Pune, India, Sept. 16, 2021 (GLOBE NEWSWIRE) -- The global central air conditioning market size is projected to reach USD 46.62 billion by the end of 2027. The increasing investment in technological intervention will have a positive impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Central Air Conditioning Market Size, Share & COVID-19 Impact Analysis, By Type (Split System, Packaged Unit, and Rooftop System), By Application (Residential and Commercial) and Regional Forecast, 2020-2027,” the market was worth USD 32.94 billion in 2019 and will exhibit a CAGR of 4.5% during the forecast period, 2020-2027.
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List of companies profiled in the report:
• DAIKIN INDUSTRIES, Ltd.
• Lennox International Inc.
• Carrier
• Blue Star Limited.
• Haier Inc.
• Mitsubishi Electric Corporation
• FUJITSU GENERAL
• Nortek Global HVAC
• Trane
• LG Electronics
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 4.5 % |
| 2027 Value Projection | USD 46.62 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 32.84 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 120 |
| Segments covered | Size, Share, Type, Application,Geography |
| Growth Drivers | Increasing Inclination of Consumers Towards Energy-Efficient Systems |
| Split System to Clutch Highest Market Share in the Forecast Period | |
| Commercial Application to Witness Highest Growth Rate in the Near Future | |
| Pitfalls & Challenges | Rapid Spread of COVID-19 Hinders the Market Growth Globally |
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Central air conditioning is a centralized cooling system that is used in residential and commercialized spaces. The product is widely used in large commercial spaces due to the ability of the product to regulate the temperature of large spaces. The use of technologically advanced concepts has led to improved product operations, subsequently leading to a wider product adoption across the world. The presence of several large scale companies will have a positive impact on the growth of the overall market in the foreseeable future. The use of artificial intelligence and the internet of things (IoT) will fuel the demand for the product across the world. Central air conditioner systems are widely used in applications such as airports, hotels, multiplexes, and hospitals across the world. The high investment in the research and development of efficient products will aid the growth of the market in the coming years.
Increasing Number of Product Launches Will Have a Positive Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches will have a huge impact on the growth of the market in the coming years. The high investment in product R&D has led to several product innovations in recent years. The presence of several large scale companies and their efforts in the development of sustainable products will bode well for the market in the coming years. In July 2019, LG Electronics unveiled a new sustainable central air condition system. The company introduced a new green AC that works on a multi-split VRF system at the Mega Clima HVAC Exhibition at Lagos. LG Electronic’s latest product will cater to the increasing demand for sustainable products aimed at reducing the adverse effects of greenhouse gas effects. LG’s latest sustainable central AC will not just help the company generate substantial revenue, but will also have a positive impact on the growth of the overall market in the coming years.
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Asia Pacific to Dominate the Market; Efforts taken to Upgrade Existing Systems to Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is likely to account for the highest market share. The increasing number of commercial buildings and the increasing construction activities will have a positive impact on the growth of the regional market. The rising building and construction industry in countries such as India and China will aid the growth of the regional market. As of 2019, the market in Asia Pacific was worth USD 11.65 billion and this value is projected to increase further in the coming years. The market in North America will witness considerable growth owing to the rising disposable income in several countries across this region.
Industry Developments:
- February 2018: Fujitsu General announced that it has invested USD 200 million for manufacturing facility setup of air conditioners in Andhra Pradesh
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Central Air Conditioning Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Split System
- Packaged Unit
- Rooftop System
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Central Air Conditioning Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Split System
- Packaged Unit
- Rooftop System
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Market Analysis, Insights and Forecast – By Country (Value)
- United States
- Canada
- Europe Central Air Conditioning Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Split System
- Packaged Unit
- Rooftop System
- Market Sizing Estimations and Forecasts – By Application (Value)
- Residential
- Commercial
- Market Analysis, Insights and Forecast – By Country (Value)
- U.K.
- France
- Germany
- Italy
- Rest of Europe
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