), 2016-2024
Africa Air-Conditioner Market Share (%), By Product Type, 2016
Africa Air-Conditioner Market Share (%), By Product Type, 2024
Africa Air-Conditioner Market Share (%), By End User, 2016
Africa Air-Conditioner Market Share (%), By End User, 2024
Key Findings
Africa Air-Conditioner Demand Outlook, 2015-2017
World Air Conditioner Demand by Region, 2011 to 2016
Overall AC Demand (Million Units) in Africa Region, 2015-2017
Room Air Conditioners (RAC) Demand (Million Units) in Africa Region, 2015-2017
Breakdown of RAC Demand (Million Units) in Africa Region, By Types, 2015-2017
Packaged Air Conditioners (PAC) Demand (Million Units) in Africa Region, 2015-2017
Global Air Conditioner Market Outlook , 2016
Global Air-Conditioner Demand
Africa Economic Outlook
Market Dynamics
Market Drivers
Market Driver: Hike in HVAC Market & Growing Usage of Air Conditioner
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Table of Content
Market Driver: Solar Energy & Innovative Financing
Market Opportunities
Market Opportunity: Building Efficiency Standard Improvement Approaches
Market Trends
Growth Trend – Development Of New Technologies In The HVAC Industry
Market Challenges
Growth Barrier – Limited Access To The Electricity
Access To Electricity (% of Population) In Africa, By Countries, 2017
Electricity Access In Africa (% of Population), 2017
Electricity Access In Africa (% of Population), 1995-2016
Africa Market Segmentation Analysis
Africa Air-Conditioner Market Size (USD Million), CAGR, Y-O-Y growth (%), Market Attractiveness & BPS Analysis, By Product Type
Africa Air-Conditioner Market Share (%), By Product Type, 2016-2024
Africa Air-Conditioner Market Size (USD Million), By Product Type, 2016-2024
Africa Air-Conditioner Market Attractiveness, By Product Type, 2016-2024
Africa Air-Conditioner Market BPS Analysis, By Product Type, 2016-2024
Africa Split AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Africa Rooftop AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Africa Indoor Packaged AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Africa Chiller AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
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Table of Content
Africa Other Type Of AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Africa Air-Conditioner Market Size (USD Million), CAGR, Y-O-Y growth (%), Market Attractiveness & BPS Analysis, By End User
Africa Air-Conditioner Market Share (%), By End User, 2016-2024
Africa Air-Conditioner Market Size (USD Million), By End User, 2016-2024
Africa Air-Conditioner Market Attractiveness, By End User, 2016-2024
Africa Air-Conditioner Market BPS Analysis, By End User, 2016-2024
Africa Residential AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Africa Commercial AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Africa Air-Conditioner Market Size (USD Million), CAGR, Y-O-Y growth (%), Market Attractiveness & BPS Analysis, By Country
Africa Air-Conditioner Market Share (%), By Country, 2016-2024
Africa Air-Conditioner Market Size (USD Million), By Country, 2016-2024
Africa Air-Conditioner Market Attractiveness, By Country, 2016-2024
Africa Air-Conditioner Market BPS Analysis, By Country, 2016-2024
Nigeria Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Egypt Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Algeria Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
South Africa Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Morocco Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Ghana Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Libya Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
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Table of Content
Rest Of Africa Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
Porter’s Five Force Model
Competitive Analysis
Panasonic Corporation
Samsung
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Market Overview
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1120.03 1201.04 1288.98 1384.67 1492.01 1610.46 1745.78 1903.51 2079
7.23% 7.32% 7.42%
7.75% 7.94%
8.40%
9.03% 9.22%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0
500
1000
1500
2000
2500
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Air-Conditioner Market Size USD (Million), 2016-2024
8.04%
CAGR: (2016-2024)
Source: Goldstein Research
Executive Summary
 Africa AC Market to expand at a CAGR of 8.04% during the forecast period 2016-2024. Further, the market is anticipated to reach USD
2.07 billion by the end of forecast period. In 2017, 2.8 million room air conditioner units were sold in Africa. To date, only ten African
countries have implemented energy efficiency standards and labeling policies for appliances such as room air conditioners, leaving
many countries at risk of being saddled with inefficient, environmentally harmful, and poor quality appliances. Without standards and
labeling policies to incentivize reporting and verification of product performance, locating reliable market information is difficult for
policymakers.
 Growth in the market can be attributed to rising per capita income, increasing urbanization coupled with hot & humid weather across
the region. Moreover, rising number of commercial and residential construction projects along with the development of new
technologies for air conditioners is further expected to drive Africa air conditioners market over the next five years. The main drivers
for the growth are an increasing population, better performing economies, more stable governments, new construction, urbanisation
and rising disposable income. The countries with the strongest growth forecast are: Ghana, Kenya, Nigeria and Tanzania.
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Source: Goldstein Research Source: Goldstein Research
Executive Summary Continued….. For (2016 & 2024)
64.23%
35.77%
Residential
Commercial
Africa Air-Conditioner Market Share (%), By Product Type, 2016 Africa Air-Conditioner Market Share (%), By End User, 2016
73.65%
13.25%
10.21%
2.63%
Split
Rooftop
Indoor packaged
Chillers
Other (Portable AC etc.)
64.61%
35.39%
Residential
Commercial
Africa Air-Conditioner Market Share (%), By Product Type, 2024 Africa Air-Conditioner Market Share (%), By End User, 2024
75.86%
12.36%
9.00%
2.54%
Split
Rooftop
Indoor packaged
Chillers
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Executive Summary : Key Findings
 Among countries, Egypt dominated Africa air conditioners market with more than one-fourth of the volume share in 2016.
Egypt is anticipated to generate significant demand for air conditioners and is likely to remain the dominant country till the
end of 2024, on account of rising number of construction projects in the country, especially in the commercial sector. On
the basis of type, Africa air conditioners market is broadly categorized into 6 different types, namely, high wall splits,
windows, chillers systems, ducted systems, VRF systems and others. High wall splits dominated Africa air conditioners
market in 2016 in volume terms. The concept of window air conditioners is slowing down in African market as they are
perceived as old-fashioned due to their limited functionalities. Consequently, the volume share of window air conditioners
is forecast to decline during 2016-2024.
 Among end use sectors, residential segment dominated the Africa air conditioners market in 2016 on the back of high
demand for air conditioners by households. Further, the demand for air conditioners like VRFs, Chillers and Ducted splits is
expected to rise from commercial/ industrial end use sector due to rising number of construction projects in countries like
Egypt, South Africa and Morocco. “Introduction of new technologies in commercial air conditioners is likely to push
demand for air conditioners in the African region over the course of next five years. Moreover, growing demand for air
conditioners with air purification technology keeping in view the deteriorating air quality would further steer growth in
Africa air conditioners market through 2024
 The rising number of commercial and residential projects in Egypt, Nigeria, and South Africa to support the infrastructural
development activities would spur the demand for air conditioners in the Africa region. Furthermore, growing urban
migration across major cities of Africa coupled with the increasing purchasing power of the consumers would contribute
towards the growth of the air conditioners market in Africa.
 Additionally, increasing interest of international hospitality brands such as Hyatt, Radisson, and Marriott to expand in the
African countries would back the growth of air conditioner market by generating additional demand for VRF and chillers to
support their infrastructural needs. The sales of floor standing air conditioners are also gaining momentum in the countries
due to their increasing popularity among the residential and hospitality sectors. Some of the key players in the Africa air
conditioner market include - Samsung, Gree, Midea, Carrier, Daikin, and LG.
 Split air conditioners are most popular in the region than any other air conditioner types. Due to their widespread
deployment in the residential and small commercial buildings, these have clocked significant market share. The split air
conditioners would undergo the highest growth in the overall market on account of the growing number of housing
development initiatives.
Household
Income
Availability of
Outlets
Expansion in
Distribution
System
High Consumer
Spending Power
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Africa Air-Conditioner Demand
Outlook, 2015-2017
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World Air Conditioner Demand by Region, 2011 to 2016
Source: Goldstein Research 12
Note: The graph shows RAC and PAC demand by region from 2011 to 2016

