Air Conditioning Systems Market to Exhibit Impressive Growth During 2014 - 2020
The global air conditioning systems market is segmented on the basis of application such as industrial air conditioning, commercial air conditioning, residential air conditioning, and automotive air conditioning. Increasing use of air conditioning systems in residential setting is estimated to lead the overall market demand with almost 40% of revenue share and is expected to keep its dominant position during the forecast period. The application of commercial air conditioning systems is dominated by construction, hotel & tourism sector followed by healthcare, clinics and hospitals. However individuals using portable systems for trips and other outdoor activities are expected to fuel the growth of airconditioning systems during the forecast period.
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Global air conditioning systemsmarket is segmented on the basis of product types such as room air conditioners, packaged air conditioners, split air conditioners, mini split air conditioners, ductless air conditioners, terminal air conditioners, central air conditioners, portable air conditioners and packaged central air conditioners.
Improvement in housing standards is fuelling the demand for room air conditioners while packaged air conditioners is estimated to grow at a moderate rate with rising permit rate for construction of mall, offices and industries.Split air conditioning systems on the other hand offers plenty of benefits including less noise, low initial cost and ease of installation. It accounts for over half of the overall share in terms of revenue and is estimated to be thedominant product segment during the forecast period.Portable air conditioners are highly efficient and compact in nature and are expected to register fastest CAGR for forecast period, as they do not require everlasting installation and can be moved from one place to another with ease.
The global air conditioning systems market is expected togrow almost twofold with a double digit CAGR for the forecast period. As of 2013 APAC is the largest market for global air conditioning systems market with almost 30% of market share followed by North America and Europe. Higher disposable incomes followed by improved lifestyle arekey growth factors for the APAC market.Europe is estimated to register high growth rate with an increase in infrastructure development supported by varying weather conditions, and take leadin global air conditioning systems market by 2020. Diverse weather conditions, demand for energy efficient products, technological development and increasing demand from end user sectors is fuelling the growth of global air conditioning systems market.
Use of air condition systems working on solar power and other conventional sources is the upcoming trend in global air conditioning system market. Strict power consumption and energy regulation norms supported by increasing consumer awareness is a key challenge for the air conditioning systems market.
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Major players in the global air conditioning systems market include Daikin Industries Ltd, Samsung Electronics, Hitachi Ltd amongst numerous other players.Key players have adopted strategies including joint ventures along with mergers and acquisitions to expandglobally and are simultaneously improving their distribution network to establish strong market presence.
Diverse weather conditions, demand for energy efficient products, technological development and increasing demand from end user sectors is expected to fuel the growth of global air conditioning systems market in the coming future.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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