Air Conditioning Systems Market: Snapshot
Global air conditioning system market is expected to grow at a significant pace as a result of the requirement to keep healthy indoor air being damaged from thermal environmental factors including temperature, humidity, and air pressure. Majority of the companies are working on energy efficient products as a result of rising consumer awareness towards the requirement of energy conservation. Moreover, concerns associated with air pollution have also spurred the demand for air purifying technologies, a trend that air conditioning systems market has been capitalizing on. The presence of a large number of leading players makes the global air conditioning systems market extremely competitive. This is projected to give the market a significant boost in the coming years, with the opportunity in this market amounting to over US$ 160.3 bn by 2027.
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Commercial Segment is expected to grow at a Higher Pace
In term of application, air conditioning system market has been segmented into commercial, residential, automotive, and industrial sectors. Commercial segment accounted for the major application in 2018, with a market share of 40%. This segment is poised to retain its lead through 2027 as a result of increasing usage of air conditioning systems in areas such as construction, hotel and tourism, hospitals, clinics, and healthcare. By volume, however, the residential application segment dominated the market in 2018. This segment is also anticipated to expand at the highest CAGR based on revenue from 2019 to 2027
On the basis of type of equipment, the air conditioning systems market is bifurcated into window, portable, cassette ACs, split, chillers, single packaged, and airside air conditioning systems. Split air conditioning systems are the most preferred kind and accounted for a revenue share of over 76% in 2018. This segment also dominated the air conditioning systems market by volume.
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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.
Latin America, as well as the Middle East and Africa, are forecast to witness sustainable growth in the near future, fueled by the increasing adoption of smart air conditioning systems in countries such as the UAE, Saudi Arabia, Turkey, and Israel. Europe is projected to witness moderate growth during the forecast period, with the EU7 countries likely to present the most attractive opportunities for players in the air conditioning systems market. Increasing demand for energy-efficient products will further drive market growth in the coming years.