Air Conditioning Systems Market to Record an Exponential CAGR by 2024
The
vendor landscape of the global air conditioning systems market is
speckled with large and established companies such as Gree Electric
Appliances, Inc., Daikin Industries Ltd., and Carrier Corporation;
emerging players such as Panasonic Corporation, Mitsubishi
Corporation, and The Midea Group; and promising vendors such as LG
Electronics, Haier Electronics Group Co., Ltd., and Hitachi Ltd. Each
of these players have been striving to strengthen their position in
the air conditioning systems market and achieve sustainable growth.
Transparency
Market Research finds that in order to achieve these goals, companies
are presently focused on integrating products so as to expand their
customer base and reach out to newer audiences. Strategic
partnerships and acquisitions have also been a core strategy for a
number of players. A case in point would be Carrier, who, in 2011,
joined hands with the Midea Group of China to manufacture as well as
distribute HVAC systems in Brazil, Argentina, and Chile. “This
joint venture not only helped Carrier form a strong distribution
network in these promising countries but also established a strong
foothold for the company at a global level,” the lead analyst of
the TMR study states.
Report
Overview :
Energy-efficient
Air Conditioning Systems Gain Prominence
The
growth of the air conditioning systems market can be largely
attributed to the rapidly expanding construction and housing sector.
“Increasing construction permits, especially for commercial
infrastructure, means a rising need for equipment such as air
conditioning systems,” a TMR analyst explains. The market for air
conditioning systems is also driven by stringent government
regulations, technological developments, rising consumer
expectations, increased demand from the commercial sector, strong
demand from Asia Pacific, and climate variations. The surge in
awareness regarding the importance of indoor air quality has also
generated an increased demand for advanced air-purifying
technologies.
In
contrast, the air conditioning systems market faces a major roadblock
– increased energy consumption. However, TMR finds that this
challenge can be easily addressed. “The emergence of ongoing trends
such as green technologies, smart homes, and energy-efficient systems
are driving manufacturers of air conditioning systems to focus on
innovation and come up with equipment that meet the rising energy
requirements of consumers and governments alike. Thus, this obstacle
also presents market players with several opportunities for growth
over the coming years,” the author of the study states.
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