Air Conditioning Systems Market Evolving Industry Trends 2022

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.

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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.

Market Classification

Air Conditioning Systems Market By Equipment, Estimates and Forecast, 2012-2022 ($Million)

Portable air conditioning systems
Splits ACs
Windows air conditioning systems
Chillers
Cassette ACs
Single Packaged
Airside

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Air Conditioning Systems Market By Application, Estimates and Forecast, 2012-2022 ($Million)
Commercial
Automotive
Residential
Industrial

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