Air Conditioning System Market Analysis Reports Revenue Growth during the Forecast Till 2026
Volume sales of air conditioning systems will witness the fastest expansion in APEJ through 2026.
[USPRwire, Tue Dec 04 2018] According to Fact.MR’s recently compiled report, the global air conditioning system market will record a CAGR of over 6% during the forecast period 2017 to 2026, in terms of value. Global sales of air conditioning systems are estimated to exceed 240,000 Mn units by 2026-end.
Smart Thermostats Becoming the Control Element for Air Conditioning Systems
The concept of connected home is witnessing a gradual rise over the past few years. Morphing of devices such as a basic thermostat into the breed of power smart thermostats has depicted the way residential appliances must adapt, re-invent and re-imagine their role in a connected home. Currently, powerful smart thermostats are the control element for air conditioning systems in connected homes. Owing to their benefits of monitoring temperature through computers and mobile devices, these thermostats are gaining momentum in small- and medium-sized commercial buildings. With the help of solar panels providing outdoor temperature information, smart thermostats are capable of altering a home’s cooling system depending up on the requirement. Smart thermostat for air conditioning systems range from basic and functional to sophisticated and feature-rich. In addition, the development of digitally programmable thermostats feature both efficiency- and comfort-enhancing functionality, with their remote access and smart technology.
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With the trend toward green technologies gaining prevalence, air conditioning systems are being frowned at, albeit population across some regions cannot thrive without them owing to flaming temperature ranges. Air conditioning system is considered to be a major contributor to global warming, owing to its emission of hazardous gases into the environment such as chlorofluorocarbons (CFC) and hydro-chlorofluorocarbons (HCFC). Being a part of greenhouse gases (GHG), these have negative impacts on the environment as they trap heat and result into ozone layer depletion. In addition, air conditioning system’s air filters lose their integrity over time and enable harmful exterior compounds to flow into the interior space. This further triggers allergies, and may even lead to irritation in eyes, nose and throat in some cases.
5 Key Projections on Future of Air Conditioning System Market for Forecast Period 2017-2026
- North America is expected to remain the most remunerative market for air conditioning system, with revenues estimated to reach nearly US$ 60,000 Mn by 2026-end. In terms of value, Asia-Pacific excluding Japan (APEJ) is projected to be the fastest expanding market for air conditioning system through 2026. In addition, Europe will account for the second largest revenue share of the market by 2026-end. In contrast, Japan will account for the smallest revenue share of the market during the forecast period.
- Chillers air conditioning systems are expected to remain dominant in the market, in terms of revenues. Nearly equal market revenue shares are projected to be accounted by window air conditioning systems and single-packaged air conditioning systems through 2026. In addition, window and split air conditioning systems are projected to register a parallel sales expansion through 2026, in terms of value.
- Industrial applications of air conditioning systems will continue to be the most profitable in the market, closely trailed by their commercial applications.
- B2B and independent electronic stores will endure as the leading sales channel for air conditioning system in terms of revenues. However, in terms of value, authorized stores will witness the fastest expansion in sales of air conditioning systems through 2026.
- Presence of numerous leading players has made the market highly competitive, with majority of these manufacturers competing on the basis of energy efficiency. Key players profiled in the report include Daikin Industries Ltd., Mitsubhishi, Qingdo Haier, Samsung Electronics, LG Electronics, Electrolux, Panasonic, UTC, Hitachi, Gree Electric Appliances, Sharp Corp, Carrier Corp, Midea Group Co. Ltd., and Johnson Controls.
North America to Record Highest Sales of Air Conditioning Systems in terms of Volume
Sales of air conditioning systems are slated to remain the largest in North America, in terms of volume, followed by Europe. Ongoing technological innovations, and changing standards of American Society of Heating, Refrigerating and Air Conditioning, along with the presence of many regulatory policies have accelerated demand for eco-friendly, technologically advanced, and energy-efficient air conditioning systems in these regions.
Demand for air conditioning system in Asia-Pacific excluding Japan (APEJ) will remain more concentrated in its emerging countries such as India and China, mainly because of rising living standards and disposable incomes of population in these countries. Volume sales of air conditioning systems will witness the fastest expansion in APEJ through 2026.
Past few years have represented proliferation in adoption of air conditioning systems in various commercial spaces such as clinics, hospitals, construction, and hotel & tourism, mainly driven by rapid population growth. Commercial applications of air conditioning systems will record the largest sales, in terms of volume. However, volume sales of air conditioning systems for residential applications are expected to reflect the fastest expansion through 2026.
Key Research Findings from Fact.MR’s Report
Volume sales of air conditioning systems will remain the largest in B2B sales channel, trailed by independent electronic stores
Chillers air conditioning systems are expected to remain dominant in the market, in terms of volume, with sales estimated to exceed 65,000 Mn units by 2026-end
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Table of Content:
- Global Economic Outlook
- Global Air Conditioning System Market - Executive Summary
- Global Air Conditioning System Market Overview
3.1.1. Global Air Conditioning System Market Taxonomy
3.1.2. Global Air Conditioning System Market Definition
3.2. Global Air Conditioning System Market Size (US$ Mn) and Forecast, 2012-2026
3.2.1. Global Air Conditioning System Market Y-o-Y Growth
3.3. Global Air Conditioning System Market Dynamics
3.4. Supply Chain
3.5. PESTLE Analysis
3.6. Porter's Five Force Analysis
3.7. Regulatory Framework
3.8. Forecast Factors
3.9. List of Distributors
3.10. Key Participants Market Presence (Intensity Map) By Region
- Global Air Conditioning System Market Analysis and Forecast 2012-2026
4.1. Global Air Conditioning System Market Size and Forecast By Product Type, 2012-2026
4.1.1. Portable Air Conditioning Systems Market Size and Forecast, 2012-2026
188.8.131.52. Revenue (US$ Mn) Comparison, By Region
184.108.40.206. Market Share Comparison, By Region
220.127.116.11. Y-o-Y growth Comparison, By Region
4.1.2. Window Air Conditioning Systems Market Size and Forecast, 2012-2026
18.104.22.168. Revenue (US$ Mn) Comparison, By Region
22.214.171.124. Market Share Comparison, By Region
126.96.36.199. Y-o-Y growth Comparison, By Region
4.1.3. Split Air Conditioning Systems Market Size and Forecast, 2012-2026
188.8.131.52. Revenue (US$ Mn) Comparison, By Region
184.108.40.206. Market Share Comparison, By Region
220.127.116.11. Y-o-Y growth Comparison, By Region
4.1.4. Cassette Air Conditioning Systems Market Size and Forecast, 2012-2026
18.104.22.168. Revenue (US$ Mn) Comparison, By Region
22.214.171.124. Market Share Comparison, By Region
126.96.36.199. Y-o-Y growth Comparison, By Region
4.1.5. Single Packaged Air Conditioning Systems Market Size and Forecast, 2012-2026
188.8.131.52. Revenue (US$ Mn) Comparison, By Region
184.108.40.206. Market Share Comparison, By Region
220.127.116.11. Y-o-Y growth Comparison, By Region
Key players identified by the report include Petra Engg Industies Co., Lennox International, Honeywell International, Gree Electric Appliances, Samsung Electronics, Daikin Industries Ltd., and Midea Group Co. Ltd. Other prominent players in the market include Fuji Electric, Carrier Corp, Hitachi and UTC.
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