According to Fact.MR’s recently compiled report, the global air conditioning system market will record a CAGR of over 6% during the forecast period 2017 to 2026, in terms of value. Global sales of air conditioning systems are estimated to exceed 240,000 Mn units by 2026-end.
Smart Thermostats Becoming the Control Element for Air Conditioning Systems
The concept of connected home is witnessing a gradual rise over the past few years. Morphing of devices such as a basic thermostat into the breed of power smart thermostats has depicted the way residential appliances must adapt, re-invent and re-imagine their role in a connected home. Currently, powerful smart thermostats are the control element for air conditioning systems in connected homes.
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Owing to their benefits of monitoring temperature through computers and mobile devices, these thermostats are gaining momentum in small- and medium-sized commercial buildings. With the help of solar panels providing outdoor temperature information, smart thermostats are capable of altering a home’s cooling system depending up on the requirement. Smart thermostat for air conditioning systems range from basic and functional to sophisticated and feature-rich. In addition, the development of digitally programmable thermostats feature both efficiency- and comfort-enhancing functionality, with their remote access and smart technology.
Manufacturers Moving toward Greener & Cleaner Cooling Direction
Evolving government mandates dictate equipment manufacturers to shift their focus toward adoption effective alternatives to chemicals, which prevent adverse impacts on the environment. In the cooling arena, manufacturers are now replacing chemical refrigerants emitting GHG such as HFCs, HCFCs and CFCs, with less hazardous green agents that prevent depletion of ozone layer and impact on global warming. The non-synthetic & naturally occurring substances capable of being utilized as cooling agents in air conditioning systems include water, air, ammonia, CO2 and hydrocarbons such as cyclopentane, butane and propane.
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For OEMs manufacturing air conditioning systems, new challenges are brought by these government regulations in selecting best quality refrigerant and components for handling the specific refrigerant’s performance characteristics and technical challenges. This implies an imperative first step towards a greener and cleaner cooling direction.
5 Key Projections on Future of Air Conditioning System Market for Forecast Period 2017-2026
- North America is expected to remain the most remunerative market for air conditioning system, with revenues estimated to reach nearly US$ 60,000 Mn by 2026-end. In terms of value, Asia-Pacific excluding Japan (APEJ) is projected to be the fastest expanding market for air conditioning system through 2026. In addition, Europe will account for the second largest revenue share of the market by 2026-end. In contrast, Japan will account for the smallest revenue share of the market during the forecast period.
- Chillers air conditioning systems are expected to remain dominant in the market, in terms of revenues. Nearly equal market revenue shares are projected to be accounted by window air conditioning systems and single-packaged air conditioning systems through 2026. In addition, window and split air conditioning systems are projected to register a parallel sales expansion through 2026, in terms of value.
- Industrial applications of air conditioning systems will continue to be the most profitable in the market, closely trailed by their commercial applications.
- B2B and independent electronic stores will endure as the leading sales channel for air conditioning system in terms of revenues. However, in terms of value, authorized stores will witness the fastest expansion in sales of air conditioning systems through 2026.
- Presence of numerous leading players has made the market highly competitive, with majority of these manufacturers competing on the basis of energy efficiency. Key players profiled in the report include Daikin Industries Ltd., Mitsubhishi, Qingdo Haier, Samsung Electronics, LG Electronics, Electrolux, Panasonic, UTC, Hitachi, Gree Electric Appliances, Sharp Corp, Carrier Corp, Midea Group Co. Ltd., and Johnson Controls.
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