Overall AC Demand (Million Units) in Africa Region, 2015-2017
Demand (Million Units) 2015 2016 2017
Africa 2.52 2.63 2.57
Egypt 0.78 0.76 0.77
Nigeria 0.55 0.51 0.47
South Africa 0.22 0.23 0.25
Algeria 0.19 0.23 0.21
Libya 0.16 0.15 0.16
Morocco 0.14 0.13 0.13
Ghana 0.10 0.09 0.11
Tunisia 0.05 0.06 0.06
Others 0.33 0.45 0.41

Room Air Conditioners (RAC) Demand (Million Units) in Africa Region,
2015-2017
Africa 2.27 2.39 2.33
Egypt 0.72 0.69 0.71
Nigeria 0.52 0.48 0.46
Algeria 0.18 0.22 0.19
Libya 0.16 0.15 0.15
Morocco 0.12 0.12 0.12
Ghana 0.08 0.08 0.09
Tunisia 0.04 0.05 0.05
Others 0.28 0.40 0.36

Breakdown of RAC Demand (Million Units) in Africa Region, By Types,
2015-2017
Demand
(Million Units)
2015 2016 2017
Window Type Split Type Window Type Split Type Window Type
Split Type
(Single)
Split Type
(multi)
Africa 0.35 1.92 0.35 2.03 0.34 1.98 0.005
Egypt 0.08 0.64 0.08 0.61 0.08 0.62 0.002
Nigeria 0.09 0.42 0.07 0.40 0.06 0.39 -
South Africa 0.03 0.14 0.03 0.17 0.02 0.17 0.002
Algeria 0.03 0.15 0.03 0.18 0.03 0.16 -
Libya 0.01 0.14 0.01 0.14 0.01 0.14 -
Morocco 0.003 0.12 0.003 0.11 0.002 0.12 -
Ghana 0.001 0.08 0.001 0.08 0.001 0.09 -
Tunisia 0.001 0.04 0.003 0.04 0.003 0.05 -
Others 0.10 0.18 0.12 0.28 0.12 0.23 0.001

Packaged Air Conditioners (PAC) Demand (Million Units) in Africa Region,
2015-2017
Africa 0.26 0.25 0.25
Egypt 0.06 0.06 0.06
Nigeria 0.03 0.03 0.03
Algeria 0.01 0.01 0.01
Libya 0.003 0.003 0.003
Morocco 0.01 0.01 0.01
Ghana 0.01 0.01 0.01
Tunisia 0.01 0.01 0.01
Others 0.05 0.05 0.05

