Published By : 26 Jul 2016 | Published By : QYRESEARCH
The considerable growth of the air conditioning system market can be attributed to the development of inverter air conditioners and smart thermostats. A large demand from the commercial and residential applications for efficient air conditioning systems has given a great push to the global market. The vendors are shifting their imperative focus towards energy efficiency and eco-friendly air conditioning system. The surge in concerns related to contamination of indoor air quality has spurred demand for advanced air-purifying technologies.
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.
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.
India, Japan, and China Likely to Boost the Market in APAC
In terms of geography, the global air conditioning system market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. By revenue, Asia Pacific leads the market with the emergence of India, Japan, and China as strong contenders. Additionally, the growing trend for energy-efficient equipment is forecasted to provide a great push to the demand for air conditioning systems in the coming years.
The emergence of energy-efficient systems and the presence of several regulatory policies are escalating the growth of air conditioning systems market in North America and Europe. Latin America and MEA are also anticipated to register sustainable growth in the coming years, propelled by the ongoing technological evolution and changing standards of air conditioning and refrigerating systems in countries such as Saudi Arabia, Israel, Turkey, and the UAE.