Air conditioning systems have been witnessing a surge in demand from both commercial and residential applications, with the popularity of smart thermostats and inverter air conditioners rising with increasing adoption. The focus of most manufacturers of air conditioning systems is energy efficiency, given escalating global concerns over energy conservation. Concerns associated with air pollution have also spurred the demand for air purifying technologies, a trend the air conditioning systems market has been capitalizing on.
The presence of a large number of leading players makes the global air conditioning systems market extremely competitive. This is projected to give the market a significant boost in the coming years, with the opportunity in this market amounting to over US$167 bn by 2024.
Usage of Air Conditioning Systems Across Commercial Sector Continues to Grow Stronger
Air conditioning systems find application in commercial, residential, automotive, and industrial sectors. Accounting for a revenue share of almost 40% in 2015, the commercial segment dominated the overall air conditioning systems market. This segment is poised to retain its lead through 2024 driven by the growing usage of air conditioning systems in areas such as hotel and tourism, construction, hospitals, clinics, and healthcare. By volume, however, the residential application segment dominated the market in 2015. This segment is also anticipated to expand at the highest CAGR based on revenue from 2016 to 2024.
By type of equipment, the air conditioning systems market includes window, portable, cassette ACs, split, chillers, single packaged, and airside air conditioning systems. Split air conditioning systems are the most preferred kind and accounted for a revenue share of over 76% in 2015. This segment also dominated the air conditioning systems market by volume.
Japan, China, and India Emerge as Strong Contenders in APAC Market
The global market for air conditioning systems comprises Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. By revenue, Asia Pacific is projected to dominate the global market for air conditioning systems with a share of over 55% during the forecast period. The demand for air conditioning systems in Asia Pacific is likely to be driven by Japan, China, and India. In addition, the replacement of air conditioning systems with energy-efficient equipment is forecast to significantly drive the demand for air conditioning systems in the coming years.
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Europe is projected to witness moderate growth during the forecast period, with the EU7 countries likely to present the most attractive opportunities for players in the air conditioning systems market. Growing awareness about energy-efficient air conditioning systems in building automation and control has driven their demand in the last decade.
The North America air conditioning systems market is also a strong contender and in 2015, the U.S. held the largest share in the regional market. The changing standards of the American Society of Heating, Refrigerating and Air Conditioning, ongoing technological evolution, and the presence of several regulatory policies have been accelerating the demand for energy-efficient, technologically advanced, and eco-friendly air conditioning systems in North America.
The air conditioning systems markets in Latin America as well as the Middle East and Africa are forecast to witness sustainable growth in the near future, fueled by the increasing adoption of smart air conditioning systems in countries such as the UAE, Saudi Arabia, Turkey, and Israel.