Air Conditioning System Market Progresses for Huge Profits during 2031

Consumers across the globe are increasingly spending on various types of air conditioning systems. This can be ascribed to the rising standard of living, which is encouraging people to own basic household items, thereby significantly boosting the market. The central air conditioning market is anticipated to grow considerably during the forecast period due to rising urbanization, upgrade of disaster-prone buildings, large-scale investments in infrastructure and industrial sectors, and an increase in construction in emerging economies across the globe.

The global air conditioning system market is expected to grow at a significant pace during the forecast period due to a rise in new construction activities worldwide. The market in Asia Pacific is estimated to rise at the highest growth rate due to the presence of growing economies such as China and India in the region. The construction of both residential and non-residential buildings is increasing, which is driving the development of both the home air conditioner as well as the commercial air conditioner markets in the region. Rising populations and economic development are also boosting the market.

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The World Economic Forum estimates that the construction sector generates almost US$ 10 Trn in total yearly revenue and US$ 3.6 Trn in added value. Approximately 6% of the worldwide GDP is accounted for by the construction sector. More specifically, in industrialized nations, it accounts for roughly 5% of overall GDP, while in underdeveloped nations it typically makes up more than 8% of GDP. The industry is expected to grow extensively in the next few years, with estimated revenues of US$ 15 Trn by 2025. More than 100 million people are already employed in construction worldwide. 

Local Production of Air Conditioners Driving Local Consumption of Air Conditioners

Rise in population with increasing disposable income in Asia Pacific is driving the demand for air conditioning systems for homes in the region. This is encouraging global air conditioner market players to shift production of air conditioners closer to consumption markets. For instance, Japan-based air conditioner manufacturer Daikin Industries, Ltd. established air conditioner manufacturing plants in Thailand, Malaysia, and India, which witnessed high demand for portable air conditioners.

In May 2018, Daikin started the operation of a new air conditioning system manufacturing plant in Vietnam to cater to the increasing demand for air conditioners in Asia Pacific. Daikin established the new plant in Vietnam due to a rise in the demand for residential air conditioners in the country. In October 2014, rise in demand for VRF systems has prompted Japan-based air conditioner manufacturer, Mitsubishi Electric Corp., to shift its production of VRF indoor units from Japan to Thailand. Likewise, in October 2014, Mitsubishi Electric shifted production of residential air conditioners for the U.S. market from Thailand to Mexico. Thus, localizing AC production is increasing the demand for air conditioners.

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Increase in Number of Smart Homes Boosting Demand for Split Air Conditioning Systems

In terms of product type, the split air conditioner segment dominated the global air conditioning system market. Overflowing demand for energy efficiency is a key element driving the split air conditioning systems segment. Government regulations for energy-saving models, which are the future of air conditioning systems, have resulted in the replacement of old air conditioning system types with energy-saving home air conditioner ones in developed nations in North America and Europe. Split air conditioning system manufacturers are approving advanced and green technologies to develop energy-saving systems owing to the increase in electricity consumption of these systems in the last few years. Rise in the adoption of green technology and an increase in the number of smart homes is anticipated to augment the demand for split HVAC systems during the forecast period.

Regional Outlook of Global Air Conditioning System Market

In terms of region, Asia Pacific holds the largest share of the global air conditioning system market. The market in Asia Pacific is driven by factors such as rise in the construction of residential and non-residential buildings. China holds the highest market share of the air conditioning system market in Asia Pacific. India, Thailand, the Philippines, etc., are emerging markets in the region. Authorities in the region are investing in residential projects due to an increase in population. On the other hand, manufacturers based out of different regions are building their manufacturing plants in Asia Pacific. This is expected to result in higher market growth in the region during the forecast period.

Analysis of Key Players in Global Air Conditioning System Market

The air conditioning system market is consolidated, with a few large-scale vendors controlling majority of the market share. Most firms are spending a significant amount of money on comprehensive research and development. Expansion of product portfolios and mergers and acquisitions are the main strategies adopted by key players. Lennox International Inc., Sharp Corporation, Hitachi, Ltd., United Technologies Corp., Panasonic Corporation, Electrolux AB, Samsung Electronics Co., Ltd., Midea Group Co., Ltd., Mitsubishi Electric Corporation, and Daikin Industries, Ltd. are the prominent entities operating in the market.

Key Developments in Global Air Conditioning System Market

In May 2022, Mitsubishi Electric Corporation announced that it would invest 1.44 Bn Turkish lira (US$ 113 Mn) in a new plant at Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey Joint Stock Company (MACT), the company's air-conditioner production base in Turkey to expand its business. The expansion is likely to increase MACT's annual capacity for air-to-water (ATW) heat pumps to 300,000 units, up by 100,000 units from the current capacity, and room air conditioners to 1,100,000 units, an increase by 300,000 units. Production is expected to begin in February 2024. Mitsubishi Electric is growing its global Heating, Ventilation, and Air-Conditioning (HVAC) business under an expansion strategy through to 2025 that is focused especially on the heating-system market in Europe. Conventional boiler-type heaters that rely on fossil fuel are rapidly being replaced with ATW heat pumps in line with Europe's decarbonization policies, which is driving the ATW market in Turkey and across Europe.

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In May 2022, Daikin Industries, Ltd. invested in Wlab Ltd., a startup company based in London, U.K. Wlab Ltd., also known as Sensio Air, is a company that provides sensors to detect and identify airborne allergens by type, monitoring them in real-time using AI and IoT technologies, along with software applications for users. Daikin has been collaborating with Wlab since 2018 to create air conditioning business solutions that can realize safety and reliability in indoor air quality and air environments.

In April 2022, Mitsubishi Electric Corporation announced the development of a new airflow-control technology that both visualizes and analyzes airflow from air-conditioning systems and temperature distribution for optimized room-wide comfort. The technology predicts airflow and temperatures that vary according to the room shape and air-conditioning system layout in order to determine how to minimize uneven temperatures and discomfort due to excessively strong airflow. Accordingly, the technology contributes both to occupant satisfaction and to building asset value. Mitsubishi Electric also expects to use its new solution to advise building owners and designers on how to enhance indoor layouts for increased comfort.

In 2020, Daikin Industries, Ltd. invested in the U.S.-based company Locix for the acceleration of its AC solutions business. As part of a key element of its strategic management plan, Fusion 20, Daikin plans to accelerate its air conditioning solutions business and create new customer value by connecting air conditioning devices to networks and analyzing big data related to air conditioning. This allocation is estimated to enable Daikin to reduce labor hours at installation sites by utilizing Locix’s highly accurate local positioning technology, Locix LPS. The Locix LPS solution is anticipated to configure and confirm positioning information of indoor air conditioning units and automate remote monitoring services that were previously performed manually.

 

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