Air conditioning systems have witnessed a significant surge in demand especially from commercial applications. Residential applications of air conditioning systems are also expected to account for a rapid growth of global air conditioning systems market. Increasing popularity of inverter air conditioners and smart thermostats is resulting in increasing adoption of air conditioning systems across the globe. Manufacturers of air conditioning systems are focusing on energy efficiency, and are emphasizing on global concerns over energy conservation. Concerns towards air pollution are also expected to spur the need for air purifying mechanisms. Presence of a numerous leading players in the global air conditioning systems market is making the market immensely competitive. This is anticipated to drive the market at a significant growth rate over the forecast period. Increasing levels of living standards and comfort level depends on the surrounding environment to a large extent. Air pressure, humidity and temperature are some of the crucially important variables of environment which keep changing over the time. Moreover, in order to keep control on environmental conditions, smart air conditioning systems play an important role. Air conditioning can be referred as the simultaneous control of moisture, temperature, cleanliness and motion.
With the advancements in technology, the global air conditioning systems market is expected to witness a wide range of product innovations and development. Natural refrigerants and inverter based air conditioning systems are anticipated to bring surge in the demand considerably. In addition, increasing need for power saving especially in developed economies as well as stringent regulations and policies regarding improved ways of energy utilization in United States coupled with enhanced consumer awareness is expected to boost the demand for air conditioning systems. Furthermore, air conditioning systems employ refrigerants which are toxic and detrimental and are expected to substantially contribute towards global warming. Hence, alternative products available in the global market are projected to accelerate the growth of global air conditioning systems market over the forecast period.
Increasing improvement in standard of living is a key factor driving the growth of global air conditioner systems market. Also, packaged air conditioners are expected to witness a surge at moderate rate due to growth of construction industry including offices, shopping malls, and other industries. Split air conditioners offer a lot of benefits such as low initial cost, less noise and feasible installations. Split air conditioning systems accounts for more than half of the total revenue share and is anticipated to remain a dominant segment over the forecast period. Moreover, use of air conditioning systems based on solar energy and other conventional energy sources is a key factor driving the global air conditioning systems market. However, stringent regulations on energy and power consumption coupled with increasing consumer awareness regarding energy savings are some key restraints in the global air conditioning systems market.
The global air conditioning systems market can be segmented on the basis of product type, application, technology, component and region. By product type, the global air conditioning systems market can be segmented into portable air conditioning systems, window air conditioning systems, split air conditioning systems, single packaged air conditioning systems, chillers and airside conditioning systems. By application, the global air conditioning systems market can be segmented into residential, commercial and industrial. By technology, the global air conditioning systems market can be segmented into manual/semi-automatic air conditioning and automatic air conditioning. On the basis of component, the global air conditioning systems market can be segmented into compressor, evaporator, condenser and drier. On the basis of region, the global air conditioning systems market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia-Pacific.
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.