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Air Conditioning Systems Market - Size, Share, End Users, Trends, Demand and Growth by 2023
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Latin America, Middle-East, and Africa have shown fastest growth over the past few years, owing to higher AC penetration in Brazil, Argentina, South Africa, and UAE, along with small market base of AC systems in the region. Brazil is expected to be the third largest market of single split air conditioning systems by the end of 2020. The El Niño phenomenon is the major growth driver for the Brazilian market.
Asia-Pacific dominated the global air conditioning systems market in 2014. China and Japan are two of the largest market in the region, which accounted for more than 75% of the total regional share in 2014. The demand of split system in Asia-Pacific witnessed highest growth, owing to the popularity of ducted split air containing system, in addition to growing adoption of variable refrigerant flow (VRF).
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The market for conventional signal wall mount and small floor standing are heading towards maturity, and the growth of these variants is expected to be fairly slow during the forecast period. Asia- Pacific is witnessing above average growth, owing to the increasing demand from Myanmar, China, India, and Malaysia. The demand of air conditioning systems from Japan and Australia is expected to witness moderate growth, during the forecast period.
The commercial and industrial sector is expected to be two major end users in the global air conditioning systems market. Automotive sector in expected to be the major end user of the air conditioning systems market, among the others commercial segment during the forecast period.
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Some of the competitors in the market are Samsung Electronics, Mitsubishi Corporation, Daikin Industries Ltd., LG Electronics, Panasonic, Hitachi Ltd., Carrier Corporation, and Denso Corporation.
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