Press release
Air Conditioning (AC) Systems Market Demand and Opportunities by 2023; Players - Samsung Electronics, Mitsubishi Corporation, Daikin Industries, Ltd., LG Electronics, Panasonic, Electrolux and Midea Group (Fortune Global 500 Company)
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Based on application, the air conditioning systems market is categorized into residential, commercial, and industrial; wherein residential application held highest market volume share. However, commercial application is expected to register higher growth in the coming years. This is particularly due to need for regulatory compliance requirements in commercial buildings.
Asia-Pacific dominated the global air conditioning systems market; China and Japan were the two largest markets in the region. The demand for split AC in Asia-Pacific registered highest growth, owing to the popularity of ducted split air containing system. Middle East and Africa (MEA) is projected to be the fastest growing region in the air conditioning systems market.
The surging demand for energy efficient air conditioning systems is one of the key factors pushing the market growth. Stringent government mandates for energy efficient models led to the replacement of existing air conditioning systems in developed countries from North America and Europe regions with energy efficient systems. Latin America (LATAM) and MEA have also displayed highest growth over the past few years, owing to higher AC penetration in Brazil, Argentina, South Africa and U.A.E.
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Some of the key players operating in the air conditioning systems market are Samsung Electronics Co. Ltd., Mitsubishi Corporation, Daikin Industries Ltd., LG Electronics Inc., Panasonic Corporation, Electrolux AB, Midea Group Co. Ltd, Siemens AG, Sharp Corporation, Hitachi Ltd., Carrier Corporation, Toshiba Corporation and Denso Corporation.
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