Air Condition (AC) Market Overview:
The global air condition AC market is likely to grow at a notable CAGR between 2019- and 2027, revealing the new Market Research Future (MRFR) report. Air conditioning, simply put, is the process to modify the properties of air, especially temperature and humidity, to comforting conditions. It basically helps to improve indoor air quality and thermal comfort.
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Air-condition systems are widely used in industrial, institutional, residential, and commercial sectors. Various factors are adding to the global air condition AC market share. These factors, as per the new MRFR report, include increasing vehicle production, growing population, rising number of commercial and residential buildings, improved lifestyle, higher disposable income, and improvement in housing standards. On the contrary, energy regulation norms that are supported by rising consumer awareness, high maintenance costs, and strict power consumption are factors that may limit the global air condition AC market growth over the forecast period.
Key Players
Notable players profiled in the global air condition AC market share report include Siemens AC, Petra Engineering Industries Co, Panasonic Corporation, Lennox, International, Johnson Controls, Videocon, Samsung Ac, LG, Daikin Industries Ltd, and Carrier Corporation.
COVID-19 on the global AC market growth:
All industries across the globe suffered the consequences of the COVID-19 pandemic and experienced a slowdown unlike any other. Even the global construction industry was drastically hit owing to the suspension of all activities in the wake of the recent pandemic. This has led to a slowdown in the global air conditioner market.
The Heating, Ventilation, And Air Conditioning (HVAC) industry was also severely hit because of the large-scale shutdown of manufacturing units across the Asia Pacific regions which are considered market leaders in the air conditioner industry, and the US and several European countries. The HVAC industry has also been doubly hit by a significant dip in consumer demand globally. The report also looks at the COVID-19 impact at great lengths.
Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the global air condition AC market based on application, duct type, and types.
By type, the global air condition AC market is segmented into the indoor packaged air conditioner, rooftop air conditioners, split air conditioners, and others. Of these, the split air conditioner segment will dominate the market over the forecast period for the different benefits that it offers, such as ease of installation, low initial cost, and less noise.
By duct types, the global air condition AC market is segmented into ducted and ductless.
By application, the global air condition AC market is segmented into industrial, institutional, residential, commercial, and others. Of these, the commercial segment will have a major share in the market over the forecast period for its increasing use in healthcare, clinics, hospitals, hotel and tourism, and others.
Regional Analysis
Based on region, the global air condition AC market report covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. The conventional commercial and residential markets of Canada & the US are the key customers of the air condition AC market. Besides, increasing promotional activities, especially from the government to increase the adoption of AC systems that are energy-efficient to cut down energy consumption, is also adding to market growth. The US is the key contributor to the region.
In the APAC region, the global air condition AC market is predicted to have significant growth over the forecast period of a huge shift toward energy-saving cooling solutions and the latest technologies. Rapid population growth in India & China, higher disposable income, and changing lifestyles are also adding to market growth. Air conditioners have turned into a basic need in the commercial and residential sectors for the humid and scorching environment in the region.
An increasing number of commercial buildings in China & India are also adding to market growth.
The global air condition AC market in Europe is predicted to have a notable growth over the forecast period for varying weather conditions, rise in infrastructure development, burgeoning demand from end-user sectors, technological development, demand for products that are energy-efficient, and diverse weather conditions. Besides, increasing adoption of inverter air conditioners and smart thermostats are also adding to market growth.
The global air condition AC market in the MEA will have a sound growth over the forecast period of the rising adoption of smart AC systems in Israel, Turkey, Saudi Arabia, and the UAE.
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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