The global air conditioning systems market is projected to witness a significant growth in the next few years owing to the rising need for energy-efficient cooling solutions across residential and commercial applications. The increasing demand for air conditioners from the construction and automotive industries is also expected to contribute to the market growth.
The main driving factors for the air conditioning systems market are discussed below:
Rising Need for Energy-Efficient Cooling Solutions: With the increasing focus on reducing carbon emissions and conserving energy, there is a growing demand for energy-efficient cooling solutions such as air conditioners. Air conditioners use less energy than other cooling methods and are thus preferred by consumers and businesses alike.
Increasing Demand from Construction and Automotive Industries: The construction industry is one of the major consumers of air conditioners. The growing construction activities across the globe are fuelling the demand for air conditioners. Similarly, the automotive industry is also witnessing a growing demand for air-conditioned vehicles, which is expected to boost the sales of air conditioning systems in the coming years.
Favourable Government Policies: Several governments across the world are promoting the use of energy-efficient appliances such as air conditioners through financial incentives and rebates. This is expected to create a positive impact on the market growth in the near future.
As the world progresses, the demand for air conditioning systems is also increasing. The harmful effects of global warming are being felt by everyone and the need to protect ourselves from the heat has never been greater. By having an air conditioning system installed in our homes and businesses, we can maintain a comfortable temperature indoors regardless of the weather outside.
There are several different types of air conditioning systems available on the market, each with their own set of features and benefits. The most popular type of system is the split air conditioner, which is ideal for both residential and commercial applications. Vertical air conditioners are another option that is growing in popularity, especially in smaller spaces such as apartments or office buildings. Chillers are also available for larger spaces such as warehouses or factories.
No matter what type of air conditioning system you choose, it is important to have it installed by a professional. This will ensure that your system runs smoothly and efficiently for many years to come.
Air-conditioning systems are devices or machines that regulate the temperature, humidity, and cleanliness of the air in a space. They can be used to cool or heat a space as needed, and many air-conditioning systems also include filters to improve the quality of the air. There are several types of air-conditioning systems available on the market, including split air conditioners, vertical air conditioners, and chillers.
The global air conditioning systems market is anticipated to grow at a CAGR of around 5% during the forecast period 2020 to 2031 and reach a market value of US$ XX Mn by 2031. There are several restraining factors of the air conditioning systems market. Firstly, the high initial cost and installation charges are restraining the growth of the air conditioners market. Secondly, dearth of awareness among consumers about energy-efficient air conditioners is another factor which is holding back the growth of this market. Thirdly, stringent government regulations regarding the usage of refrigerants in air conditioners is anticipated to hamper the growth of this market. However, the increasing demand will boost the market during forecast period.
Some of the major players operating in this market include Carrier Corporation, Daikin Industries Ltd., Hitachi Ltd., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co., Ltd., Sharp Corporation, and Toshiba Corporation.
The split air conditioner Segment to be on top of the market
On the basis of type, split air conditioner segment holds a major share in the global air conditioning systems market due its features such as high energy efficiency and low maintenance cost. On the other hand, chillers segment is projected to witness a significant growth over the forecast period on account of its growing adoption in various end-use industries such as food & beverage, healthcare, and others.
The residential segment to hold the most market share
In terms of application, the residential sector dominates the overall air conditioning systems market due to increasing disposable incomes and changing lifestyle patterns across all regions. The commercial sector is also expected to witness considerable growth over the coming years on account of expanding retail industry and rising construction activities.
Asia Pacific to dominate the market
Geographically, Asia Pacific region leads the global air conditioning systems market due high economic growth rate resulting in increased purchasing power among consumers.
Covid-19 Impact & Market Status
The Asia Pacific region is expected to be the fastest-growing market for air conditioning systems during the forecast period due to the increasing construction activities and rapid industrialization in this region. In terms of value, the Asia Pacific air conditioning systems market is projected to grow at a CAGR of 6.8% from 2019 to 2024. The residential segment is expected to be the largest contributor to the growth of the Asia Pacific air conditioning systems market during the forecast period. China is expected to lead the Asia Pacific air conditioning systems market followed by India and Japan.
Latest Innovations in the Global Air Conditioning Systems Market: A Snapshot
• The US Food and Drug Administration (FDA) has granted Fast Track designation to ACC-001, a monoclonal antibody for the treatment of non-infectious uveitis.
• The US FDA has approved the use of ALGICSEL (a monoclonal antibody) for the treatment of patients with acute myeloid leukemia (AML).
• On February 12, 2020, Pfizer Inc. announced the launch of its new precision medicine initiative, which includes the development of a next-generation sequencing platform. This platform will be used to identify genomic markers associated with certain diseases.
Air Conditioning Systems Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD XX Mn|
|Growth Rate||CAGR of 5% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Carrier Corporation, Daikin Industries Ltd., Hitachi Ltd., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co., Ltd., Sharp Corporation, and Toshiba Corporation.|
Key Segment of Air Conditioning Systems Market
By Type Overview 2021-2031, (USD Billion)
• Split Air Conditioner
• Vertical Air Conditioner
By Application Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa