Press release
Asia Air Conditioners Market Set to Reach $8.66 Billion by 2030
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Air conditioners play a pivotal role in cooling indoor spaces by efficiently extracting heat and expelling it outdoors. With advantages such as reduced humidity, alleviation of asthma and allergies, and overall enhancement of indoor air quality, air conditioners have become indispensable. Key market drivers include the surge in air conditioning unit installations, manufacturers' concerted efforts in advancing portable air conditioners, and the expanding industrial utilization of these systems across Southeast Asia.
The market growth is further fueled by rising temperatures and humidity levels, consumers' growing penchant for convenience and comfort, and the escalating demand for energy-efficient air conditioners. However, the high initial costs associated with air conditioners present a notable challenge, impeding widespread adoption and market expansion.
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Nevertheless, the rising adoption of air conditioners featuring inverter and air purification technologies, coupled with continuous technological advancements in HVAC systems, are creating lucrative growth avenues for market players. Despite these opportunities, addressing concerns related to high energy consumption remains imperative for sustainable market growth. Additionally, notable trends such as connected air conditioners and the emergence of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems are shaping the market landscape.
The Southeast Asia air conditioners market is meticulously segmented based on type, tonnage, technology, rating, end user, and geography. Noteworthy trends indicate that while the split ACs segment is poised to dominate the market, the centralized/ducted ACs segment is forecasted to exhibit the highest CAGR during the forecast period. Similarly, the up to 2 tons segment is expected to lead in terms of tonnage, with the 2 tons to 5 tons segment displaying the highest CAGR.
In terms of technology, inverter ACs are projected to witness substantial growth, driven by consumers' increasing awareness of their energy-saving benefits and rising temperatures. Moreover, the 5 Star ACs segment is anticipated to register the highest CAGR among ratings, fueled by manufacturers' emphasis on energy efficiency.
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Residential end users are expected to hold the largest market share, with the segment also forecasted to register the highest CAGR, driven by the rising adoption of smart home technologies and the installation of air conditioners in apartments.
Geographically, Indonesia is anticipated to dominate the Southeast Asia air conditioners market, with the highest projected CAGR during the forecast period. The country's technological advancements in air conditioners and the launch of energy-efficient models are key drivers of market growth.
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Key Players:
Leading players in the Southeast Asia air conditioners market include Daikin Industries, Ltd., Mitsubishi Electric Corporation, Hitachi-Johnson Controls Air Conditioning, Carrier Global Corporation, Whirlpool Corporation, Haier Smart Home Co. Ltd., LG Electronics, Voltas Limited, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Fujitsu Limited, Blue Star Ltd, Toshiba Corporation, Gree Electric Appliances Inc., and Midea Group Co. Ltd.
Mr. Khushal Bombe
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