NEW YORK, April 16, 2020 (GLOBE NEWSWIRE) -- With economic growth, particularly in developing countries, such as Brazil, China, Thailand, Indonesia, and India, the disposable income of people is rising. Along with this, the development of commercial infrastructure, including office buildings, recreational zones, and hypermarkets/supermarkets, is being strongly pursued, majorly to cater to the rising urban population.
Both these factors are expected drive the uptake of commercial air conditioners (AC) to 25.4 million units by 2030. The rise in the sales volume of the global commercial AC market, which stood at 17.6 million units in 2019, will be at a CAGR of 3.5% between 2020 and 2030 (forecast period).
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Variable Refrigerant Flow (VRF) Systems to Witness Highest Sales by 2030
In 2030, the variable refrigerant flow (VRF) division is projected to hold the largest share in the commercial AC market, in terms of sales volume, on account of the fact that compared to other cooling appliances, they are easier to install, cost-effective, and energy-efficient. Because of their lower power consumption and more-effective cooling, they are swiftly replacing chillers in commercial spaces.
New installations dominated the commercial AC market during the historical period (2014–2019), because new infrastructure projects are being initiated in preparation for upcoming events and as part of the development of smart cities. With new buildings coming up, the demand for new AC installation is also increasing around the world.
During the forecast period (2020–2030), the hospitality division would witness the highest CAGR, of 4.7%, in the commercial AC market, as the tourism sector is growing. According to United Nations World Tourism Organization (UNWTO), international tourism activities rose by 7% in 2017, compared to the previous year, and the trend is projected to continue in the near future. FIFA World Cup 2022 and 2026 as well as World Expo 2020 are expected to bring loads of people to the host countries, to cater to whom hotels are being constructed, which will create a high demand for commercial cooling systems.
In 2019, Asia-Pacific (APAC) was the largest commercial AC market, owing to its rapidly increasing population, especially in urban areas, which is making infrastructure development necessary. For instance, according to the World Bank, the urban population of India, which was 27.8% of the total in 2011, rose to 34% by 2018.The other important reason for the high demand for cooling equipment in the region is the surging purchasing power of people and average temperature.
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Market Competitive Landscape Characterized by Product Launches
In recent years, product launches have characterized the competitive landscape of the commercial AC market, with manufacturers looking at them as an opportunity to gain new grounds and stay ahead of the competition. For instance, in January 2020, LG Electronics Inc. introduced air conditioners, under the Whisen ThinQ brand, in Seoul.
By making these appliances available for $2,456 (KRW 2.85 million)–$4,653 (KRW 5.4 million), the company aims to edge out its local rival, Samsung Electronics Ltd.
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Similarly, in September 2019, Mitsubishi Electric Corporation unveiled a new VRF system, containing the R32 refrigerant, in the U.K. This was done to offer commercial users in the country a more eco-friendly and energy-efficient cooling solution.
The prominent companies operating in the global commercial AC market are Johnson Controls International PLC, United Technologies Corporation, Samsung Electronics Co. Ltd., Midea Group Co. Ltd., Mitsubishi Electric Corporation, Daikin Industries Limited, Ingersoll-Rand plc,Toshiba Corporation, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., and Danfoss A/S.
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HVAC Market
During the forecast period, the service bifurcation would witness faster advance in the HVAC market, on account of the rising number of people getting their HVAC equipment serviced. Systems which are not maintained on a regular basis can become a breeding ground for bacteria and mold as well as consume a lot more energy than those that are regularly serviced
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Chiller Market
Growing demand for energy efficient cooling systems, including chillers across the globe would create opportunities for inverter-controlled chiller market during the forecast period. Inverter technology in chillers are highly efficient as compared to conventional AC systems.
https://www.psmarketresearch.com/market-analysis/chiller-market
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