Global Air Conditioner Market
Outlook , 2016
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Global Air-Conditioner Demand
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 The 2017 world AC demand is estimated to reach 110.56 million units with 8.1% increase compared with the previous year. When
dividing the 2017 AC demand into the main markets of Japan, China, Asian countries other than Japan and China, Europe, North
America, and other countries, the largest market is China, whose demand reached 45.95 million units with 13.2% increase. Chinese
demand occupies 41.6% of the total world demand. The second largest market is Asia, excluding Japan and China, whose demand
reached 17.30 million units with 5.4% increase. The third largest market is North America, whose demand reached 15.32 million
units with 4.9% increase.
 Japan reached 9.74 million units with 6.5% increase, followed by Latin America with 6.77 million units and 4.6% increase, and
Europe with 6.56 million units and 8.1% increase.
 The 2017 world RAC demand is estimated to reach 96.05 million units with 8.2% increase compared with the previous year. The
largest market is China, whose demand reached 43.49 million units with 13.2% increase. The second largest market is Asia, excluding
Japan and China, whose demand reached 15.74 million units with 5.4% increase. The third largest market is Japan, whose demand
reached 8.93 million units with 6.9% increase.
North America reached 8.13 million units with 1.2% increase, followed by Latin America with 6.09 million units and 5.3% increase,
and Europe with 5.83 million units and 8.7% increase.
 The 2017 world PAC demand is estimated to reach 14.51 million units with 7.5% increase compared with the previous year. The
largest market is North America, whose demand reached 7.18 million units with 9.4% increase. The second largest market is China,
whose demand reached 2.46 million units with 12.9% increase. The third largest market is Asia, excluding the countries of Japan and
China, whose demand reached 1.57 million units with 5.2% increase. Japan reached 0.82 million units with 3.2% increase, followed
by Europe with 0.73 million units and 2.9% increase, and Middle East with 0.64 million units and 2.6% decrease.
 The A/C industry has a long history of proactively engaging and helping to meet environmental goals through international
cooperation and technology innovation. Manufacturers successfully developed products to transition away from ozone-depleting
refrigerants and continually innovate to deliver lower cost products with higher efficiency and performance. Non-ozone- depleting
HFCs and HFC have replaced HCFC and CFC refrigerants and now dominate the industry in developed countries. However, the GWPs
of today’s most common refrigerants are over a thousand times more powerful than the most prevalent GHG, carbon dioxide.

