The Global Commercial Air Conditioning Systems Market was valued at US$ 106.7 billion in 2020 and is predictable to reach US$ 199.8 billion by 2030; growing at a CAGR of 6.3 % during the forecast period from 2021- 2030.
Air conditioning systems are present everywhere which are installed in homes, commercial spaces, shopping centers, and entertainment centers. However, in developing economies, air conditioning is still in demand but harmful CFC from the AC is harming the environment. Air conditioning is playing a major role in transforming the inside indoor environment in the regions of hot and humid climate thus becoming a prime part fuelling the global commercial air conditioning systems market.
The market rise for global commercial air conditions systems is attributed to the increase of the construction and tourism industries. Rising disposable incomes of numerous individuals around the globe is also considered as a prime reason to uptake the demand for a variety of air conditioning systems during the forecast period. Increasing population which augments the construction of residential and commercial spaces is considered to raise the demand for the commercial air conditioning systems market.
Numerous key players are working on the research and development of more energy-efficient air conditioning systems as a result of consumer awareness towards energy conservation and also the government is imposing strict regulations to control greenhouse gas emissions and for energy efficiency. Rapid industrialization in the urban areas of numerous economies has demanded the installation of air conditioning or HVAC systems that are cost-effective and require less maintenance. Alluring the customers with offers and discounts by the key players is expecting to boost the demand for the global commercial air conditioning systems market during the forecast period.
The Global Commercial Air Conditioning Systems Market is segmented by type, technology, application, distribution channel, and region. Based on type it is categorized into VRF systems, rooftops, split systems, chillers, and others. By technology, it bifurcates into inverter and non-inverter. The application segment is bifurcated into industrial, residential, commercial, and automotive. By distribution channel, it is categorized into conventional stores, authorized sales, and online retailers. Based on regional insights, the global commercial air conditioning systems market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Asia Pacific region is expected for the highest revenue share owing to the replacement of old air conditioning systems with energy-efficient equipment in the economies like China and India. The American region is expected to forecast the second-highest market growth owing to the standards set by the American Society for HVAC systems and the technological development in the region.
Prominent players inducing the Global Commercial Air Conditioning Systems Market are Gree Electric Appliances Inc., Haier Electronics Group Co., Panasonic Corporation, The Midea Group Ltd., Daikin Industries Ltd., Carrier Corporation, Mitsubishi Corporation, LG Electronics, and Hitachi Ltd. among others.
Segmentation and Scope of the Global Commercial Air Conditioning Systems Market
Global Commercial Air Conditioning Systems Market is segmented by type, technology, application, distribution channel, and region.
By Distribution Channel
Rest of World
Middle East & Africa
Prominent players in the Global Commercial Air Conditioning Systems Market among other includes