Wilmington, Delaware, U.S., Oct. 06, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – By 2022, the global air conditioning systems market value is expected to reach US$1.68 billion. The global market is expected to grow at a CAGR of 4.9% during the forecast period, 2022 to 2031. By 2031, the global air conditioning systems market is expected to reach a value of US$2.70 billion . Due to increasing urbanization, renovation of buildings vulnerable to natural disasters, significant investment opportunities in industrial and infrastructure sectors are likely to drive the global market. Also, with increasing construction activities in several developing countries of the world, the global central air conditioning market is expected to expand significantly over the forecast period.
Companies strive to achieve long-term success through continuous innovation, effective integration of air conditioning system components, and improvement of various types of air conditioning systems. It is estimated that the growth of construction activities in many developing countries, the renovation of buildings located in disaster-prone areas and the considerable expenditure on infrastructure present enormous opportunities for manufacturers of air conditioning systems.
Due to government regulations requiring energy efficient models, industry players are also placing more emphasis on air conditioning systems that consume less energy, which is expected to drive the future of air conditioning systems in the coming years. .
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Key Findings of the Market Report
- Due to the increase in new construction activities globally, the demand for air conditioning systems in buildings is expected to increase significantly over the forecast period. Considering the existence of developing countries such as India and China in the region, the Asia-Pacific market is expected to grow at a rapid pace. Growth in non-residential and residential building construction activities is expected to propel the expansion of the regional commercial and residential air conditioner market.
- When it comes to product categories, the split air conditioner category leads the global air conditioning system market. The split air conditioning systems category is mainly driven by the overwhelming demand for energy efficient air conditioning systems for the home. It is expected that an increasing adoption of green technologies along with an increasing number of smart homes will drive the usage of split HVAC systems during the forecast period.
- Based on geography, Asia-Pacific is estimated to lead the global air conditioning system market. The increase in the development of non-residential and residential structures is a factor that is expected to drive the market in Asia Pacific. Of all the Asia-Pacific countries, China holds the largest market share for air conditioning systems.
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Global Air conditioning system Market: key players
Some of the major players in the market are
- Mitsubishi Electric Corporation
- United Technologies Corp.
- Samsung Electronics Co., Ltd.
- Daikin Industries, Ltd.
- Panasonic Company
- Midea Group Co., Ltd.
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Global Air conditioning system Market: Segmentation
- RAC (Refrigeration & Air Conditioning)
- PAC (precision air conditioning)
- VRF (Variable Refrigerant Flow)
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About Transparency Market Research
Transparency Market Research registered in Wilmington, Delaware, USA, is a global market research firm providing custom research and consulting services. TMR provides detailed information on the factors driving the demand in the market. It discloses opportunities in various segments based on source, application, sales channel, and end use that will drive market growth over the next 9 years.
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