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 Africa’s general economic performance continues to recover and GDP growth is projected to accelerate to 4.0 percent in 2019 and 4.1
percent in 2020. But improved macroeconomic and employment outcomes require industry to lead growth. To develop cross-border
supply chains, improving customs management and adopting simple and transparent rules of origin, are essential.
 Significantly, five key trade policy actions that could potentially bring Africa’s total gains to 4.5 percent of its GDP, or U$134 billion a year:
• eliminating all applied bilateral tariffs in Africa;
• keeping rules of origin simple, ﬂexible, and transparent;
• removing all nontariff barriers on goods and services;
• implementing the World Trade Organization’s Trade Facilitation Agreement to reduce cross border time and transaction costs
tied to nontariff measures and ;
• negotiating with other developing countries to reduce their tariffs and nontariff barriers, by 50%.
 Growth in Sub-Saharan Africa is estimated at 2.3 percent for 2018, down from 2.5 percent in 2017. Economic growth remains below
population growth for the fourth consecutive year, and although regional growth is expected to rebound to 2.8 percent in 2019, it will
have remained below three percent since 2015.
 The slower-than-expected overall growth in 2018 reflects ongoing global uncertainty, but increasingly comes from domestic
macroeconomic instability including poorly managed debt, inflation, and deficits; political and regulatory uncertainty; and fragility
that are having visible negative impacts on some African economies. It also belies stronger performance in several smaller economies
that continue to grow steadily.
 In Nigeria, growth reached 1.9 percent in 2018, up from 0.8 percent in 2017, reflecting a modest pick-up in the non-oil economy. South
Africa came out of recession in the third quarter of 2018, but growth was subdued at 0.8 percent over the year, as policy uncertainty held
back investment. Angola, the region’s third largest economy, remained in recession, with growth falling sharply as oil production stayed
weak.
 Growth picked up in some resource-intensive-countries like the Democratic Republic of Congo and Niger, as stronger mining production
and commodity prices boosted activity alongside a rebound in agricultural production and public investment in infrastructure. In others,
like Liberia and Zambia, growth was subdued, as high inflation and elevated debt levels continued to weigh on investor sentiment. In the
Central African Economic and Monetary Community, a fragile recovery continued as reform efforts to reduce fiscal and external
imbalances slowed in some countries.
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 Non-resource-intensive economies such as Kenya, Rwanda, Uganda, and several in the West African Economic and Monetary Union,
including Benin and Côte d’Ivoire recorded solid economic growth in 2018.
 However, many challenges remain. Public debt levels and debt risk are rising, which might jeopardize debt sustainability in some
countries; the availability of good jobs has not kept pace with the number of entrants in the labor force; fragility is costing the
subcontinent a half of a percentage point of growth per year; and poverty is widespread. While growth is expected to increase in 2019, it
will remain insufficient to reduce poverty significantly. Total poverty headcount at the international poverty line ($1.90/day in 2011 PPP)
is projected to decline only marginally.
 When paired with stronger investments in human capital, impacts across the African continent can be more than doubled. Impacts are
greater if expansion of the digital economy is accompanied by regulations that create a vibrant business climate, skills that allow workers
to access the jobs of the future, and accountable institutions that use the internet to empower citizens.
 Across the African continent, including sub-Saharan and North Africa, the digital transformation could increase growth per capita by 1.5
percentage points per year and reduce the poverty headcount by .7 percentage points per year, according to the report. In Sub-Saharan
Africa alone, the digital revolution can increase growth by nearly two percentage points per year and reduce poverty by nearly one
percentage point per year.
 External debt is shifting from traditional, concessional, publicly-guaranteed sources to more private, market-based, and expensive
sources of finance, putting countries at risk. By the end of 2018, nearly half of the countries in Sub-Saharan Africa covered under the
Low-Income Country Debt Sustainability Framework were at high risk of debt distress or in debt distress, more than double the number
in 2013.
 South Africa’s trade policy was historically guided by three interrelated strategies: import-substituting industrialization, the development
of “strategic” industries (in coal, arms and oil) as international opprobrium and isolation increased, and the deliberate development of
mineral-related exports through upstream mineral beneficiation. The last two strategies were supported by fiscal incentives and
subsidized credit, in addition to trade policy. Exchange rate policy was conducted independently to support the anti-inflationary
objectives of the Reserve Bank.
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Market Dynamics
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Market Drivers
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Market Driver: Hike in HVAC Market & Growing Usage of Air Conditioner
• The growing use of air conditioners in homes and offices around the world will be one of the top drivers of global electricity demand
over the next three decades, according to new analysis by the International Energy Agency that stresses the urgent need for policy
action to improve cooling efficiency.
• Using air conditioners and electric fans to stay cool already accounts for about a fifth of the total electricity used in buildings around
the world – or 10% of all global electricity consumption today. But as incomes and living standards improve in many developing
countries, the growth in AC demand in hotter regions is set to soar. AC use is expected to be the second-largest source of global
electricity demand growth after the industry sector, and the strongest driver for buildings by 2050.
• Making cooling more efficient would also yield multiple benefits, making it more affordable, more secure, and more sustainable, and
saving as much as USD 2.9 trillion in investment, fuel and operating costs.
• The rise in cooling demand will be particularly important in the hotter regions of the world. Today, less than a third of global
households own an air conditioner. In countries such as the United States and Japan, more than 90% of households have air
conditioning, compared to just 8% of the 2.8 billion people living in the hottest parts of the world.
• The issue is particularly sensitive in the fastest-growing nations, with the biggest increase happening in hot countries like India –
where the share of AC in peak electricity load could reach 45% in 2050, up from 10% today without action. This will require large
investments in new power plants to meet peak power demand at night, which cannot be met with solar PV technology.
• The global heating, ventilation, and air conditioning (HVAC) market was estimated at USD 172.37 billion in 2017 and is expected to
reach USD 208.55 billion by 2024, growing at a CAGR of 2.6% during the forecast period. A number of factors are at play:
 The rising temperature due to global warming has led to an increased demand for HVAC products.
 The boom in the construction sector in regions such as the Middle East and Americas is also driving the growth of the HVAC
industry.
 In addition, the presence of industry leaders such as Carrier Corporation, Johnson Controls, and Daikin Industries, among others,
has significantly contributed to market growth.
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• African countries must think outside the box. The sun is free and inexhaustible. Solar technology — photovoltaic panels — converts
the sun’s radiation directly into electricity with no pollution or damage to the environment. The panels can generate enough power to
run stoves, pump water, light clinics and power televisions. Africa has one of the best climates for this type of energy.
• A typical home system in sub-Saharan Africa costs anywhere between $500 and $1,000 and such systems typically provide enough
power to light three to six rooms and power a black-and-white TV each night. But the cost is well beyond the means of most African
households. The use of innovative financing schemes, like fee-for-service arrangements, is one way to overcome these high up-front
costs, notes Mr. Porcaro. Installing solar panels to power multiple houses at once can also cut down on costs. More households could
