Air Conditioning Systems Market Potential Growth with 10.5% CAGR by 2028| Coherent Market Insights

 

Air Conditioning Systems Market

Air conditioning is a system that cools a room by extracting heat and directing it to an outside location. The cold air may then be circulated throughout the building via ventilation. Air conditioning systems are employed in both residential and business settings. The industrial air conditioning system is typically centralised cooling systems with a complex ducting system that distributes cold air. In general, an industrial air conditioning system demands more precision in temperature and humidity management.

The emergence of the COVID-19 pandemic had a detrimental influence on air conditioner demand in 2020 due to lower consumer spending. However, the industry is likely to rebound in 2021 and develop steadily, boosted by shifting weather patterns and increased demand for commercial building. Furthermore, consumers' increased preference for convenience and comfort is likely to sustain demand for air conditioners during the projection period.

According to Coherent Market Insights, The global Air Conditioning System Market is estimated to be valued at US$ 240,763.0 million in 2021 and is expected to exhibit a CAGR of 10.5 % over the forecast period (2021-2028).

Air conditioning systems are widely used in a variety of settings, including houses, retail malls, and commercial buildings, as well as entertainment venues. AC is still a popular product in underdeveloped countries; nevertheless, the cost of environmentally friendly products remains a major concern. Air conditioning systems have played a critical role in modifying the interior environment, particularly in hot and dry places, and have become an essential component of the infrastructure that supports modern spaces. Furthermore, as economic growth in emerging nations continues to accelerate, demand for AC is expected to rise in the coming years.

The Market is also predicted to be pushed by factors such as the building and tourist industries' optimistic expansion. Individuals' increased discretionary incomes are also projected to boost the adoption of a range of air conditioning technologies throughout the forecast period. Furthermore, factors such as increased customer preference for energy-efficient systems and the growing popularity of portable systems are likely to favourably affect the air conditioning systems market growth.

The expanding population, which is predicted to have a favourable impact on residential and commercial building, will also raise demand for air conditioning systems. For example, increased population in Gulf nations is expected to contribute considerably to GCC building spending. The area population is expected to increase from 350 million in 2015 to over 600 million by 2050. This is projected to fuel expansion in infrastructure and building activity, notably in education, housing, and healthcare facilities to support communities.

Various governments throughout the world are concentrating on effective air conditioning. For example, Energy Efficiency Services Limited (EESL), a joint venture of four Public Sector Enterprises under the administrative responsibility of the Ministry of Power, Government of India, announced the commencement of the Super-Efficient Air Conditioning programme in February 2019. The program's goal is to promote the use of energy-efficient technology and reduce energy usage. The Ministry of Power in India hopes to solve India's Hydrochloroflurocarbons Phase-out Management Plan and Cooling Action Plan with this initiative by 2032.

Major Companies mentioned are- Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics.