According to the latest IMARC Group report entitled “Air conditioning market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2020-2025 “ the globe The air conditioning market size grew with a CAGR of around 10.6% in the period 2014-2019. Air conditioning makes it easy to dissipate heat and moisture in an enclosed space to change the overall temperature. The heat is replaced from the given area with cooled dry air, while the hot air and moisture are expelled into the atmosphere. The system prevents the ingress of smoke or dust particles and helps improve the comfort of residents by creating a regulated indoor environment. Consisting of fans, compressors, condenser coil, evaporator coil, and chemical refrigerants, the proper thermal conditions and superior indoor air quality of these systems help improve human efficiency and maintain proper health functions. As a result, they have proven to be an indispensable part in domestic, commercial, and industrial settings.
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The global market is primarily driven by the concurrence of numerous factors, including rapid urbanization, rising disposable incomes, changing lifestyles and changing climatic conditions. This has led to a significant increase in the acceptance of air conditioning systems, especially in the residential sector. Accordingly, the growing world population has contributed to the growth in the construction of residential projects, which is expected to drive market growth. In addition, significant growth in the tourism sector is also catalyzing market growth. The increasing influx of foreign tourists has led numerous countries to build hotels, auditoriums, multiplexes and shopping complexes in order to improve their existing infrastructure. Air conditioning is critical to providing comfort to tourists, which in turn affects their spending behavior. That said, these systems are widely used in many organizations to improve working conditions and increase overall employee productivity. In addition, an increased focus on sustainable development has led to increased demand for energy efficient air conditioning, which creates further positive prospects for the market. Numerous manufacturers have also developed intelligent and networked variants that are becoming increasingly important for users. These variants are integrated into advanced technologies and can be operated using voice commands. Due to the above factors, strong growth of the market is expected for the period 2020-2025.
Market division by technology::
- Not inverters
Represent the largest automotive market share based on technology type.
Market split by product type::
- top, roof
Market split by end user::
Market division according to sales channels::
- Specialty stores
- Supermarkets and hypermarkets
Competitive Landscape Key Player:
- HAIER ELECTRONI / ADR
- Carrier Corporation (UTX)
- DAIKIN INDUSTRI / ADR
- Electrolux North America Inc.
- 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..
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