Air Conditioning Systems Market Overview
The global air conditioning systems market is expected to garner momentum at a moderate rate of CAGR 6.2% from 2022 to 2032.
“Air conditioning systems can be classified into various types and portable air conditioners are going to offer abundant opportunities to market players.”
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The global market for air conditioning systems is expected to witness an incremental use of solar power over conventional energy sources.
Which Section of the Air Conditioner System Market Generated the Highest Revenue?
“Demand for split air conditioners and packaged air conditioning systems will witness an upsurge mainly due to the rising permit rates for construction as well as their ease of installation, low initial cost, and lower noise levels.”
Improved dispensable income of consumers along with the rising standards of housing are attributed for the increasing demand for room air conditioners across the residential sector.
As a result, more than 40% of the revenue share in the global air conditioning systems market is accounted for by the residential sector. In the coming years, the demand for air conditioning systems in the commercial sector will be concentrated across the construction industry, food & beverage, as well as healthcare industry.
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Furthermore, the Portable air conditioning systems are also witnessing high demand owing to the compact nature and high efficiency, which will further trigger manufacturers to offer more innovative features in this segment of the market.
What are the Key Strategies Adopted by Market Players?
“Rapidly expanding industrial activities as well as increasing disposable income of consumers will continue to create lucrative opportunities for players in the air conditioning systems market, especially in the Asia Pacific.”
With a one-third revenue share, the Asia Pacific region has been dominating this landscape since 2013. Growing sales of air conditioning systems in South Asian countries, including China and India, have contributed to the growth of the market. However, it has also put an immense stain on the already-volatile environment across the region
In January 2020, Daikin announced that it will be launching its next generation VRV 5 S-series in Europe in the third quarter of this year.
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Daikin’s new VRV 5 S-Series is anticipated to be more compact than its mini-VRV IV S-Series introduced in 2015, with a 10% volume reduction and 40% height reduction, as the company is aiming to limit its target audience to small commercial offices and retail establishments.
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In June 2020, Voltas Limited – an Indian Home appliances company specialising in air conditioning and cooling technology – announced that it has launched a new line of surface disinfectant solutions engineered based on Ultraviolet Light (UVC) along with its line of engineered UVC-based air and duct disinfectant solutions.
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