Portland, OR, June 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Global Commercial Air Conditioning System Market by Type (VRF, Ducted Split/Packaged Unit, Split Units, Room ACs, and Others), Installation Type (New Installation and Retrofit), End User (Office & Buildings, Hospitality, Supermarkets/Hypermarkets, Transportation, Government, Healthcare, and Others) and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the global commercial air conditioning system market generated $38.3 billion in 2021, and is anticipated to generate $57.9 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031.
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Prime Determinants of Growth
A steady increase in the demand for commercial air conditioning systems from the construction sector is predicted to be one of the important factors driving the growth of the global commercial air conditioning system market in the forecast timeframe. However, the high installation and maintenance costs associated with commercial air conditioning systems may hamper the commercial air conditioning system market growth in the coming period. On the contrary, the adoption of smart technologies in the commercial air conditioning industry is expected to offer remunerative opportunities for expansion of the commercial air conditioning system market in the 2022-2031 forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $38.3 billion |
| Market Size in 2031 | $57.9 billion |
| CAGR | 4.5% |
| No. of Pages in Report | 300 |
| Segments covered | Type, Installation Type, End User, and Region |
| Drivers | Rise in demand for commercial air conditioning systems from construction sector The increasing awareness of the impact of greenhouse gas emissions on the environment |
| Opportunities | The growing adoption of smart technologies in commercial air conditioning system The rising demand for commercial air conditioning systems due to their ability to offer improved indoor air quality and higher comfort |
| Restraints | High installation and maintenance cost |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global commercial air conditioning system market. Initially, due to lockdowns, many offices, workplaces, and other commercial spaces were closed which brought down the demand for commercial air conditioning systems.
- However, in the later stages of the pandemic, the demand for commercial air conditioning systems grew, especially in hospitals. This was primarily due to the air filtration systems fitted in commercial air conditioning systems that can successfully eliminate viruses and germs from the air.
- The commercial air conditioning system market is further projected to show steady growth in the future due to increasing demand from the domestic and household sectors.
Type: VRF Sub-segment Projected to be Highly Dominant During the Forecast Period
The VRF sub-segment accounted for the highest commercial air conditioning system market share in 2021 and is expected to grow at a CAGR of 5.3% during the forecast period. There is an overall increase in the popularity of variable refrigerant flow (VRF) technology due to its ability to provide energy efficiency, flexible design, and zoning possibilities. This surge in popularity of VRF technology is predicted to boost the sub-segment’s growth by 2031.
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Installation Type: Retrofit Sub-segment to Have a Significant Market Share by 2031
The retrofit sub-segment of the commercial air conditioning system market accounted for the highest share in 2021 and is predicted to continue to maintain its dominance over the forecast period. The increasing demand for retrofitting old systems due to their less expensive nature as compared to contemporary systems is expected to drive the sub-segment’s growth by 2031.
End User: Office and Buildings Sub-segment to be Flourish Immensely by 2031
The office and buildings sub-segment generated the highest market share in 2021 and is predicted to continue to account for the majority of market share by 2031. There is an overall increase in the demand for energy-efficient and cost-effective air conditioning systems from offices and similar commercial buildings which is predicted to boost the sub-segment’s growth by 2031.
Region: Asia-Pacific Market to be the Fastest Growing by 2031
The Asia-Pacific region accounted for the highest share in the global commercial air conditioning system market in 2021 and is expected to rise at the highest CAGR of 5.6% during the forecast period. The increasing pace of urbanization, rising disposable income of people, and the growing expanse of commercial spaces across various countries of the region are the factors projected to help the Asia-Pacific market to grow significantly by 2031.
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Leading Players in the Commercial Air Conditioning System Market:
- Carrier
- Hitachi, Ltd.
- Panasonic Corporation
- DAIKIN INDUSTRIES Ltd.
- Mitsubishi Electric Corporation
- SAMSUNG
- FUJITSU GENERAL
- LG Electronics
- AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
- Haier Inc.
The report provides a detailed analysis of the key players of the global commercial air conditioning system market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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