Rising purchasing power of middle-class population, primarily in the APAC region and growing demand for environment friendly refrigerants are observed to be the key growth drivers of global air conditioning systems market . Growing middle class population in developing countries such as China, India, and Brazil have been a key factor for rising adoption of air conditioning systems in these countries.
Based on equipment type, the air conditioning systems market is categorized into portable AC, window AC, split AC, cassette AC, and centralized AC, wherein centralized AC is further segmented into chillers, variable refrigerant flow (VRF) and ducted AC. Among these, split AC is projected to be the largest revenue generator during the forecast period owing to its energy efficient operation and ease of installation.
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Based on application, the air conditioning systems market is categorized into residential, commercial, and industrial; wherein residential application held highest market volume share. However, commercial application is expected to register higher growth in the coming years. This is particularly due to need for regulatory compliance requirements in commercial buildings.
Asia-Pacific dominated the global air conditioning systems market in 2017; China and Japan were the two largest markets in the region. The demand for split AC in Asia-Pacific registered highest growth, owing to the popularity of ducted split air containing system. In addition, the adoption of variable refrigerant flow (VRF) for commercial purpose is expected to increase in the coming years.
The surging demand for energy efficient air conditioning systems is one of the key factors pushing the market growth. Stringent government mandates for energy efficient models led to the replacement of existing air conditioning systems in developed countries from North America and Europe regions with energy efficient systems.
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Some of the key players operating in the air conditioning systems market are Samsung Electronics Co. Ltd., Mitsubishi Corporation, Daikin Industries Ltd., LG Electronics Inc., Panasonic Corporation, Electrolux AB, Midea Group Co. Ltd, Siemens AG, Sharp Corporation, Hitachi Ltd., Carrier Corporation, Toshiba Corporation, and Denso Corporation.
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