The global air conditioning systems market is expected to reach US$160.3 bn by 2027. In terms of type of air conditioning systems, split AC segment is expected to grow with a higher CAGR in coming years. In terms of region, the Middle East and Africa is witnessing the fastest growth rate. In 2018, Asia Pacific was valued to be the largest market and is expected to maintain its dominance in coming years.
In terms of application, commercial segment accounted for largest and fastest growing category as a result of its usage in hotels, hospitals, clinics, and similar other areas. In terms of volume however, the residential application segment LED in the past. Residential segment is also anticipated to witness the fastest growth rate during the forecast period.
The global air conditioning systems market fragmented by nature with the presence of several small and medium companies. Companies are adopting the strategy of product innovation & development as well as investing in geographical expansion. Some of the bigger players are acquiring small players to increase their product range and market share as well as geographical reach in the market. A few of the key players operating in the global air conditioning systems market are Daikin Industries Ltd., Gree Electric Appliances, Inc., and Carrier Corporation, Panasonic Corporation, Mitsubishi Corporation, and The Midea Group, LG Electronics, Haier Electronics Group Co., Ltd., and Hitachi Ltd.
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Adoption of Green Technology to Drive Growth Prospects of Market
It has been observed that air conditioning systems consume higher amount of energy. Companies are working on low energy consumable products which can meet the consumer demand. Some of the companies are adopting green technologies and advanced technologies that are making air conditioning systems, energy efficient. Players are also coming up with designs in order to meet the energy requirements of consumers as well as complies with the government standards. The trend of green technology and smart homes are expected to boost the market demand in coming years.
Stringent Government Regulations to Aid Growth of Market
Key factors attributing to the global air conditioning systems market is growth in increasing spending on construction and housing sector at global level. Rising population and urbanization has led to higher spending on infrastructural activities. Stringent government regulations and policies, growing consumer expectations and technological advancements are also helping drive the growth of the global air conditioning systems market. The demand for air conditioning systems is very strong from the commercial sector in the Asia Pacific region on account of climatic variations.
The growing awareness regarding the need to maintain the quality of air in doors is also leading to an increase in the uptake of air conditioning systems which offers advanced air purifying technology. Furthermore, availability of doorstep product delivery and installation services will work as a positive factor of global air conditioning systems market growth.
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Asia Pacific Is the Largest and Fastest Growing Market
In terms of region, the air conditioning systems market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. By revenue, Asia Pacific is projected to dominate the global market for air conditioning systems with a share of over 55% during the forecast period. The demand for air conditioning systems in Asia Pacific is likely to be driven by Japan, China, and India. In addition, the replacement of air conditioning systems with energy-efficient equipment is forecasted to significantly drive the demand for air conditioning systems in the coming years. Rising number of commercial buildings in India and China will also boost the sales of air conditioning system in Asia Pacific.
North America also accounted for the significant share in this market. The changing standards of the American Society of Heating, Refrigerating and Air Conditioning, ongoing technological evolution, and the presence of several regulatory policies have been accelerating the demand for energy-efficient, technologically advanced, and eco-friendly air conditioning systems in North America. U.S. accounted for major share in this region. However, air conditioning systems have been witnessing a surge in demand from both commercial and residential applications, with the popularity of smart thermostats and inverter air conditioners rising with increasing adoption.
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