Air Conditioning Systems Are Estimated To Witness High Growth Owing To Rising Construction Sector
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| Air Conditioning Systems Market |
Air conditioning systems is a
technology used to modify the properties of air to more favorable conditions,
typically through a cooling system using refrigeration. Different types of air
conditioning systems includes roof-top package unit, split system, VRF
(Variable Refrigerant Flow) system, and chillers. With rapid urbanization and
increasing disposable income, air conditioning systems have become an essential
part of residential and commercial infrastructure globally. The rising demand
for smart thermostats and IoT enabled systems is also fueling the adoption of
air conditioning systems. The global air conditioning systems Market is
estimated to be valued at US$ 293,977.64
Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the
growth of air conditioning systems market is the increasing demand for smart
thermostats and IoT enabled devices. Smart devices allow remote monitoring and
control of AC systems using mobile apps. This has increased their adoption in
both residential and commercial sectors. Additionally, favorable government
policies and incentives for energy efficient AC systems in developed economies
is also fueling the demand. However, high initial investment cost and seasonal
nature of demand in certain regions act as a limiting factor for the air
conditioning systems market growth. Ongoing R&D for development of
eco-friendly refrigerants with low global warming potential to replace R-410A
and R-22 refrigerants is opening new avenues for market players.
SWOT Analysis
Strength: Air conditioning
systems provide thermal comfort for residential and commercial buildings. They
help control the indoor temperature and humidity levels. Advanced features such
as remote monitoring and smart connectivity allow greater control over air
conditioning units.
Weakness: High initial
installation cost of ducted air conditioning systems. Split air conditioners require
regular maintenance and cleaning of filters to function efficiently. Dependency
on electricity increases monthly bills.
Opportunity: Growing construction
industry in developing countries drives the demand for air conditioning
installations in new residential and commercial projects. Increasing disposable
incomes allow more consumers to adopt air conditioning for thermal comfort.
Threats: Stringent government
regulations regarding energy efficiency standards increase the production
costs. Dependency on raw material price volatility can impact the profits of
air conditioning manufacturers. Shift towards more energy-efficient and
eco-friendly cooling technologies poses threat to conventional air conditioning
offerings.
Key Takeaways
The Global
Air Conditioning Systems Market Size is expected to witness high growth
over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific region reveals that the region
holds the largest share currently and is expected to dominate the market over
the forecast period. Factors such as rapid urbanization, growing construction
activities and rising disposable incomes are driving the demand for air
conditioning systems in Asia Pacific region, especially in China, India and
other Southeast Asian countries.
Key players operating in the air conditioning systems market are
Jazz Pharmaceuticals, Inc. (Ireland). Manufacturers are focusing on
technological advancements to develop energy-efficient products along with
smart and connected features. They are also optimizing production capacities
and expanding into high growth markets through strategic collaborations.
Get More Insights Here
https://www.newswirestats.com/air-conditioning-systems-market-size-share-growth-outlook-2023/
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