afford solar power, argues the World Bank, if governments were to remove barriers, such as high import duties, that increase the cost
of the panels. Regional cooperation to facilitate trade is another major NEPAD goal.
• African leaders are demonstrating commitment to bring solar power to rural homes. For example, a UNDP-GEF report on solar
financing and delivery models notes that private sales, through dealers, initially dominated the market in South Africa, but that the
government, a leading NEPAD proponent, later initiated a massive off-grid effort that is now fully active. Botswana, Namibia,
Swaziland, Zambia and most countries in the region have developed solar markets, in many cases with special funds to support
consumer credit.
• In Africa, ACs are no longer considered luxury goods and are being accepted as necessary products. Although the penetration of these
machines is low, the market holds a lot of potential in terms of volume and value. The demand for ACs in rural areas is low. Hence,
companies should start attracting rural customers to increase their volumes sales. Rural customers prefer cost-effective and seek
durable and maintenance-free products. Vendors should invest in R&D to develop products, which satisfy the needs of rural
customers.
• Electronic retail stores are organized stores where electronic goods of different brands are available. These stores are expected to grow
at a CAGR around 1.21% during the forecast period. African consumers demand stores that offer a good ambiance, multiple brands,
and correctly priced goods under one roof. The increase in changing lifestyle and rise in the income of consumers are driving the
electronic retail market in Africa.
Market Driver: Solar Energy & Innovative Financing
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Market Opportunities
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Market Opportunity: Building Efficiency Standard Improvement Approaches
This method uses efficiency metrics like EER, SEER, COP, IPLV. IEER, etc. to define
efficiency levels at a component level and typically at full load and at a common
ambient rating point. This is the method used by most efficiency standards and
regulatory bodies like DOE for HVAC&R and heating equipment. It does not cover
system impacts, regional ambient conditions, building impact and can inhibit new
technological approaches. There are many initiatives to improve as well as expand
some of the requirements, but some are reaching “Max Tech”, but these current
occupy about 60-80% of industry resources
This method is also currently commonly used were specific equipment and design
requirements are defined based on know technological approaches and current design
practices. Again it does not consider the overall system, new technological approaches
and can limit innovative approaches. This method is also being expanded and some
proposal are pushing for prescriptive approaches based on building types
This is a new concept where higher level approaches are taken, typically on an
annualized based with regional climate data and some building specific load profiles.
This would allow for new concepts like hybrid systems, controls impact, and regional
climate conditions. It will require regulatory changes and the use of new tools and
equipment rating and modeling approaches
This is a full building approach where a proposed building is compared to a baseline
building. It requires complex models and is expense and currently only used on about
20% of buildings and typically very large buildings but then typically for compliance but
not for design optimization. There is considerable work to improve the modeling tools
and data and ASHRAE 90.1 has introduced a new appendix G compliance path
This is a very new approach proposed by New Building Institute, that can build on the
above options but follows thru with commissioning, recommissioning and monitoring
allowing for sustained high performance buildings. But the current model tools are not
accurate enough to predict absolute building energy (EUI) and commission efforts and
diagnostics are being developed
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Market Trends
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Growth Trend – Development Of New Technologies In The HVAC Industry
• The increasing demand for saving energy led to development of new technologies in the HVAC industry, such as inverter based
compressor. This technology allows compressor (which is the “heart” of the air conditioning system) to work proportionally, regulating
the amount of refrigerant in the HVAC system, which leads to more “accurate” climate control and eventually reduced power
consumption.
• The inverter based technology compressor requires more sophisticated control, involving frequency modulation, DC conversion etc. In
order to support that, larger electronic PCB’s (Printed Circuit Boards) that had to include all the relevant electronic components are now
mounted inside the HVAC units (indoor, outdoor or both). The control flow is now totally different.
• The Electronic PCB is now an active controller. It gathers all the data from the different inputs: temperature and pressure data from the
built in sensors, outdoor temperature, user input, and based on that, it defines how the HVAC system should work to fulfill those
demands.
• The traditional “Thermostat” as a concept, is now simplified to a simple control panel that is only required to “learn” the user’s climate
demand, in terms of: operation state (On/Off), operation mode (cool/heat/dry), set point temperature and desired fan speed. The user
input can be transferred to the HVAC unit in several ways:
 IR
 Wired remote
 Wireless (non-IR): Wi-Fi, Bluetooth, Zigbee etc’. This trend is quite new, and seems that it would be progressing in the next few years.
• The most important part is, that user input interface (IR receiver and transmitter or wired remote) is provided by the same HVAC
manufacturers, as an integral part of the unit, or as an optional accessory. 3rd party traditional thermostats cannot be used here, as each
HVAC manufacturer has its own “closed” communication interface, different one from another.
• As the initial philosophy of those HVAC manufacturers was to provide all customers’ needs for control, integration of such air
conditioning unit with home automation and building management systems (BMS) became a more complicated task.
• The variety of HVAC manufacturers and models each requiring a specific approach and different integration process. As this task wouldn’t
be the main priority of the HVAC manufacturers, it is clear that there would be a need for 3rd party integration platform, to make those
HVAC units communicate fully with Home Automation/Building management systems.
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Market Challenges
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Growth Barrier – Limited Access To The Electricity
 The electricity access in sub-Saharan Africa’s situation is among the world’s worst. With 13 per cent of world’s population, the region has
48 per cent of its population without access to electricity. The only other comparable region with a similar imbalance is South Asia, with
23 per cent of the world’s population and 34 per cent of the people without access to electricity. This means that almost 600 million
people in sub-Saharan Africa lack access to electricity.
 Only seven countries—Cameroon, Côte d’Ivoire, Gabon, Ghana, Namibia, Senegal and South Africa—have electricity access rates
exceeding 50 per cent. The rest of the region has an average grid access rate of just 20 per cent. Even when there is access to electricity,
there is not enough power being generated to reach all.
 The electricity consumption rates in Africa are far below other emerging markets. Average electricity consumption in Sub-Saharan Africa,
excluding South Africa, is only about 150 kilowatt-hours per capita. This is a fraction of consumption rates in Brazil, India, and South
Africa. The region’s power sector is significantly underdeveloped in all aspects such as energy access, installed capacity and overall
consumption.
 The only countries that have electrification rates of less than 80 per cent (with GDP per capita greater than US $3,500) are those with
significant wealth in natural resources. Angola, Botswana, and Gabon, despite falling in that category are not economically prosperous
ones. Obtaining access to electricity and consumption are the two most important metrics that can indicate the degree to which the
power sector is supporting national development.
 Sub-Saharan Africa will consume nearly 1,600 terawatt hours by 2040, four times of what was used in 2010. That forecast has been
computed based on a number of important factors, including a fivefold increase in GDP, a doubling of population, electricity-access levels
reaching more than 70 per cent by 2040, and increased urbanisation. By 2040, the region is expected to consume as much electricity as
India and Latin America combined did in 2010.
31

