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Scope in Air Conditioning System Market: Trends, Price, Revenue, Share, Growth and Forecast Until 2026
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Remarkable expansion in the residential sector, along with growing disposable income of the population worldwide is likely to remain a key factor driving demand for air conditioning systems. In addition, falling costs of air conditioning systems have further proliferated their adoption among the rising middle-class population in emerging countries. Rapid industrialization, urbanization and mounting number of data centers are also expected to rub off on demand for air conditioning systems.
The global market for air conditioning system is projected to exhibit a steady CAGR through the forecast period (2017-2026), in terms of volume. Revenues from sales of air conditioning systems worldwide are estimated to surpass US$ 175,000 Mn by 2026-end.
Manufacturers Moving toward Greener & Cleaner Cooling Direction
Evolving government mandates dictate equipment manufacturers to shift their focus toward adoption effective alternatives to chemicals, which prevent adverse impacts on the environment. In the cooling arena, manufacturers are now replacing chemical refrigerants emitting GHG such as HFCs, HCFCs and CFCs, with less hazardous green agents that prevent depletion of ozone layer and impact on global warming. The non-synthetic & naturally occurring substances capable of being utilized as cooling agents in air conditioning systems include water, air, ammonia, CO2 and hydrocarbons such as cyclopentane, butane and propane. For OEMs manufacturing air conditioning systems, new challenges are brought by these government regulations in selecting best quality refrigerant and components for handling the specific refrigerant’s performance characteristics and technical challenges. This implies an imperative first step towards a greener and cleaner cooling direction.
North America to Record Highest Sales of Air Conditioning Systems in terms of Volume
Sales of air conditioning systems are slated to remain the largest in North America, in terms of volume, followed by Europe. Ongoing technological innovations, and changing standards of American Society of Heating, Refrigerating and Air Conditioning, along with the presence of many regulatory policies have accelerated demand for eco-friendly, technologically advanced, and energy-efficient air conditioning systems in these regions.
Demand for air conditioning system in Asia-Pacific excluding Japan (APEJ) will remain more concentrated in its emerging countries such as India and China, mainly because of rising living standards and disposable incomes of population in these countries. Volume sales of air conditioning systems will witness the fastest expansion in APEJ through 2026.
Past few years have represented proliferation in adoption of air conditioning systems in various commercial spaces such as clinics, hospitals, construction, and hotel & tourism, mainly driven by rapid population growth. Commercial applications of air conditioning systems will record the largest sales, in terms of volume. However, volume sales of air conditioning systems for residential applications are expected to reflect the fastest expansion through 2026.
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High Demand for IAQ Compelling Air Conditioning System Manufacturers to Focus More on Quality
Demand for improved indoor air (IAQ) quality has gained momentum within the greater building schematic, as awareness about its criticality in promoting healthy and comfortable indoor spaces rises in parallel. Several air conditioning system manufacturers are promoting IAQ innovation further, particularly when demand for novel technologies are witnessing an upsurge. High demand for IAQ has compelled these manufacturers to focus more on quality. Mandatory regulatory compliance, expanded filter testing technology and online monitoring have resulted into higher convenience for customers. A slew of IAQ innovations have been integrated into air conditioning systems recently, which address challenges ranging from air particulate management and detection of emissions to general air exchange and fresh air intake. One of the latest trends being observed in the global air conditioning system market is integration of building controls and HVAC systems. This trend is likely to result into high energy efficiency in management of building systems.
Competition Tracking
Key players identified by the report include Petra Engg Industies Co., Lennox International, Honeywell International, Gree Electric Appliances, Samsung Electronics, Daikin Industries Ltd., and Midea Group Co. Ltd. Other prominent players in the market include Fuji Electric, Carrier Corp, Hitachi and UTC.
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