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.
The development of renewable energy has been on the rise since the past decade, as the world realised the downside of using traditional energy sources. The energy consumption accounted for by air conditioning systems worldwide is alarming, and this is triggering customers as well as manufacturers to shift to renewable sources.
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Consequently, the global market for air conditioning systems is expected to witness an incremental use of solar power over conventional energy sources. Furthermore, stringent regulations imposed upon the energy consumption through electronic applications including air conditioning systems will further trigger the sales of solar powered production in the market, in the coming years.
Region-wise AnalysisThe global market for air conditioning systems is broadly divided into even geographical regions including North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa. With move one-third revenue share, Asia Pacific region has been dominating this landscape since 2013, and 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, in the coming years.
Growing sales of air conditioning systems in Southasian 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. On the other hand, consumers in Europe are becoming less dependent on air conditioning systems despite the increasing temperature due to climate change. In the coming years, the APAC region will continue to exhibit phenomenal market growth followed by North America and Europe.
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Manufacturers are modifying their business strategies and triggering product innovation in order to sync with the consumer demand and market conditions set during the post-pandemic period.
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. 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.
Report HighlightsThe report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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By Segment Analysis
The air conditioning systems market can be segmented on the basis of the following:
By Product Type
Room Air Conditioners, Packaged Air Conditioners, Split Air Conditioners,, Mini Split Air Conditioners, Ductless Air Conditioners, Terminal Air Conditioners, Central Air Conditioners, Portable Air Conditioners, Packaged Central Air Conditioners.
By Application
Industrial Air Conditioning, Commercial Air Conditioning,Residential Air Conditioning, Automotive Air Conditioning
By Technology
Manual, Semi-Automatic, Automatic.In recent months, many governing bodies across the world introduced guidelines about the use of air conditioning systems and ventilation to control the spread of COVID-19 in residential areas as well as in commercial spaces. Many manufacturers in the air conditioning systems market are also introducing new campaigns to spread awareness about the facts regarding the link between air conditioning and the spread of COVID-19, and provide an impetus to sales in the coming future.