Access To Electricity (% of
Population) In Africa, By
Countries, 2017
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32

Electricity Access In Africa (% of Population), 2017
33
This map gives an idea of how far
Africa is lagging compared to the
world and the variation within the
continent. Its current average 43
percent access rate to electricity is half
of the global access rate of 87 percent.
It also warns that the current number
of people without electricity will
continue with Africa’s population
boom.

Electricity Access In Africa (% of Population), 1995-2016
34
Electrifying rural areas poses unique challenges for African governments. Remote and scattered, rural homes, unlike homes in urban areas,
are costly and often impractical to connect to the grid. Under the New Partnership for Africa’s Development (NEPAD), countries are seeking
innovative alternatives to give rural families efficient means to cook their food and light their homes. Stand-alone sources of energy, such as
solar, wind and mini-hydro generators, can help fill the gap. An estimated 1.1 billion people – 14% of the global population – did not have
access to electricity. Many more suffer from supply that is of poor quality. Around 84% of those without electricity access reside in rural
areas and more than 95% of those living without electricity are in countries in sub-Saharan Africa and developing Asia. While still far from
complete, progress in providing electrification in urban areas has outpaced that in rural areas two to one since 2000.

Africa Market Segmentation Analysis
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35

Africa Air-Conditioner Market Segmentation
Africa Air-Conditioner Market
By Product Type
Split
•Rooftop
•Indoor
packaged
•Chillers
•Other
(Portable AC
etc.)
By End Users
Residential
•Commercial
By Countries
Nigeria
•Egypt
•South Africa
•Algeria
•Libya
•Morocco
•Ghana
•Rest of Africa
36

Africa Air-Conditioner Market, By Product Type
By Product Type
Split
Rooftop
Indoor Packaged
Chiller
Others
Africa Air-Conditioner Market Size (USD Million), CAGR, Y-O-Y
growth (%), Market Attractiveness & BPS Analysis, By Product Type
37

Africa Air-Conditioner Market, By Product Type (Contd.)
824.90
1,577.13
148.40
256.96
114.36
187.11
29.46 52.81
2016e 2024f
Split
Rooftop
Indoor packaged
Chillers
Africa Air-Conditioner Market Share (%), By Product Type, 2016-2024
75.86%
12.36%
9.00%
2.54%0.24%
Split
Rooftop
Indoor packaged
Chillers
73.65%
13.25%
10.21%
2.63%0.26%
20242016
Africa Air-Conditioner Market Size (USD Million), By Product Type, 2016-2024
38

Africa Air-Conditioner Market, By Product Type (Contd.)
Africa Air-Conditioner Market Attractiveness, By Product Type, 2016-2024
Africa Air-Conditioner Market BPS Analysis, By Product Type, 2016-2024
CAGR(%)
Market Size (USD Million)
73.65% 75.86%
13.25% 12.36%
10.21% 9.00%
2.63% 2.54%0.26% 0.24%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
2016e 2024f
Split
Rooftop
Indoor packaged
Chillers
Rooftop
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
9.00%
0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00
Split Indoor Packaged Chillers
39
Others

824.90 887.88 956.46 1031.28 1115.35 1208.35 1314.70 1438.74 1577.13
7.64% 7.72% 7.82%
8.15%
8.34%
8.80%
9.43%
9.62%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
1600.00
1800.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Split AC Market
8.44%
CAGR: (2016-2024)
Africa Split AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
40

148.40 157.80 167.92 178.85 191.05 204.43 219.66 237.39 256.96
6.33% 6.41% 6.51%
6.82%
7.00%
7.45%
8.07%
8.24%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
0.00
50.00
100.00
150.00
200.00
250.00
300.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Rooftop AC Market
7.10%
CAGR: (2016-2024)
Africa Rooftop AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
41

114.36 120.81 127.71 135.09 143.31 152.25 162.40 174.19 187.11
5.64% 5.71% 5.78%
6.08%
6.24%
6.67%
7.26%
7.41%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
200.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Indoor Packaged AC Market
6.35%
CAGR: (2016-2024)
Africa Indoor Packaged AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
42

29.46 31.45 33.61 35.95 38.57 41.45 44.74 48.56 52.81
6.77% 6.86% 6.96%
7.29%
7.47%
7.93%
8.56%
8.74%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0.00
10.00
20.00
30.00
40.00
50.00
60.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Chiller AC Market
7.57%
CAGR: (2016-2024)
Africa Chiller AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
43

2.91 3.09 3.29 3.50 3.73 3.99 4.28 4.62 4.99
6.20% 6.28% 6.37%
6.69%
6.86%
7.31%
7.92%
8.09%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Other (Portable, etc) AC Market
6.96%
CAGR: (2016-2024)
Africa Other Type Of AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
44

Africa Air-Conditioner Market, By End User
By End User
Residential
Commercial
growth (%), Market Attractiveness & BPS Analysis, By End User
45

Africa Air-Conditioner Market, By End User (Contd.)
719.40
1,343.24
400.63
735.76
2016e 2024f
Residential
Commercial
Africa Air-Conditioner Market Share (%), By End User, 2016-2024
64.61%
35.39%
Residential Commercial
64.23%
35.77%
20242016
Africa Air-Conditioner Market Size (USD Million), By End User, 2016-2024
46

Africa Air-Conditioner Market, By End User (Contd.)
Africa Air-Conditioner Market Attractiveness, By End User, 2016-2024
Africa Air-Conditioner Market BPS Analysis, By End User, 2016-2024
CAGR(%)
64.23% 64.61%
35.77% 35.39%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
2016e 2024f
Residential Commercial
Commercial
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
9.00%
0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00
Residential
47

719.40 772.00 829.14 891.35 961.15 1038.22 1126.29 1228.95 1343.24
7.31% 7.40% 7.50%
7.83%
8.02%
8.48%
9.12%
9.30%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
1600.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Residential AC Market
8.12%
CAGR: (2016-2024)
Africa Residential AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
48

400.63 429.04 459.84 493.32 530.86 572.24 619.49 674.56 735.76
7.09% 7.18% 7.28%
7.61%
7.79%
8.26%
8.89%
9.07%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Africa Commercial AC Market
7.89%
CAGR: (2016-2024)
Africa Commercial AC– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
49

Africa Air-Conditioner Market, By Country
growth (%), Market Attractiveness & BPS Analysis, By Country
By Country
Egypt
Nigeria
South Africa
Algeria
Morocco
Ghana
Rest of Africa
50

Africa Air-Conditioner Market, By Country(Contd.)
217.17
421.00
323.69
614.55
125.78
272.76
98.00
166.53
55.33
111.23
63.84
129.52
38.31
78.79
197.91
284.62
2016e 2024f
Nigeria
Egypt
South Africa
Algeria
Morocco
Libya
Ghana
Rest of Africa
Africa Air-Conditioner Market Share (%), By Country, 2016-2024
20.25%
29.56%
13.12%
8.01%
5.35%
6.23%
3.79%
13.69%
Nigeria
Egypt
South Africa
Algeria
Morocco
Libya
Ghana
Rest of Africa
19.39%
28.90%
11.23%
8.75%
4.94%
5.70%
3.42%
17.67%
20242016
Africa Air-Conditioner Market Size (USD Billion), By Country, 2016-2024
51

