According to TMR, the global air conditioning systems market is expected to reach US$160.3 bn by 2027. In terms of type of air conditioning systems, split AC segment is expected to grow with a higher CAGR in coming years. In terms of region, the Middle East and Africa is witnessing the fastest growth rate. In 2018, Asia Pacific was valued to be the largest market and is expected to maintain its dominance in coming years.
In terms of application, commercial segment accounted for largest and fastest growing category as a result of its usage in hotels, hospitals, clinics, and similar other areas. In terms of volume however, the residential application segment LED in the past. Residential segment is also anticipated to witness the fastest growth rate during the forecast period.
The global air conditioning systems market fragmented by nature with the presence of several small and medium companies. Companies are adopting the strategy of product innovation & development as well as investing in geographical expansion. Some of the bigger players are acquiring small players to increase their product range and market share as well as geographical reach in the market. A few of the key players operating in the global air conditioning systems market are Daikin Industries Ltd., Gree Electric Appliances, Inc., and Carrier Corporation, Panasonic Corporation, Mitsubishi Corporation, and The Midea Group, LG Electronics, Haier Electronics Group Co., Ltd., and Hitachi Ltd.
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It has been observed that air conditioning systems consume higher amount of energy. Companies are working on low energy consumable products which can meet the consumer demand. Some of the companies are adopting green technologies and advanced technologies that are making air conditioning systems, energy efficient. Players are also coming up with designs in order to meet the energy requirements of consumers as well as complies with the government standards. The trend of green technology and smart homes are expected to boost the market demand in coming years.
Stringent Government Regulations to Aid Growth of Market
Key factors attributing to the global air conditioning systems market is growth in increasing spending on construction and housing sector at global level. Rising population and urbanization has led to higher spending on infrastructural activities. Stringent government regulations and policies, growing consumer expectations and technological advancements are also helping drive the growth of the global air conditioning systems market. The demand for air conditioning systems is very strong from the commercial sector in the Asia Pacific region on account of climatic variations.
Europe is expected to have a moderate growth in coming years. EU7 is the major revenue contributor in 2018. Increasing awareness regarding the benefits offered by energy-efficient air conditioning systems in building automation and control is propelling the growth of the region. Furthermore, increasing number of promotional activities by private and government organization in order to aware the consumers towards the requirement of energy-efficient products to lower the energy consumption will have a positive impact in this market.
The leading players in the market are Daikin Industries Ltd., Gree Electric Appliances Inc., and Carrier Corporation. Other prominent companies operating in the global air conditioning systems market are Haier Electronics Group Co., Mitsubishi Corporation, Panasonic Corporation, LG Electronics, The Midea Group, Ltd., and Hitachi Ltd. Companies are working on integrating products in order to expand their customer outreach. Moreover, few companies are adopting strategies including merger & acquisition and product innovation to increase their market reach.