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.
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.
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With the trend toward green technologies gaining prevalence, air conditioning systems are being frowned at, albeit population across some regions cannot thrive without them owing to flaming temperature ranges. Air conditioning system is considered to be a major contributor to global warming, owing to its emission of hazardous gases into the environment such as chlorofluorocarbons (CFC) and hydro-chlorofluorocarbons (HCFC). Being a part of greenhouse gases (GHG), these have negative impacts on the environment as they trap heat and result into ozone layer depletion. In addition, air conditioning system’s air filters lose their integrity over time and enable harmful exterior compounds to flow into the interior space. This further triggers allergies, and may even lead to irritation in eyes, nose and throat in some cases.
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.
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.
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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.
Key Research Findings from Fact.MR’s Report
Volume sales of air conditioning systems will remain the largest in B2B sales channel, trailed by independent electronic stores
Chillers air conditioning systems are expected to remain dominant in the market, in terms of volume, with sales estimated to exceed 65,000 Mn units by 2026-end
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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Air Conditioning System Market Value Share, Analysis and Segments 2017-2026
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