Market Research Future (MRFR) analysed the air condition (AC) market 2020 for the study period 2019 to 2027. According to MRFR assessment, the air condition market can thrive at considerable growth pace. By the end of assessment period, the AC market can earn substantial revenue.
Corporates and governments are often closed space. The increase in the installation of air conditioners to deal with the inadequate ventilation. The expansion of office space creating high demand for AC. Thus, rise in commercial application of air conditioner can act as a pivotal cause that can promote the air conditioners market. In addition, rise in residential utility of AC, coupled with increase in construction activities can support the rise of the market in the assessment period. Hospitals and clinics are other high end-consumers of AC. Moreover, the changing dynamics in the healthcare domain in the COVID 19 pandemic is observed to impact the AC market. AC has several other areas of applications, such as multiplex and auditoriums. However, due to lockdown these places are not being visited frequently. Thus, high maintenance cost of these places limit the market.
Johnson Controls, Lennox, Carrier Corporation, LG, Daikin Industries Ltd, Samsung Ac, Videocon, Panasonic Corporation, International, Siemens AC, and Petra Engineering Industries Co are some reputed companies in the air condition AC market as profiled by MRFR. The report offers insights on different causes that are critical to the market key players parse.
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The segment assessment of the air condition market is done by types, duct type, and application.
The type based segment of the air condition market are split air conditioner, rooftop air conditioner, indoor packaged air conditioner, and other types of air conditioners.
The Duct Type based segments of the air condition market are Ductless and Ducted. The rise in preference of ductless AC can promote the market rise. The modern technologies are used in the production of AC to accelerate the procedure. In addition, latest technology driven AC solutions, such as AI and IoT enabled AC are observed to enhance patient convenience. This is expected to support the rise of the market across the analysis period.
The Application based segment of the air condition market are Residential, Commercial, Institutional, and Industrial among others. The commercial application of air conditioner is observed to increase that is expected to boost the market rise. The availability of a variety of AC enabled by modern tech, capable of high performance can support the rise of the market. The industrial segment can win long-term benefits for the AC market, suggests MRFR assessment.
In North America, the considerable disposable incomes of people can encourage the sales of different types of air conditioning systems available at different price range. There are several AC developers in the region those entered price war that is observed to benefit the market in North America. The growing prominence of energy-efficient systems can contribute to the rise of the market. The rise in the popularity of portable systems can impact the Air conditioning systems market positively. As per MRFR regional review, the air conditioning market in Europe can thrive due to the positive impact of the regional construction industry. In MEA region, the utility of AC is high due to the tropical climate in these regions. In APAC, increase in construction activities and expansion of the building sector as education and healthcare infrastructure are experiencing rapid development can support the expansion of the AC market through the review period.
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