A recent business intelligence report from Industry ARC, titled “Air conditioning market: by product type (unitary, split, others), by design, by mount type (windowed, standalone, roof top, others), by capacity, by energy rating, by component, by end use (residential, commercial, industrial,); by geography - forecast (2018 - 2023)” suggests that the air conditioner market size is expected to continue generating high revenues for air conditioner manufacturers in the forecast period.
Air Conditioning Market Overview
The air conditioning (AC) systems are used for maintaining comfortable body-friendly temperature indoors. According to The Japan Refrigeration and Air conditioning Industry Association, the global AC demands reached 110.56 million units with a CAGR of 8.1% in FY 2017. China held the biggest air conditioner market share growing at the remarkable CAGR of 13.2% in the world and is still leading the pack in global air conditioner demands. Furthermore, air conditioning is a part of the heating, ventilating and air conditioning (HVAC) market. The global HVAC market was valued at $156.33 billion in the year 2017 and is expected to surpass $242.59 billion by 2023 at a positive CAGR of 7.6%. The increasing disposable income in developing nations has accelerated the growth in the air conditioning market.
Air conditioning is the process of eradicating heat and moisture from an indoor occupied space. To provide a comfortable indoor environment, air conditioner uses components such as dehumidifiers, condenser, chiller, evaporators, condensing units, transducers, actuators, dampers, and evaporator coils.
Browse 89 Market Tables, 179 Figures spread through 135 slides and an in-depth TOC on “Air conditioning Market (2018 - 2023)”
Air Conditioning Market Trends
- The concept of centralized air conditioning systems in commercial places is in trend. Air conditioning systems comes pre-installed in these infrastructures. Moreover, the rising infrastructure development is further anticipated to argument the demands in the air conditioning market.
- The soaring temperature and humidity levels throughout the planet is proving to be a boon for the air conditioner market. Additionally, the swelling disposable income of consumers has shown acceptance of air conditioner more of as a utility than a luxury product. Owing to these factors the global air conditioner market is foreseeing growth in heat affected regions of the world.
- The recent innovations in the air conditioner technology emerged with smart air conditioner and inverter powered air conditioners. The introduction of these variants was followed by a hyped demands of air conditioners from both the developed and developing economies around the world. The plethora of air conditioner variants has expanded to portable and mobile air conditioning systems and chillers which are expected to show a healthy growth in the air conditioner market.
- However, the air conditioner market is facing environment relate to restraints. The cumulative carbon emissions from air conditioners has increased the magnitude of global warming and is affecting the atmosphere adversely. Regulatory norms from various governments has encouraged the production of environment-friendly and energy efficient systems. The migration from the traditional air conditioners is much needed owing to the growing degree of concern over the environs.
The global air conditioner market is flourishing owing to the increasing global temperature around the world. On the other hand, this market faces challenges related to environment related issues. Innovations in the manufacturing of air conditioners is anticipated to contribute to the exponential growth in the global air conditioner market.
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HVAC Equipment Market: By Heating Equipment (Heat pumps, Warm Air Furnaces, Boilers, Space heaters and others); By Cooling equipment (Air Conditioners, Evaporative Coolers, Cooling Towers and others); By Ventilation equipment (Duct fans, Draft inducers, dehumidifying coils, air purifiers and others); By Components (Compressors, Condensers, Centrifugal pumps and others); By End-user (Food and Beverages, Automotive industry, Healthcare industry, Residential and commercial buildings and others)& Geographic Analysis - Forecast (2018-2023)
Hazardous Location Air Conditioners Market: By Type (Central Air Conditioner, Dehumidifiers, Ductless Split Systems, Portables, Packaged Terminal AC, Room, Thru-The Wall, Vertical Units); By Location ( Class, Division, Group, Zones); By Temperature ( T1, T2, T3, Others);By End user (Oil and Gas, Food processing, Textiles, Mining, Others) & By Geography- Forecast (2018-2023)
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