Global Air Conditioning Market Outlook
Rigorously escalating construction in developing nations has impacted the air-conditioning market, and the opportunities will be incrementing consistently, according to a recent business report by IndustryARC. The report has also identified APAC as the region wherein demand will consistently expand. As per the findings of the report, the global air conditioning market was worth around $123 billion to $125 billion as of 2018, and the demand will be increasing at a CAGR of 4% to 6% during the forecast period of 2019 to 2025. The report is 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 (2019 - 2025).”
Browse 89 Market Tables, 179 Figures spread through 135 slides and an in-depth TOC “Air Conditioning Market (2019 - 2025)”
Global Air Conditioning Market: Leading Segments
As per the IndustryARC report, the APAC dominated the global air-conditioning demands in 2018 with 34% to 37% of total market share. As per the reports from the Japan Refrigeration and Air-Conditioning Industry Association (JRAIA), the largest demands for the product comes from China with demands reaching 45.95 million units in 2017, a 13.2% increase from the preceding year.
In terms of application, the heaviest demands for the air-conditioning systems are received from the automotive industry, increasing at a global CAGR of 6% to 8% through the aforementioned forecast period. With the globally rising needs and demands for automotive vehicle throughout the world, the air-conditioning market is expected to witness proliferating profits.
Global Air Conditioning Market Demand Analysis
The World Bank Group says that the three fourth of the infrastructure that will exist in 2050 has not been developed yet, and the globally rising heat strokes with soaring temperature in tropical and similar regions have tremendously boosted the usage of air-conditioners in residential and commercial complexes. These air conditioning systems are being employed to maintain a comfortable and soothing lifestyle. It enables people to live in a body-friendly temperature at indoor areas.
Air conditioning is the process of eradicating heat and moisture from an indoor occupied space by evaporation and condensation. To provide a comfortable indoor environment, an air conditioner uses components such as dehumidifiers, condenser, chiller, condensing units, transducers, actuators, dampers, and evaporator coils.
According to JRAIA, the global air-conditioning demands was estimated to reach 110.56 million units in 2018. The uptake increased at an escalating pace of 8.1% compared with the preceding year. The global increasing demands can be attributed to the mounting temperature and humidity levels across the world. Additionally, the acceptance of product as a utility instead of a luxury product has increased the demands of air-conditioners in both the developing and developed economies.
Global Air Conditioning Market Trends
- The recent developments in the air-conditioner technology has progressed with the advent of smart air-conditioners and inverter powered air-conditioners. The primer of these variants was followed by a hyped demand of air-conditioners from both the developed and developing economies around the world. The plethora of air-conditioner variants has extended to portable and mobile air conditioning systems and chillers which are expected to show healthy growth in the air conditioner market.
- The application of centralized air conditioning systems in commercial complexes is the trend throughout the globe. Air conditioning systems emanate pre-installed in these infrastructures. Moreover, the incredibly rising construction industry is further anticipated to advocate the demands in the air conditioning market.
Global Air Conditioning Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global air-conditioning market are Denso Corporation, Eberspaecher Holding, GmbH & Co., KG, MAHLE, GmBH, Hanon Systems, Calsonic Kansei Corporation, Keihin Corporation, Sanden Holdings Corporation, Mitsubishi Heavy Industries Ltd., Valeo SA and Subros Limited
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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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