Air Conditioner (AC) Market Research Report by Application (Commercial, Residential, Institutional, Industrial others) By Product type (Split, Rooftop, Indoor packaged, Chillers air conditioner, others) by Ducts (Ductless, Ducted) Industry Forecast to 2027
According to a recent study report published by the Market Research Future, the global market of Air Conditioners has been increasing. The market is expected to grow at a rapid pace during the forecast period (2017 & 2027).
The Air Condition (AC) Industry is forecasted to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 & 2027).
Air conditioners are an investment that we make for our home and family’s comfort. For many, air conditioning is as much of a necessity as food, water and shelter. With global warming soaring up and summertime temperatures regularly soaring over 45 degrees, conventional wisdom holds that without the blessed invention of air conditioning, few would live in some regions like MEA countries, Texas and India. But some energy efficiency experts recently questioned the assumption that air conditioning is a basic human right in Texas, leading to a particularly revealing exchange at some vague recent City Council meeting on Energy efficiency programs.
The market for air conditioning (AC) has been one of the rapidly developing and growing markets in the past few decades, but in this era the air conditioning market has reached the maturity stage of the PLC (Product Life Cycle) and is expected to be in the maturity stage for a long period. The dynamic state of this industry can largely attribute to increasing development, unpredicted population growth in the developed and the developing countries.
There are many market growth drivers for air condition (AC) market but few of the prominent reasons for the market to grow are growing population and increasing level of lifestyle. The market for air conditioners will be highly influenced by the growth of population, as the amount of population will grow globally, the population will face increasing level in the lifestyle of the population leading to the growth of demand in air condition market.
Air Condition (AC) Market Leading Key Players
Several companies are trying to maximize their benefit from the global air conditioner market by implementing strategies that include merger, acquisition, product launch, innovation, and others. These companies, as reported by MRFR, are Carrier Corporation, Daikin Industries Ltd, LG, Samsung Ac, Videocon, Johnson Controls, Lennox, International, Panasonic Corporation, Petra Engineering Industries Co, and Siemens AC. MRFR profiled them in their report for a better understanding of the upcoming trends.
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Air Condition (AC) Industry Innovation:
In 2019, Hong Kong-based IoT startup Ambi Labs are planning to launch their Ambi Climate 2nd edition which uses AI technology to revolutionize air conditioning. This would also help in reducing power consumption by 30%.
In June 2019, Nortek Global HVAC, a leading name among the HVAC equipment manufacturer, announced the launch of their W-series of air conditioning and heat pump equipment. These technologies can be used for residential purpose and light commercial applications. This has also completed the redesigning of Gibson, NuTone, and Frigidaire. This would also help in deciding a proper pricing range.
Air Condition (AC) Market Regional Insights:
The Americas has two segments North America and Latin America. North America is witnessing substantial growth owing to the presence of Canada and the U.S. These two countries are both known high contributors to the regional market. The market dominates mostly because of the growth in retail sector, restaurants, and malls. The market in the region is also moving away from the traditional air conditioners to ACs with ability to save power. Rise in both commercial and residential sectors are expected to trigger further growth.