North America Doughnut Market, By Country (Contd.)
North America Doughnut Market Attractiveness, By Country, 2016-2024
North America Doughnut Market BPS Analysis, By Country, 2016-2024
CAGR(%)
19.39% 20.25%
28.90% 29.56%
11.23% 13.12%
8.75%
8.01%
4.94% 5.35%5.70%
6.23%3.42%
3.79%
17.67% 13.69%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
2016e 2024f
Nigeria
Egypt
South Africa
Algeria
Morocco
Libya
Ghana
Rest of Africa
Egypt Morocco LibyaGhana Nigeria
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0.00 50.00 100.00 150.00 200.00 250.00 300.00 350.00
Rest of
Africa
South Africa Algeria
52

217.17 234.17 252.70 272.95 295.72 320.92 349.77 383.41 421.00
7.83% 7.91% 8.01%
8.34%
8.52%
8.99%
9.62%
9.80%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Nigeria Air Conditioner Market
8.63%
CAGR: (2016-2024)
Nigeria Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
53

323.69 348.09 374.64 403.60 436.11 472.07 513.17 561.11 614.55
7.54% 7.63% 7.73%
8.06%
8.24%
8.71%
9.34%
9.52%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Egypt Air Conditioner Market
8.34%
CAGR: (2016-2024)
Egypt Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
54

125.78 137.71 150.84 165.31 181.65 199.88 220.80 245.24 272.76
9.49%
9.53%
9.59%
9.88%
10.03%
10.47%
11.07%
11.22%
8.50%
9.00%
9.50%
10.00%
10.50%
11.00%
11.50%
0.00
50.00
100.00
150.00
200.00
250.00
300.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
South Africa Air Conditioner Market
10.16%
CAGR: (2016-2024)
South Africa Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
55

Overview of Air-Conditioner Market In South Africa
56
 While Air Conditioners are not a priority appliance in South Africa, their popularity in high income households and office
buildings has continued to grow in recent years, reaching a 40 % penetration rate in the most affluent homes. Split ACs are being
increasingly used in offices and residences without a centralised HVAC system.
 Although the air conditioning market was hit hard by the 2008 economic recession, sales have started to grow again and the
market is expected to expand by a compound annual growth rate of 5 % until 2018, dominated by split AC sales.
 The spread of Air Conditioners has also been aided by the increasing electrification of the country – As recently as the late 1980’s
the country’s electrification rate for residential households was around 35%, whereby almost all white households had electricity
and the electrification rate of non-white households was extremely low. An electrification programme was implemented in the
early 1990’s and by 2001 the electrification rate had increased to 61% and by 2011 it was 83%. By the late 1990’s the country’s
electrification programme expanded the market for electrical appliances by an estimated 50%.
 South Africa has a respectable appliance manufacturing industry, and historically there was a limited number of locally
manufactured mass produced appliances available to the middle to lower income groups; the high income groups were
traditionally serviced by European imports. However, there has never been any local manufacture or assembly of AC. These
appliances have always been imported due to historically low sales volumes in South Africa and the specialised components
required for AC.
 It is important to note that Air Conditioners are also viewed as a luxury item and targeted to the upper income families and
commercial properties without a central AC system. All compressor-operated AC with a rated cooling capacity not exceeding 8.8
kW are subject to a 15% import duty.
 The country’s significant income inequality means that the middle to lower end of the market chooses appliances almost
exclusively based on price and brand. These appliances generally have less functionality and are often higher consumers of
electricity. Conversely, upper income households choose their appliances based on functionality, design, brand, guarantees and
after sales service, aesthetics and to a lesser extent and only more recently on their energy consumption.

98.00 103.98 110.40 117.32 125.03 133.47 143.07 154.23 166.53
6.10% 6.18% 6.26%
6.58%
6.75%
7.19%
7.80%
7.97%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Algeria Air Conditioner Market
6.85%
CAGR: (2016-2024)
Algeria Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
57

55.33 59.95 65.00 70.53 76.76 83.68 91.61 100.86 111.23
8.35% 8.42% 8.52%
8.84%
9.01%
9.47%
10.10%
10.28%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0.00
20.00
40.00
60.00
80.00
100.00
120.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Morocco Air Conditioner Market
9.12%
CAGR: (2016-2024)
Morocco Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
58

63.84 69.25 75.18 81.68 89.00 97.13 106.45 117.33 129.52
8.48% 8.56% 8.64%
8.96%
9.14%
9.59%
10.22%
10.39%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Libya Air Conditioner Market
9.25%
CAGR: (2016-2024)
Libya Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
59

38.31 41.63 45.28 49.28 53.79 58.80 64.55 71.26 78.79
8.68% 8.75% 8.84%
9.15%
9.32%
9.78%
10.40%
10.57%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Ghana Air Conditioner Market
9.43%
CAGR: (2016-2024)
Ghana Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
60

197.91 206.25 214.94 224.00 233.95 244.51 256.37 270.06 284.62
4.21% 4.21% 4.22%
4.44% 4.51%
4.85%
5.34% 5.39%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0.00
50.00
100.00
150.00
200.00
250.00
300.00
2016e 2017e 2018e 2019f 2020f 2021f 2022f 2023f 2024f
Rest of Africa Air Conditioner Market
4.65%
CAGR: (2016-2024)
Rest of Africa Air Conditioner– Market Size (USD Million), Y-O-Y Growth Rate (%) & CAGR (%), 2016-2024
61

