Air Conditioning Systems Market Amounting To Over US$167 Bn By 2024, Presence Of Chinese Competitors To Pose A Major Threat To Growth

Numerous market players in the global air conditioning systems market have been focusing on expanding their customer base, especially by entering unexplored terrains, through integration of products, finds Transparency Market Research (TMR). Acquisitions and partnerships have been some of the key business strategies adopted by a number of companies. One such instance is that of a collaboration between an India-based company, Carrier Corporation, and China-based Midea Group, aimed at catering to the demand for air conditioning systems in Argentina, Brazil, and Chile.

Some of the key companies operating in the market for air conditioning systems discussed in the report are Hitachi Ltd., LG Electronics, Samsung Electronics, Daikin Industries Ltd., Panasonic Corporation, The Midea Group, Gree Electric Appliances, Inc., Electrolux AB, Mitsubishi Corporation, and Carrier Corporation. Investments in R&D have been observed to be increasingly adopted by these firms.

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In 2015, the global market for air conditioning systems was pegged at 104.42 bn.The global air conditioning systems market is projected to expand with a promising CAGR of 5.1%, gaining around US$167 bn by the end of 2024, predicts TMR.

Commercial Sector to Overshadow Other Application Segments

Based on application, the global air conditioning systems market has been segmented into residential, industrial, commercial, and automotive segments. Of these, the residential segment had risen to prominence in 2015, in terms of volume. However, it was the commercial segment that held the leading share in 2015, accounting for over 40% in terms of revenue generation. TMR predicts that this segment will continue to dominate the market over the forecast period owing to the heightened demand for air conditioning systems exhibited by hospitals, clinics, enterprises, hotels, construction sector, and healthcare sector.

Based on geography, the major segments of the global air conditioning systems market are Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. Asia Pacific is slated to emerge with lucrative opportunities over the next few years. Growth of the automotive industry has led to high demand for automotive air conditioning, particularly in China. Phenomenal growth of the industrial and manufacturing sectors, along with the sprouting of small, medium, and large business organizations in India, Japan, and China are responsible for extensive augmentation of this market.

Presently, the Europe and North America segments lead the market due to regulatory initiatives aimed at reducing energy consumption, and increased replacement needs.

Rising Replacement Requests to Augment Growth

Increasing replacements of older cooling devices in several Asian, European, and North American countries, technological advancements that have led to eco-friendly air conditioning devices, high level of competition between leading companies, growing inclination towards luxurious lifestyle, and increasing disposable incomes of people have been driving the market for air conditioning systems worldwide.

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On the contrary, low-cost products offered by Chinese players such as Haier Group, forms one of the major challenges faced by this market. Other market players are forced to decrease their costs because of the presence of these Chinese products and as a result, there has been a substantial reduction in their profit margins. Other than this, alarming levels of energy consumption have also been a major concern. However, the market for air conditioning systems will present considerable opportunities primarily because of the rising awareness about these products, improving standards of living of the people, and introduction of environment-friendly air conditioning systems in the market.

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.