Press release
Package Air Conditioners Market expected to expand at a CAGR of 5.3% during 2023 - 2029
Package Air Conditioners Market
The global Package Air Conditioners Market is expected to reach a CAGR of 5.3% during the forecast period (2023 - 2029). Package air conditioners are self-contained systems with the motor, compressor and condenser all in one unit. These are most commonly used by businesses to keep work areas comfortable while conserving energy, as they can be installed outdoors to minimize disruption to the interior of a building. Package air conditioners can also be used in homes, providing a cost-effective solution for cooling large spaces.
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Package Air Conditioners Market: Dynamics
The use of hyper-wave inverter technology in manufacturing the single-split package air conditioners is fuelling the growth of the market. This technology, unlike conventional inverter technology, helps in saving the electricity. Motors of the package air conditioners are made up of the rare metals such as neodymium, which shows less magnetic field distortion and provides high efficiency. Such high-efficiency package air conditioners save on maintenance cost and are preferred by the consumers.
The availability of long warranty period along with the options of extended warranty is also contributing to the growth of the package air conditioners market. The health problems associated with the package air conditioning such as breathing problems, inability to deal with heat, adding on to the effects of chronic illness, dry skin, constant fatigue, are restraining the market growth. The refrigerant leaks from the package air conditioners have jeopardizing results on the environment, which is affecting the growth of the market.
These days, the package air conditioners are being designed keeping in mind the flexibility for installation, which gives a consumer the freedom to relocate the package air conditioner frequently. The current trend of long piping in the package air conditioners enables customers with the ease of installation and also reduces installation cost. The use of R-410A refrigerant instead of R-22 refrigerant (ozone layer damage) is also contributing to the growth of the package air conditioners market. The advancement in inverter, and heat pump technologies is also a driving force behind the package air conditioners market.
Key Players-
• DAIKIN INDUSTRIES, Ltd.,
• ETA General Pvt. Ltd.
• LG Electronics
• Voltas Limited
• Panasonic Corporation
• Blue Star Limited
• WEATHERITE AIR CONDITIONING
• Shanghai Shenglin M&E Technology Co., Ltd.
• Goodman Manufacturing Company, L.P.
• Mitsubishi Electric Corporation
• Fedders Lloyd Corporation Limited
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Package Air Conditioners Market: Segmentation
Package Air Conditioners Market by the type of condenser installed:
• Water-cooled condenser
• Air-cooled condenser
Package Air Conditioners Market by splits:
• Single-split
• Multi-split
Package Air Conditioners Market by end-uses
• Apartment & Collective Housing
• Data Centres
• Healthcare
• Household
• Offices
• Restaurants
• Marine HVAC
• Warehousing
• Wineries
• Container Refrigeration
• Banks
• Airports
• Pharmaceutical
• Food processing & storage
• Public Transport
• District Cooling
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Overall Package Air Conditioner Market appears attractive with new product launches being made by major players constantly trying differentiate their offerings from competitors through advancements in technology as well as design improvements leveraging various other factors such as noise reduction techniques etc.. This helps meet consumer needs for better efficiencies at lower costs thus driving overall industry growth till 2029.
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