SCD is showing strong performance. This is interpreted as being influenced by the news that Samsung Electronics is establishing a joint venture with a U.S. company to target the global heating, ventilation, and air conditioning (HVAC) market.
As of 10:59 AM on the 29th, SCD is trading at 1,573 KRW, up 5.72% compared to the previous day.
According to industry sources, Samsung Electronics announced that it signed a contract the day before to establish a joint venture called "Samsung Lennox HVAC North America" with the U.S. HVAC company Lennox. Lennox is the third-largest company in the North American HVAC market, with distribution networks for both business-to-consumer (B2C) and business-to-business (B2B) through directly operated stores and partner construction companies.
Recently, energy efficiency has emerged as the top concern in the global HVAC market, especially in North America and Europe. This is why tech companies showcased smart home and building solutions that optimize power consumption using AI at CES 2024, the world's largest IT and home appliance show, held in January.
According to market research firms Visaria and Grand View Research, the North American HVAC market is expected to grow from $29.7 billion (approximately 40 trillion KRW) to $48.8 billion (approximately 66 trillion KRW) by 2034, while the global market is projected to increase from $233.5 billion (approximately 317 trillion KRW) last year to $382.6 billion (approximately 519.6 trillion KRW) by 2030.
Meanwhile, SCD supplies parts for air conditioners and refrigerators to Samsung Electronics, LG Electronics, Carrier, and others. Its ice makers and step valves hold global market shares of 70% and 88%, respectively. The BLDC motor holds a 43% share in the domestic market and 10% in the global market.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
