The air conditioning system market grew at a CAGR of around 10.6% during 2014-2019. Air conditioning system is a type of compressor-based refrigerant machine that functions by altering heat and moisture from the air and replacing it cooler air in an enclosed space. Generally, the system comprises of a compressor, evaporator coil, condenser coil, fan, and chemical refrigerant. The air conditioning system helps in circulating filtered air inside a confined space by restraining the entry of dust particles or smoke. Furthermore, it offers a suitable and comfortable condition that helps in increasing human efficiencies along with maintaining regulated air pressure and temperature in a closed space. Owing to this, these systems are widely installed across various residential, commercial, and industrial setups.
In recent times, the emerging construction and building industry, particularly in the developing regions, such as APAC, MENA, and Latin America, have led to the rising number of housing projects, shopping malls, hospitals, hotels, multiplexes and auditoriums. This has led to an increase in the demand for air conditioning systems for maintaining healthy indoor air. Moreover, rapid urbanization along with rising disposable income levels and improving living standards of consumers in developing regions, have further propelled the demand for air conditioning systems in the residential sector. Additionally, rising environmental concerns coupled with various governmental regulations for reducing carbon emissions have led to the increasing consumer inclination towards energy-efficient and green air conditioning systems globally. In addition to this, the launch of various government initiatives for promoting the need for green product variants have also augmented the market growth. For instance, the ‘Super-Efficient Air Conditioning Program’ was launched by the Energy Efficiency Services Limited, Government of India for replacing conventional AC systems with newer and eco-friendly air conditioning systems. With the advent of technology in the developed regions of North America and Europe, several manufacturers are introducing R-22 free air conditioning systems to minimize heat emissions. All the above-mentioned factors will continue to bolster the growth of the global air conditioning systems market in the forthcoming years. Looking forward, IMARC Group expects the market to continue its strong growth during the next five years.
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The competitive landscape of the industry has also been examined with some of the key players being Carrier Corporation, DAIKIN INDUSTRIES, Ltd., Electrolux North America, Inc., Haier Group Corporation, Hitachi-Johnson Controls Air Conditioning Inc., Lennox International Inc., LG Electronics Inc., Midea Group Co., Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., etc.
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