An air conditioning system facilitates the removal of heat and moisture present in an enclosed space to alter the overall temperature. The heat is replaced from the given area with chilled dry air while the hot air and moisture are expelled in the atmosphere.
The system restraints the entry of smoke or dust particles and aids in improving the comfort of the dwellers by creating a regulated interior environment. Consisting of fans, compressors, condenser coil, evaporator coil and chemical refrigerants, the suitable thermal condition and superior indoor air quality provided by these systems aid in improving human efficiency and maintaining proper health functions. Consequently, they have emerged as an indispensable component across domestic, commercial and industrial environments.
According to the latest report by IMARC Group, titled “Air Conditioning System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global air conditioning system market size grew at a CAGR of around 10.6% during 2014-2019.
Moreover, considerable growth in the tourism sector is also catalyzing the market growth. The increasing influx of foreign tourists has led numerous countries to build hotels, auditoriums, multiplexes and shopping complexes to improve their existing infrastructure. Air conditioning systems are crucial for offering convenience to the tourists, which, in turn, influences their spending behavior.
Apart from this, these systems are widely used across numerous organizations to improve working conditions and enhance the overall productivity of the employees. Furthermore, an enhanced focus toward sustainable development has resulted in an increased demand for energy-efficient air conditioners, which is further creating a positive outlook for the market. Numerous manufacturers have also developed smart and connected variants that are widely gaining prominence among users. These variants are being integrated with advanced technologies and can be operated using voice commands. On account of the aforementioned factors, the market is anticipated to witness strong growth during 2020-2025.
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The global market is primarily driven by the confluence of numerous factors, including rapid urbanization, rising disposable incomes, shifting lifestyle patterns and altering climatic conditions. This has resulted in a significant increase in the uptake of air conditioning systems, especially in the residential sector. In line with this, the growing global population has contributed to the growth in the construction of housing projects, which is expected to provide a thrust to the market growth.
On the basis of the product type, the market has been divided into unitary, rooftop, PTAC and others. Based on the technology, the market has been bifurcated into inverter, non-inverter and the market has been classified into residential, commercial and industrial.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been examined with the detailed profiles of the key players operating in the market. Some of these key players include Carrier Global Corporation, Daikin Industries Ltd., Electrolux Home Products Inc., Haier Group, Johnson Controls Inc., Lennox International Inc., LG Electronics Inc., Midea Group, Mitsubishi Electric Corporation, Panasonic Corporation, and Samsung Group.