Solar-Powered Air Conditioning Systems Is The New Changing Wind In Air Conditioning Systems Market
Increasing Demand from Commercial and Residential Sector to Drive
the Sales of Air Conditioning Systems
Air conditioning systems find application in automotive, commercial,
industrial, and residential sectors. By revenue, the commercial
segment is leading the global air conditioning systems market due to
their increasing usage in areas such as clinics, construction,
healthcare, hospitals, and hotel and tourism. The rising global
temperature has increased the application of air conditioning systems
in the residential sector, making it leading segment in terms of
volume. The segment is also expected to register highest CAGR based
on revenue from 2016 to 2024.
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The market has been categorized into windows air conditioning
systems, portable air conditioning systems, cassette ACs, chillers,
splits, single packaged, and airside in terms of equipment type.
While split ACs are dominating the global market at present, the
portable air conditioning systems segment is anticipated to develop
with the highest growth rate by 2024.
Energy-efficient Air Conditioning Systems Gain Prominence
The growth of the air conditioning systems market can be largely
attributed to the rapidly expanding construction and housing sector.
“Increasing construction permits, especially for commercial
infrastructure, means a rising need for equipment such as air
conditioning systems,” a TMR analyst explains. The market for air
conditioning systems is also driven by stringent government
regulations, technological developments, rising consumer
expectations, increased demand from the commercial sector, strong
demand from Asia Pacific, and climate variations. The surge in
awareness regarding the importance of indoor air quality has also
generated an increased demand for advanced air-purifying
technologies.
In contrast, the air conditioning systems market faces a major
roadblock – increased energy consumption. However, TMR finds that
this challenge can be easily addressed. “The emergence of ongoing
trends such as green technologies, smart homes, and energy-efficient
systems are driving manufacturers of air conditioning systems to
focus on innovation and come up with equipment that meet the rising
energy requirements of consumers and governments alike. Thus, this
obstacle also presents market players with several opportunities for
growth over the coming years,” the author of the study states.
Split ACs Witness Highest Demand
The global market for air conditioning systems was pegged at a value
of US$104.4 bn in 2015, which is projected to rise to US$167 by the
end of the forecast period. Assuming these figures hold true, the
market is likely to expand at a 5.1% CAGR from 2016 to 2024. The air
conditioning systems market is projected to expand at a much faster
pace in terms of volume, registering a 6.2% CAGR during the forecast
period. Asia Pacific dominates the global air conditioning systems
market by volume and value, with the Middle East and Africa
witnessing the fastest growth. While split ACs enjoy the lead at
present, the portable air conditioning systems segment is likely to
expand at the highest CAGR by 2024.
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The vendor landscape of the global air conditioning systems market is
speckled with large and established companies such as Gree Electric
Appliances, Inc., Daikin Industries Ltd., and Carrier Corporation;
emerging players such as Panasonic Corporation, Mitsubishi
Corporation, and The Midea Group; and promising vendors such as LG
Electronics, Haier Electronics Group Co., Ltd., and Hitachi Ltd. Each
of these players have been striving to strengthen their position in
the air conditioning systems market and achieve sustainable growth.
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