Air Conditioning System Market Headed for Growth and Global Expansion by 2026

Posted on 2020-01-23 by Mark Hub in Internet & Online // 0 Comments

Industrial Goods

Air conditioning systems have increasingly become cheap and make use of simplified mechanics, which has made them very popular in residential and commercial applications around the world. These trends are supported by the growth in global levels of disposable incomes, which is expected to keep the air conditioning systems market sustainable for the middle class population, which is spread across the emerging economies.

The global air conditioning system market has been projected to grow at a moderate CAGR of 5.6 per cent through the forecast period till 2026. This rate of growth will account for sales revenue worth USD 175,000 million by the end of this period.

Commercial Applications Dominate Use

While the global air conditioning system market is largely fragmented, with a number of manufacturers, major players continue to hold control over major market share when it comes to sales and revenue figures.

Some of the key names in the industry include major brands such as UTC, Petra Engg Industries Co., Hitachi, Lennox International, Carrier Corp., Honeywell International, Gree Electric Appliances, Samsung Electronics, and Midea Group, among others.

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Most of these players are pushing to sell their offerings through the major B2B sales channels, while support also comes from independent electronics goods stores. Air conditioning systems are also expected to stay dominant in terms of volume, as sales figures are expected to surpass a figure of 65,000 million units by the end of this forecast period.

Improved Indoor Air Quality Trends to Aid in Quality Aspects

The consumer demand for improved indoor air quality has been going up in recent years, with increased focus on the development of comfortable and healthy indoor spaces. Manufacturers have consequently been increasing investments on relevant innovations with a demand for novel technologies gaining in terms of demand.

The trend is further being supported by the need to comply with mandatory government regulations, including changes to filter testing technology and remote monitoring, for greater consumer convenience.

The development of controls and HVAC systems is expected to result in greater levels of energy efficiency and building system management processes. These aspects are expected to support the growth of the air conditioning systems market for the foreseeable future.

On the other hand, consumers are also increasingly viewing conventional air conditioning systems to be a threat to the environment, and is considered to be one of the top contributors to global warming. This can be attributed to the emission of hazardous gases including chlorofluorocarbons and hydro chlorofluorocarbons.

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Developed Regions Dominate Global Demand

The sales figures for air conditioning systems is expected to be dominated by demand from countries in North America, followed with those in Europe. This can be attributed to the easier and faster access to the newer technologies in the field for consumers in these regions.

On the other hand, there is a substantial amount of demand coming out of the Asia Pacific excluding Japan region, most of which is concentrated in China and India owing to higher disposable incomes and better living standards, which will contribute to the growth of the industry for the foreseeable future.

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