Global Sales of Air Conditioning Systems are Projected to Reach 167.3 Million Units by 2024
Mega Urbanization,
Development of Upmarket Gated Communities & Upscale Lifestyles Drive Sales
of Air Conditioning Systems, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Air Conditioning Systems market. Global
sales of Air Conditioning Systems are projected to reach 167.3 million units by
2024, driven by rapid urbanization, rising standards of living, increasing
residential construction activity, ongoing building renovations and home
restructuring projects, and replacement demand.
The growth in the air conditioning
(AC) systems industry is influenced by rising global temperatures, escalating
incomes and larger houses for small families. Consumers on the quest for a
comfortable life stimulate the demand for ACs. Increased adoption of room air
conditioners or ACs in general, is closely linked to economic growth including
the expansion of electricity infrastructure, and better income levels in
regions that are hot throughout the year or experience high temperatures in the
summer. Over the past two decades, the air conditioner industry has undergone
several developments, even as its role in the economy changed significantly.
Hitherto a luxury proposition limited to wealthy and prosperous layer of the
society, comfort conditioning is fast becoming a necessity in most of the
nations. This metamorphosis has opened a completely new world of opportunities
for the market.
Global
warming continues to remain a major factor propelling market demand, especially
in the residential segment. UHI or the
urban-heat-island effect is intensifying in major urban centers across the
world thus making ACs an essential commodity for reducing high temperatures
caused by this effect. The growing consumer awareness with regard to energy
efficiency is expected to drive major gains for energy efficient ACs. Increasing
prominence being given to green commercial buildings would create demand for
energy efficient AC systems. To achieve improved air quality, one of the major
attributes of green buildings, the structures are integrated with highly
efficient and robust technology-integrating AC units. In recent years the
industry witnessed a sea of change in the technology employed largely as a
result of consumers’ desire to have advanced micro controls integrated into
their systems, and also due to a spurt in demand for eco-friendly refrigerants.
Many revolutionary ideas such as solar-powered
Air Conditioning Systems have evolved into lucrative business opportunities
in the recent times. In fact demand for inverter driven room ACs has shot up in
recent years particularly in the emerging markets.
As stated by the new market
research report on Air
Conditioning Systems, Asia-Pacific represents
the largest market worldwide, led by China and India.
China in particular, which has been traditionally a huge contributor
towards the regional Air Conditioning Systems market, continues to dominate the
scene, accounting for an estimated share of 70% of the region’s AC Systems
market in 2017. While in developing
regions, smart & energy efficient ACs, and advanced air conditioning
systems integrated with air-purifying technologies would see higher adoption in
the coming years, in North America, major growth promoting factors would be
changing standards, technological evolution and strong regulatory policies
mandating energy efficiency of buildings.
Major players in the
market include AB Electrolux, Carrier Corp., Daikin Industries, Ltd., Daikin
Airconditioning India Pvt. Ltd., Daikin Air Conditioning Saudi Arabia LLC, GE
Appliances, Gree Electric Appliances Inc., Johnson Controls-Hitachi Air
Conditioning, LG Electronics, Midea Group, Mitsubishi Heavy Industries Ltd.,
Panasonic Corp., Samsung Electronics Co. Ltd., Toshiba Carrier Corp., Trane
Inc., and Whirlpool Corp., among others.
The research report titled
“Air
Conditioning Systems: A Global Strategic Business Report” announced by
Global Industry Analysts, Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for Air Conditioning Systems (in Thousand Units) for geographic
markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia, Turkey, and Rest of Europe), Asia-Pacific (Australia, China,
India, Indonesia, Malaysia, Pakistan, South Korea, Taiwan, Thailand, and Rest
of Asia-Pacific), Middle East & Africa (Egypt, Saudi Arabia, UAE, and Rest
of Middle East & Africa) and Latin America (Argentina, Brazil, Mexico, and
Rest of Latin America). Product segments analyzed include Room Air Conditioner
and Packaged Air Conditioner.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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