Visiongain has published a new report on Asia-Pacific Air Conditioning Systems Market Report to 2031: Forecasts by type (Room AC, Ducted AC, Ductless AC, Centralized AC, Others), by end use (Commercial, Industrial). PLUS Profiles of Leading Air Conditioning Systems Companies and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
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Air conditioning is the process of changing the properties of air & produces cool ventilation inside the building. In addition, it helps in managing humidity & temperature in favourable conditions by extracting heat from a certain location to give a chilled air effect. With huge number of players providing air conditioning systems market, the market is extremely competitive in the region.
Factors such as m massive rise in usage of energy and increased consumer spending on luxury goods are some of the major factors propelling the market growth. Moreover, increased government support actively regulating the manufacturing standards of the air conditioning systems are becoming another growth factors to the market in the region. On the contrary, rapid growth in number of the automobile and emerging tourism industry & increasing construction activities are some of the major factors expected to provide lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Asia Pacific Air Conditioning Systems Market
The COVID-19 pandemic has a severe impact on Asia Pacific air conditioning systems market and is expected to recover by the third quarter of 2022. For instance, Researchers in Guangzhou, China, projected a study that a restaurant air conditioning system blew droplets from an infected diner at one table to diners at two neighbouring tables. Therefore, this study has been used as evidence that the usage of air conditioning can spread the coronavirus. As a result, the demand for air conditioning systems in the region has declined in the year 2020.
Market Drivers
Massive rise in usage of energy
With continuous rise in demand & usage of energy, consumers are largely depending on conventional sources. Therefore, due to this increased dependency on energy, key players in the market have prompted the manufacturing & promoting the air conditioners running on renewable energy sources. As a result, the demand of energy is continuing to rise for renewable energy sources such as geothermal & solar energy, which is fuelling the market growth.
Increased consumer spending on luxury goods
Due to increased disposable income especially among the emerging economies such as India, Indonesia, China, Singapore, among others, the consumers are largely spending on luxury goods in the region. Moreover, rising awareness towards benefits of air conditioning system & high temperature during the summer season are major factors driving the market growth.
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Market Opportunities
Rapid growth in number of the automobile
Rising local manufacturing sectors, demand for luxury vehicles across region, and increased need for automatic climate control features in the air conditioning system are becoming major factors expected to create potential growth in the upcoming years.
Emerging tourism industry & increasing construction activities
Factors such as rising construction activities across new housing societies, expanding retail & hospitality sectors, and strengthening residential sector & commercial hubs are some of the major opportunistic factors to the market. As the demand for air conditioning tremendously, the key players have an opportunity to increase production for air conditioning system in the market.
Competitive Landscape
Some of the companies profiled in the report include Daikin Industries Ltd., Gree, Haier Electronics Group Co., Ltd., Hitachi Ltd., Honeywell International Inc., LG Electronics, Mitsubishi Electric Corporation, Panasonic, Samsung Electronics, and Siemens.
Recent Developments
In August 2020, Trane Technologies plc, which is an American Irish-domiciled diversified industrial manufacturing company to launch a new technology in order to reduce contaminants, including particles, gases and viruses, in indoor environments in Singapore. In addition, this technology will help customers to review air-conditioning and ventilation systems with improved air quality in public places.
In November 2020, Midea Group, which is a Chinese electrical appliance manufacturer announced a partnership with Mumbai City FC, a professional football club based in India. In addition, this partnership is aimed at providing technologically advanced VRF air conditioning systems and made in India residential & light commercial air conditioners, and heating ventilation to the Mumbai City FC.
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