The new report by Expert Market Research titled, ‘Global Commercial air condition (AC) Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global commercial Air Condition (AC) market, assessing the market based on its segments like type, installation type, end user, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Forecast CAGR (2021-2026): 4.35%
Consumers’ increasing preference for energy-efficient systems and the growing popularity of portable systems are likely to boost the growth of the air conditioning systems market. Factors such as the building and tourism industries’ potential expansion are projected to fuel the market. Humidity, temperature, and air pressure are all important components in sustaining good indoor air quality. Adapting to these conditions, which change throughout the year, can be difficult, especially when dealing with enclosed spaces with insufficient ventilation. To regulate these elements, air conditioners are widely used in both residential and business environments. The growing number of hospitals, hotels, individual clinics, auditoriums, and multiplexes around the world is expected to accelerate air conditioning industry growth in the near future. The growing population, which is expected to have a favourable impact on the building industry, notably in the areas of education, housing, and healthcare infrastructure, is also driving up demand for commercial air conditioning.
Industry Definition and Major Segments
Air conditioning is the process of evaporating and condensation to remove heat and moisture from an indoor occupied environment. An air conditioner employs dehumidifiers, condensers, chillers, condensing units, transducers, actuators, dampers, and evaporator coils to provide a comfortable indoor environment.
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The type of commercial air conditioner can be segmented as follows:
• Split Units
• Packaged Unit
• Variable Refrigerant Flow (VRF)
The installation type can be categorised as follows:
• New Installation
Based on end-user, the industry can be divided into:
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The growing population and urbanisation are the key driver for the commercial AC market. The growing middle-class population and rising disposable income are further expected to drive the market growth. AC manufacturers across the world are introducing the latest technologies such as Variable Refrigerant Flow (VRF), inverter technology, and R32 compliant cooling solutions for making their products technically compliant with the global and country-specific regulations, thus boosting the demand for the product. The cost of air conditioning equipment is steadily falling as technology advances and efficiency improves. With the tough competition in the AC systems market for getting better sales, companies often offer equipment at lower prices, which results in the growth of the market. The rapidly growing replacement and refurbishment activities in the residential sector are anticipated to elevate the adoption of air conditioning systems.
Key Market Players
The major players in the market are Johnson Controls International plc, LG Electronics Inc., Mitsubishi Electric Corporation, and Daikin Industries Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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