Porter’s five force Model
Connect With Us:
62

Industry
Competitors:
HIGH
Barriers to Entry
Medium
Buyer Power:
HIGH
Substitutes:
Moderate
Supplier Power:
LOW
Porter’s Five Force Model
Threat of new
entrants
Bargaining Power
of buyers
Threat of substitute
products or services
Bargaining power
of suppliers
The Barriers to Entry are medium which means that
it is moderately difficult for outside companies to
enter the industry. New entrant is require to
distinguish their products from existing ones in terms
of performance, maintenance, price & usability in
order to create a customer base and make place in
the competitive space, only such a player tends to
establish its market presence.
The power of Buyers is significantly high and they are
able to negotiate for better Pricing Model. However
on the supplier side, the power of Suppliers is also
low as there are multiple supplier for a particular
device and these causes, for companies to compete
on price when they do not have any point of
differentiation.
Intensity of competition among the existing
competitors in the market. Intensity of rivalry
depends on the number of competitors and their
capabilities. Industry rivalry is high when:
•There are number of small or equal competitors and
less when there’s a clear market leader.
•Customers have low switching costs
•Industry is growing
•Exit barriers are high and rivals stay and compete
•Fixed cost are high resulting huge production and
reduction in prices
Customer can easily switch to substitute products. So
substitutes are a threat to the company. When there
are actual and potential substitute products available
then segment is unattractive. Profits and prices are
effected by substitutes so, there is need to closely
monitor price & market trends. In substitute
industries, if competition rises or technology
modernizes then prices and profits decline.
63

Competitive Analysis
Connect With Us:
64

Panasonic Corporation
Connect With Us:
65

Panasonic Corporation, together with its subsidiaries, develops, produces, sells, and services electrical and electronic products under the
Panasonic brand name worldwide. It operates through Appliances, Eco Solutions, Connected Solutions, Automotive & Industrial Systems, and
Other segments. The Appliances segment offers air conditioners, TVs, refrigerators, washing machines, personal care products, microwave
ovens, digital cameras, home audio equipment, video equipment, fixed-phones, vacuum cleaners, rice cookers, show cases, compressors, fuel
cells, etc. The Eco Solutions segment provides lighting fixtures, lamps, wiring devices, solar photovoltaic systems, water related products, interior
and exterior furnishing materials, ventilation and air conditioning equipment, air purifiers, bicycles, nursing care related products, etc. The
Connected Solutions segment offers in-flight entertainment systems and communications services, electronic components mounting machines,
welding equipment, PCs and tablets, projectors, broadcast and professional AV systems, surveillance cameras, etc. The Automotive & Industrial
Systems segment provides automotive use infotainment systems, electrical components, automotive mirrors, lithium ion and automotive
batteries, dry batteries, automation controls, electric motors, electronic components, electronic materials, semiconductors, LCD panels, etc. The
Others segment provides detached housing construction, apartment housing rental, and home remodeling services; and sells land, properties,
and condominiums. The company offers its products to business and industrial customers, and consumers. Panasonic Corporation has a strategic
partnership with Plug and Play. The company was formerly known as Matsushita Electric Industrial Co., Ltd. and changed its name to Panasonic
Corporation in 2008. Panasonic Corporation was founded in 1918 and is headquartered in Kadoma, Japan.
Panasonic Corporation announced that it will establish a new company to operate its security systems business in Japan and overseas, and that it
has reached an agreement for strategic co-investment with Polaris Capital Group Co., Ltd. The Security Systems Business Division, which is part of
Panasonic's Connected Solutions Company, has a roughly 60-year history of developing security cameras and advanced edge devices and
combining these with unique software such as facial recognition to meet the needs of the market, and has established itself as a top brand in the
Japanese security camera market. With rising global demand for security and safety, the security related business is a field that is forecast for
growth; and by establishing the new company and concluding a co-investment agreement with Polaris, Panasonic believes that it can achieve
stable growth in this market. The new company will be able to utilize Polaris' knowledge and experience cultivated from numerous investments
into manufacturers and other large-scale enterprises. It will build on the strengths of the Division while benefitting from management and
resources of Polaris to seamlessly implement the necessary structure to operate as an independent organization. Strengthening its solutions
capabilities with proactive alliances and M&As, the new company will aim to enhance its revenue and profitability globally centered on the North
American market. With new and next-generation products and services, and a strategic growth plan to expand sales of medical camera modules,
the new company will build a solid foundation as an independent entity with a potential public offering in the future. The new company will be
formed into an independent entity from the Connected Solutions Company's Security Systems Business Division and the industrial & medical
vision compact camera R&D department of its Innovation Center. The Public Safety sales and development functions of Panasonic System
Solutions Company of North America (PSSNA), and the security camera manufacturing factory in China -Panasonic System Networks Suzhou Co.,
Ltd. (PSNS) -will become subsidiaries of the new company.
Company Overview
66

Growth Analysis of Business
68

Investments And M&A Activities
71

Samsung
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Samsung Electronics is a diversified electronics conglomerate that manufactures and sells a wide range of products, including smartphones,
semiconductor chips, printers, home appliances, medical equipment, and telecom network equipment. About 75% of its profit is generated
from semiconductor business, and a further 15%-20% is generated from its mobile handset business, although these percentages vary with
the fortunes of each of these businesses. It is the largest smartphone and television manufacturer in the world, which helps provide a base
demand for its component businesses, such as memory chips and displays, and is also the largest manufacturer of these globally.
Samsung Electronics is a diversified electronics conglomerate that manufactures and sells a wide range of products, including smartphones,
semiconductor chips, printers, home appliances, medical equipment, and telecom network equipment. About 75% of its profit is generated
from semiconductor business, and a further 15%-20% is generated from its mobile handset business, although these percentages vary with
the fortunes of each of these businesses. It is the largest smartphone and television manufacturer in the world, which helps provide a base
demand for its component businesses, such as memory chips and displays, and is also the largest manufacturer of these globally.
Company Overview
73
Key Financials:

About Us
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