Market Research Future (MRFR) expects the global air conditioner (AC) market to expand at a tremendous growth rate during the forecast period (2016-2027).
Growth Drivers and Key Restraints
Air conditioners, also known as AC, help dispose of moisture as well as heat from an enclosed area, which turns the environment comfortable for the ones occupying it. These are also used for spaces containing electronic gadgets as they maintain a controlled temperature.
The worldwide air condition market is perceived to be growing considerably, with critical drivers like rising per capita income, increasing pollution levels and improving economic conditions. Technological developments noted in developing nations are other essential factors supporting the market growth. The drastically rising air pollution is a concern among those living in that particular environment, as it gives rise to headaches and fatigue. These growing concerns almost mandate the need for air conditioners, which substantiates the market growth further.
Having said that, the high cost of air conditioners could stagnate the market growth to some extent. On the bright side, the market could expect relentless growth in the coming years with the expanding population, changing lifestyle and the subsequently increasing demand for air conditioners.
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March 2019 Samsung India has launched this year’s line-up of air conditioners, which boast of Triple Inverter Technology. The primary features of these ACs include less electricity consumption, steady cooling even in hot summers and faster cooling.
The AC market has been segmented on the basis of type, duct type and application.
The product types are split air conditioner, rooftop air conditioner, indoor packaged air conditioner and others.
Depending on the duct type, the segments covered in the report are ductless and ducted.
Application-wise, the market is considered for commercial, residential, institutional, industrial and others. Among these classifications the most popular two categories are ductless AC and ducted AC. Both of these categories have variety of applications like commercial, residential, institutional, industries and others.
The prominent vendors in the worldwide air condition market include Carrier Corporation, Panasonic Corporation, LG, Videocon, Lennox, International, Petra Engineering Industries Co, Samsung Ac, Siemens AC, Johnson Controls, Daikin Industries Ltd, among others.
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Asia Pacific, North America, Europe and Middle East & Africa are the key markets for air condition.
North America will emerge as the strongest market for air conditions. The commercial markets in the United States (US) and Canada are touted to be the prime customers in the air conditions market. As per forecasts, the regional market can have a massive level of demand within the commercial sector due to the product becoming a common necessity in malls, restaurants, retail sector etc. As of now, the market in the region is moving towards more energy efficient air conditions that are easily installable, like split AC units and variable refrigeration flow (VRF) system.
Asia Pacific is counted among the elite markets for air condition, evident by the soaring level of demand. The market notes mounting adoption of latest technologies as well as energy saving cooling solutions. This hike in the demand is the result of the rapidly expanding population in India and China. The evolving lifestyles, in addition to the presence of humid climate, will also create demand for air conditions in the region. Therefore, the climate factor in the region is presumed to do wonders for the market in the years ahead. Air conditions have become a necessity in the residential and commercial markets, which bores well with the market growth. Thus, Asia Pacific is on its way to become a well-established market during the evaluation period.
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