-- Globally, air conditioners (ACs) have become quite necessary and are preferred for luxurious living. The air conditioning system market is expanding. This is on account of the usage of these systems not only during summers but also during winters. Advancements in air conditioning technologies are also steering market sales. With increasing real estate projects in regards to commercial and residential segments, the market is facing huge demand worldwide, especially from developing countries.
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Rising urbanization and high purchasing power are also adding demand to the market. Rising demand for air conditioning system market also owes to the growing tourism and hospitality sectors. The introduction of in-built air purifiers and energy-efficient air conditioners will expand the market in the future. Split ACs are preferred more in comparison to window ACs. Split ACs are another market driver and will maintain topmost position in the five years ahead.
Improving housing designs and boosting building structures are also helping the air conditioning system market grow further. Solar-based and inverter-based systems are going to observe significant growth in the near future. This is because of their energy-efficiency. At present, a chief factor hindering the market is high electricity consumption by air conditioners. Electrical appliances other than air conditioners consume less power. This has propelled the demand for energy-efficient AC models.
The worldwide Air Conditioning System Market is divided into applications, equipments, and regions. The applications market is segmented into industrial, commercial, and residential. Commercial is fragmented in view of tents, tourism and hotels, construction, and others.
The equipments market includes airside, windows, single packaged, splits, chillers, and portable. Portable AC systems are very popular in Europe and North America. This is due to their cooling ability suiting the ecological conditions of these regions. Portable systems also cost less than windows. The market geographies include Europe, Asia Pacific, North America, and RoW. Asia Pacific is the largest market and will maintain this trend in the coming years.
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Some of the important players in the air conditioning system market are Trane, LG, Panasonic, Toshiba, Gree, Carrier, Midea, and Daikin. Most of these players are engaged in implementing their strategies. The strategies aim at promoting AC systems and developing energy-efficient ones.
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