The Increasing Population Is Driving The Growth Of Air Conditioning System Market

Air Conditioning System Market
Air Conditioning System Market

Air Conditioning System Market, By Type (Portables, Windows, Splits, Single Packaged, Chillers, Airside), By Region (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 – 2028

The Air Conditioning System Market is anticipated to reach a value of US$ 240,763.0 million in 2021 and grow at a CAGR of 10.5% from 2021 to 2028.

Market Overview:

Air conditioning usually called as AC, A/C is a method employed to cool down the heat in an inner space by eliminating the heat and moisture present in the room. Particularly, they function by absorbing warm air in the conditioner and release cold air, however there is much more to this method.

Competitive Landscape:

Key players included in the global Air Conditioning System Market are Haier Electronics Group Co., Ltd., Panasonic, Samsung Electronics, Daikin Industries Ltd, Mitsubishi Corporation, Sharp Corporation, Carrier, Hitachi Ltd., Electrolux AB, and LG Electronics.

Market Key Drivers:

The increasing population, is influencing the construction and industrial sector positively leading to a rising demand of air conditioning system. This factor is projected to drive the growth of the global air conditioning systems for market. For instance, the increasing population in Gulf countries is predicted to contribute notably to construction expenditure in GCC regions.

Governments of several regions are aiming on effective air conditioning, this is anticipated to boost the growth of global air conditioning system for market. For example, in February 2019, Energy Efficiency Services Limited, under the executive control of the Ministry of Power, Government of India, declared the introduction of the Super-Effective Air Conditioning system.

Covid-19 Impact Analysis:

The Covid-19 Outbreak has affected the growth of global Air Conditioning System Market significantly. The imposition of strict lockdown, restriction in transportation and the delay in supply of materials from one place to another has negatively affected the market growth.

Key Takeaways:

The global air conditioning systems for market is anticipated to exhibit a CAGR at higher rate during the forecast period due to quick approvals by the regulatory and frequent launches by the key players. For instance, in June 2020, Daikin Air Conditioning India Pvt. Ltd., a part of Daikin Industries Ltd, launched split AC GTL28 3

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the air conditioning systems market due to increasing population, rising construction activities, increasing urbanization and industrialization. For instance, as per NUDM, around 35% of population in India live in urban areas. And as per UN.Org report the population in urban areas is expected to reach nearly 42%.

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