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Carrier sees retrofit growth prospects in China
By Richard Fu |
April 19, 2012, Thursday
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Online Edition
Online Edition
Retrofit will create "new prospects" for growth in the commercial air-conditioning market as buildings built a decade earlier in China seek better efficiency, according to industry leader Carrier Corp.
"In the US, 80 percent of the market is retrofit while in China, it's 90 percent new or more," said Geraud Darnis, president and CEO of the climate, controls and security systems unit at United Technologies Corp. "So you can see how the market starts to switch."
UTC owns Carrier Corp, which has a 25-year-old venture with Shanghai Electric Group for commercial air-conditioning in China, where it's the market leader.
China has reduced its 2012 economic growth target to 7.5 percent, the first time the government has lowered its annual target since setting it at 8 percent in 2005. The government has also imposed curbs on the property market to rein in housing prices.
The property curbs mainly target the residential sector where Carrier is not directly involved, Darnis told Shanghai Daily in an exclusive interview.
"The most important phenomena in China is urbanization," he said. "So we're not directly affected by the slowdown in the residential sector and development of China's economy. There could be continued growth for our products for a long, long time."
He said China's commercial air-conditioning market is expected to rise 8-9 percent annually and taking retrofit into consideration, market growth could be 10-15 percent per year. He declined to reveal Carrier's sales in China, but said the company has double-digit growth.
As part of its effort to explore the retrofit market, Carrier last year formed a new venture with Shanghai Electric to help existing buildings improve energy efficiency.
"In the US, 80 percent of the market is retrofit while in China, it's 90 percent new or more," said Geraud Darnis, president and CEO of the climate, controls and security systems unit at United Technologies Corp. "So you can see how the market starts to switch."
UTC owns Carrier Corp, which has a 25-year-old venture with Shanghai Electric Group for commercial air-conditioning in China, where it's the market leader.
China has reduced its 2012 economic growth target to 7.5 percent, the first time the government has lowered its annual target since setting it at 8 percent in 2005. The government has also imposed curbs on the property market to rein in housing prices.
The property curbs mainly target the residential sector where Carrier is not directly involved, Darnis told Shanghai Daily in an exclusive interview.
"The most important phenomena in China is urbanization," he said. "So we're not directly affected by the slowdown in the residential sector and development of China's economy. There could be continued growth for our products for a long, long time."
He said China's commercial air-conditioning market is expected to rise 8-9 percent annually and taking retrofit into consideration, market growth could be 10-15 percent per year. He declined to reveal Carrier's sales in China, but said the company has double-digit growth.
As part of its effort to explore the retrofit market, Carrier last year formed a new venture with Shanghai Electric to help existing buildings improve energy efficiency.
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