Air Conditioning Systems Market Accounts Significant Growth by 2024
Air conditioning systems have been witnessing a surge in demand from both commercial and residential applications. Residential applications of air conditioning systems are expected to account for a rapid growth. Increasing adoption of air conditioning systems across the globe driven by increasing popularity of inverter air conditioners and smart thermostats. Air conditioning can be referred as the simultaneous control of moisture, temperature, cleanliness and motion. The focus of most manufacturers of air conditioning systems is energy efficiency, given escalating global concerns over energy conservation. Growing awareness about energy-efficient air conditioning systems in building automation and control has driven their demand in the last decade.
Increasing Demands: • Natural refrigerants and inverter based air conditioning systems. • Increasing need for power saving especially in developed economies.
Key Highlights: • Increasing improvement in standard of living is a key factor driving the growth of global market. • Packaged air conditioners are expected to witness moderate rate due to growth of construction industry. • Solar energy based air conditioning systems and other conventional energy sources is a key factor driving market. • The global air conditioning systems market can be segmented on the basis of product type, application, technology, component and region. • Split air conditioning systems accounts for largest market revenue share. • By revenue, Asia Pacific is projected to dominate the global market for air conditioning systems during the forecast period. • Europe is projected to witness moderate growth during the forecast period. • North America air conditioning systems market is also a strong contender and in 2015, the U.S. held the largest share in the regional market.
Key players involved in the manufacture of air conditioning systems include Mitsubishi Corporation, Daikin Industries Ltd., Ltd., Samsung Electronics, Haier Electronics Group Co., LG Electronics, Electrolux AB, Carrier Corporation, Panasonic Corporation, Sharp Corporation, Hitachi Ltd., Hisense International Co. Ltd., The Midea Group and Gree Electric Appliances, Inc. among others.
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