The global air conditioning systems market size is expected to reach around US$ 160.1 bn by 2027 and is expected to register a CAGR of 10.5% from 2020 to 2027.
Thermal environmental factors such as humidity, temperature, and air pressure are key to maintaining healthy indoor air. As these factors keep changing throughout the year, adapting with them can often be a challenge, especially when dealing with closed spaces with inadequate ventilation. Air conditioners are highly preferred in residential as well as commercial areas to control these factors. The market is also expected to be driven by factors such as the promising growth of the construction and tourism industries. The increasing disposable incomes of individuals across the globe are also expected to encourage the uptake of a variety of air conditioning systems over the forecast period. Additionally, rising inclination of consumers towards energy-efficient systems and the growing popularity of portable systems is also expected to positively impact the Air conditioning systems market growth.
The rising number of hospitals, hotels, individual clinics, auditoriums, and multiplexes across the globe is anticipated to accelerate the market growth for air conditioning soon. For instance, the government of Oman is investing in various construction projects, leading to an increased demand for air conditioning systems. For instance, the multi-billion dollar Omagine Pearl Project of 2017, which is slated to feature seven pearl-shaped buildings hosting hotels, amphitheaters, malls, and other commercial and residential buildings in Seeb, Oman, is likely to result in an increased demand for air conditioning systems.
Global air conditioning system market is expected to grow at a significant pace as a result of the requirement to keep healthy indoor air being damaged from thermal environmental factors including temperature, humidity, and air pressure. Majority of the companies are working on energy efficient products as a result of rising consumer awareness towards the requirement of energy conservation. Moreover, concerns associated with air pollution have also spurred the demand for air purifying technologies, a trend that air conditioning systems market has been capitalizing on. The presence of a large number of leading players makes the global air conditioning systems market extremely competitive.
Adoption of Green Technology to Drive Growth Prospects of Market
It has been observed that air conditioning systems consume higher amount of energy. Companies are working on low energy consumable products which can meet the consumer demand. Some of the companies are adopting green technologies and advanced technologies that are making air conditioning systems, energy efficient. Players are also coming up with designs in order to meet the energy requirements of consumers as well as complies with the government standards. The trend of green technology and smart homes are expected to boost the market demand in coming years.
Stringent Government Regulations to Aid Growth of Market
Key factors attributing to the global air conditioning systems market is growth in increasing spending on construction and housing sector at global level. Rising population and urbanization has led to higher spending on infrastructural activities. Stringent government regulations and policies, growing consumer expectations and technological advancements are also helping drive the growth of the global air conditioning systems market. The demand for air conditioning systems is very strong from the commercial sector in the Asia Pacific region on account of climatic variations.
The growing awareness regarding the need to maintain the quality of air in doors is also leading to an increase in the uptake of air conditioning systems which offers advanced air purifying technology. Furthermore, availability of doorstep product delivery and installation services will work as a positive factor of global air conditioning systems market growth.
Some of the leading players in the market are DAIKIN INDUSTRIES, LTD., Carrier Corporation, Haier Inc., Electrolux, Ingersoll-Rand plc, and Mitsubishi Electric Corporation.
Segments Covered in the Report
This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the global air conditioning systems market report based on type, technology, end-use, and region:
Middle East & Africa
Air Bearings Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027Read more...
Solar Pumps Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027Read more...
Sewage Pump Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027Read more...
Air Conditioning Systems Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027Read more...
Plasma Surface Treatment Machine for Leather Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027Read more...