Global Air Conditioning Market was valued US$ 93.2 Bn in 2018 and is expected to reach US$ 140.99 Bn by 2026, at a CAGR of 5.31 % during a forecast period. In the last few decades, Air conditioning systems has transformed itself into a necessity commodity rather than a luxurious one, all credit goes to the deteriorating thermal conditions and certainly increase in disposable income. As per the organization for economic co-operation and development, progress in real household income per capita picked-up to 0.8% in the OECD area in the first quarter of 2018. As well, emergence of technologically advanced air conditioners, such as air conditioners with inverter and air purification technologies, is further expected to positively influence the global air conditioners market through forecast period. Some major factors restraining growth of the global air conditioning market include high initial costs of system and installation, and also rising prices of electric energy. In addition, strict government regulations on energy consumption, global warming, and pollution are further expected to hinder growth of the global air conditioning market over the forecast period. Air conditioning market is segmented by product, Improvement in housing standards is driving demand for room air conditioners while wrapped air conditioners is estimated to grow at a moderate rate with rising permit rate for construction of mall, offices and industries. The market for air conditioning is highly competitive. The top six players of the air conditioning systems market captured for more than 50% share of the market in 2017. Most of the major vendors in the market are actively focusing on facility expansion to meet the growing demand in developing markets. Geographically, global air conditioning market is expected to grow almost two fold with a double digit CAGR for the forecast period. Since 2013, APAC is the largest market for global air conditioning market with almost 31% of market share followed by North America and Europe due to higher disposable incomes. In Europe, due to variable weather conditions rise in infrastructure development is estimated to register high growth rate. Diverse weather conditions, demand for energy efficient products, technological development and increasing demand from end user sectors is fuelling the growth of global air conditioning systems market. The report will helps to give transparent view of the air conditioning market as well as provides insights about which market segments should be targeted over the forecast period in order to strategize investments and capitalize on growth of the market. Also, the valuation of market dynamics gives a brief insight into the drivers and restraints of the air conditioning market along with their impact on the demand over the forecast period. The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Air Conditioning Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Air Conditioning Market.
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