At 5.09% + CAGR, Air Conditioning Systems Market to be worth more than USD 142.74 Billion by 2022

Industry Trend Analysis
In 2012, the global air conditioning systems market was evaluated around USD 82.23 billion and is expected to reach approximately USD 142.74 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 5.09% over the forecast period. Growing awareness levels and demand for energy efficiency on an international level is anticipated to impact the air conditioning systems industry positively. This is especially acute in developed countries like North America and Europe, owing to high infiltration of air conditioning systems in these countries. Regulatory standards for electrical equipment have demanded the energy efficient systems production and change from conventional equipment. These also a benefit for consumers, as limiting energy ratings also assists in lowering bills of electricity. Furthermore, rising awareness concerning the preservation of the environment is also anticipated to boost the market growth. Domestic production companies, like Chinese market players, trade products at lower prices than the global standard. This ensued in decreased profit margins for market participants, as they have to present competitive prices for customers.

Competitive Outlook and Trend Analysis
The key market players in the global air conditioning systems market are Daikin Industries Ltd, Samsung Electronics Co. Ltd., Hitachi Ltd, Denso Corporation, anon Systems, Mitsubishi Heavy Industries and Sanden Corporation. Key players have implemented strategies involving joint ventures combined with acquisitions and mergers to expand internationally and are concurrently amending their distribution network to set up sturdy industry presence.

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Product Outlook and Trend Analysis
Product section involves Portable air conditioning systems, Windows air conditioning systems, Single Packaged, Splits ACs, Airside, Cassette AC, and Chillers. In 2012, split air conditioning systems reported for most of the market share, and are anticipated to expand at a rate more than the overall average. This can be assigned to the excess benefits they offer, like less noise, low initial cost, and ease of installation. Chillers and portable air conditioning systems are also projected to experience healthy growth during the forecast years. Comparatively, single packaged systems, which are primarily used in small and medium hotels, are anticipated to drop substantial market share in the approaching years.

Application Outlook and Trend Analysis
Air conditioning systems have application in industrial, automotive, residential, and commercial sectors. Reporting for a market revenue share of around 40% during 2015, the commercial sector ruled the global air conditioning systems industry. This section is balanced to maintain its lead over the forecast period propelled by the rising application of air conditioning systems in fields like construction, tourism and hotel, clinics, healthcare, and hospitals. However, by volume, the residential application sector ruled the overall market during 2015. This section is also likely to grow at the leading compound annual growth rate based on revenue over the projected period.

Regional Outlook and Trend Analysis
In 2012, Asia Pacific region reported for the leading market share; China and India are anticipated to be the major regions concerning market growth. This can be assigned to rising disposable earnings of customers in the region and rising inclination and awareness towards sophisticated energy proficient products. Europe is anticipated to be the highest growing market in terms of revenue during the forecast years due to initiatives from regulatory authorities to restrain energy consumption and the requirement for existing equipment replacement.

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The global air conditioning systems market is segmented as follows:
By Equipment
Portable air conditioning systems
Splits ACs
Windows air conditioning systems
Chillers
Cassette ACs
Single Packaged
Airside

By Application
Commercial
Automotive
Residential
Industrial

By Region
North America
U.S
Canada
Mexico

Europe
Germany
France
UK
Italy
Spain
Rest of Europe

Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific

Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others

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Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022?
What will be the industry market growth from 2013 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

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This release was published on openPR.