Air Conditioning Systems Market – The Popularity of Smart Thermostats and Inverter Air Conditioners Rising With Increasing Adoption

The competitive landscape of the Global air conditioning systems market is characterized by the presence of a large number of well established companies such as Daikin Industries Ltd., Gree Electric Appliances, Inc., and Carrier Corporation. As well as the presence of emerging players such as Panasonic Corporation, Mitsubishi Corporation, and The Midea Group. There are also several promising players such as LG Electronics, Haier Electronics Group Co., Ltd., and Hitachi Ltd. Each of these players have been striving to strengthen their position in the air conditioning systems market and achieve sustainable growth.

According to TMR, the global air conditioning systems market will be worth US$167 bn by 2024. On the basis of type of air conditioning systems, split AC is witnessing highest demand. However fastest growth rate is to be expected by the portable air conditioning systems. On the basis of Geography, the Middle East and Africa is witnessing the fastest growth rate whereas Asia-Pacific is leading in the market both in terms of value and volume.

On the basis of application area, it is the commercial segment which has been living in the market and is expected to continue to do so throughout the forecast period on account of the use of air conditioning systems in hotels, hospitals, clinics, and similar other areas. In terms of volume however, the residential application segment LED in the past. Residential segment is also anticipated to witness the fastest growth rate during the forecast period.

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According to the lead author of this report, the growth of the global air conditioning systems market is majorly on account of the growing construction and housing sector. This is because, the growth of the construction permits especially commercial infrastructure creates a heightened need for air conditioning systems. Stringent government regulations and policies, growing consumer expectations and technological advancements are also helping drive the growth of the global air conditioning systems market.

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Pragati Pathrotkar

Pragati’s longstanding experience in the field of market research is reflected in her insightful news articles on business, science, and technology as presented on Edition Truth. Her interest lies in understanding the ramifications of cultural diversity, green behavior, ecommerce, economic progress, and technical consciousness on these increasingly consumer-oriented industries. Her understanding of digital marketing techniques gives her news stories an engaging twist.

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