New York, USA, July 04, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global commercial air conditioning system market. According to the report, the global market is projected to surpass $57,938.30 million and grow at a CAGR of 4.5% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the commercial air conditioning system market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Commercial Air Conditioning System Market
The outburst of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global commercial air conditioning system market. During the pandemic, many businesses, workplaces, and public areas were partially occupied or temporarily closed. The pandemic decreased consumer demand for commercial air conditioning systems. However, as stores and public areas started to reopen, the need for air conditioning systems that can effectively manage and prevent the spread of the virus increased dramatically. These factors had a significant impact on the market growth amidst the pandemic.
Factors Impacting the Commercial Air Conditioning System Market Growth
The key factor boosting the growth of the global commercial air conditioning system market is a significant rise in the need for commercial air conditioning system owing to the growing use of smart technologies in the commercial air conditioning sector. Furthermore, the growing demand for energy-efficient and environmentally friendly air conditioning systems that might reduce energy expenditures and carbon emissions is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the high maintenance and installation costs of commercial air conditioning system are anticipated to deter the market’s growth.
The report segments the global commercial air conditioning system market into type, installation type, end user, and region.
VRF Sub-Segment to Grab a Foremost Share of the Market
The VRF sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because VRF systems use inverter-driven compressors that can alter speed to meet the cooling or heating demands of each individual room, which dramatically reduces energy use.
Retrofit Sub-Segment to Witness Rapid Growth
The retrofit sub-segment of the installation type segment is predicted to grow enormously in the forecast period. This growth is mainly because retrofitting is usually less expensive than totally replacing the current system.
Office and Buildings Sub-Segment to Grab a Leading Share of the Market
The office and buildings sub-segment of the end user segment is expected to observe leading growth in the forecast period. This growth is mainly owed to a growing demand for cost-effective, energy-efficient air conditioning systems that can produce a cozy and healthy indoor environment.
Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global commercial air conditioning system market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to a surge in office buildings, shopping malls, and other commercial areas, as well as an increase in the number of people installing air conditioning systems in their homes and places where they work because of an increase in disposable income in this region.
Key Players of the Commercial Air Conditioning System Market
The report states some of the foremost players operating in the global market including
- Fujitsu General
- Daikin Industries Ltd.
- Haier Inc.
- LG Electronics.
- Hitachi Ltd.
- Panasonic Corporation
- Mitsubishi Electric Corporation
- AIREDALE International Air Conditioning Ltd.
- Samsung
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in January 2021, Samsung, a large-scale electronics company, launched big capacity VRF (Variable Refrigerant Flow) air conditioning systems in India, which can be placed in premium villas, apartments, houses and bungalows, as well as commercial and retail businesses, in just 0.5 square metres of area.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Commercial Air Conditioning System Market:
- Factors to Consider while Buying Commercial Air Conditioning System
- Global Commercial Air Conditioning System (VRF) Market: A Way to Enhance Energy Efficiency
