air conditioning system market
According to a new market report published by Transparency Market Research titled, “Air Conditioning Systems Market ((Product – Split AC and Window AC); (Application – RAC, PAC and VRF); (End Use – Residential and Commercial); (Channel Distribution Systems – Online and Offline)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 – 2026, the Global Air Conditioning Systems Market is Expected to Reach USD 211,259.4 Million by 2026, expanding at a CAGR of 4.6% from 2018 to 2026. In terms of volume, the market is expected to reach 190,703,000 units by 2026, expanding at a CAGR of 3.6% from 2018 to 2026 The market is segmented by regions into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America.
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The Asia-Pacific air conditioning system market is the largest in the world and is expected to grow at a steady rate during the forecast period. Split air conditioners dominate the air conditioning system market in Asia Pacific over window air conditioners. Rising disposable income, changing lifestyle, hot climate, and growing construction industry are increasing the demand for room air conditioners (RACs) across Asia Pacific. In the Asia-Pacific region, compared to other types of air conditioners such as PAC (Packaged Air Conditioners) and VRF (Variable Refrigerated Flow) systems, room air conditioners (RAC) dominate the market. China is the largest market for air conditioning systems in the world. In China, room air conditioners dominate the market. Japan and India are other important air conditioning markets for global air conditioning manufacturers. Global manufacturers of air conditioning systems focus on the Asia-Pacific region. In May 2018, Daikin completed and commissioned its first air conditioning plant in Vietnam, where it carries out air conditioning assembly, training and education. The company aims to manufacture room air conditioners and produce one million units by 2020. The company is investing in Vietnam as it expects the air conditioning market in Asia-Pacific to grow rapidly in the future. The company already has production plants in Thailand, Malaysia and India.
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The North America air conditioning systems market holds the second largest share of the global air conditioning systems market and is expected to grow moderately over the forecast period. North America is a developed region. Window air conditioners dominate the air conditioner market in North America compared to split air conditioners. In North America, room air conditioners hold a larger market share than stand-alone air conditioners. The United States is the largest air conditioner market in North America. Canada is another important air conditioner market in North America. Rising residential construction in the United States and Canada is increasing the demand for room air conditioners (RACs) in the region.
In Europe, room air conditioners hold a significant share of the market. Rising residential construction activity, especially in Eastern Europe, is increasing the demand for air conditioners. Russia is the largest air conditioner market in Europe. Other major air conditioner markets in the region are Italy, Spain, France and the UK. Rising demand for high price Variable Refrigerant Flow (VRF) air conditioners is driving the European air conditioning system market.
The market for air conditioning systems in the Middle East and Africa (MEA) is the fourth largest in the world. GCC and Nigeria are major markets in the MEA air conditioning systems market.
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The air conditioning systems market in South America is the smallest in the world. Brazil is the largest and largest air conditioning system market in South America and the market is expected to grow moderately over the forecast period.
The study provides a conclusive view of the global Air Conditioning Systems market by segmenting it on the basis of product, application, end-use, and distribution channel. In terms of product, the global air conditioning systems market has been categorized into split AC and window AC. Based on application, the global air conditioning systems market has been segmented into RAC (Room Air Conditioners), PAC (Packaged Air Conditioners) and VRF (Variable Refrigerant Flow) air conditioners. VRF air conditioning systems are also known as VRV (Variable Refrigerant Volume) air conditioners. On the basis of end use, the global air conditioning systems market is segmented into residential and commercial. Based on distribution channel, the market is segmented into online and offline.
The report highlights key companies operating in the global Air Conditioning Systems Market including Daikin Industries, Ltd., Mitsubishi Electric Corporation, Midea Group Co., Ltd., Samsung Electronics Co., Ltd., Electrolux AB, Panasonic Corporation , United Technologies Corp. , Hitachi, Ltd. Sharp Corporation and Lennox International Inc.
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Transparency Market Research registered in Wilmington, Delaware, USA, is a global market information firm that provides syndicated research reports and business advisory services. Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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