Global Air Conditioning Systems Market to Reach 148.7 Million Units by 2026
Global Air Conditioning Systems Market to Reach 148.7 Million Units by 2026
Air conditioning is a process that allows cooling, heating, and ventilation of indoor atmosphere. Although the term `air conditioning` is predominantly associated with the cooling process, the process of Air Conditioning Systems also involves humidity control and air cleaning as its key functions. A major growth driver in the market is the growing consumer awareness over energy efficiency amid rising energy bills and climate change challenges. Energy efficient equipment will witness major gains in the coming years. Amid the COVID-19 crisis, the global market for Air Conditioning Systems estimated at 107.9 Million Units in the year 2020, is projected to reach a revised size of 148.7 Million Units by 2026, growing at a CAGR of 5.6% over the analysis period. Room Air Conditioners, one of the segments analyzed in the report, is projected to record 5.9% CAGR and reach 132.4 Million Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Air Conditioners segment is readjusted to a revised 3.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at 14.3 Million Units in 2021, While China is Forecast to Reach 65.9 Million Units by 2026
The Air Conditioning Systems market in the U.S. is estimated at 14.3 Million Units in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 65.9 Million Units by the 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR. Research studies have shown that coronavirus could spread through shared air. As per a study conducted by the University of Oregon, coronavirus was found in about 25% of the HVAC systems of hospitals that were treating patients suffering from COVID-19. Thus, they established that sharing the same air space as coronavirus patients could lead to the spreading of the infection. As a result, air conditioning systems, ventilation, and heating systems are being upgraded prior to reopening of the buildings. Such expensive upgrades are leading to increased demand for portable filter machines and air monitoring systems.
Room Air Conditioners Segment to Reach 132.4 Million Units by 2026
Room air conditioners, often synonymously termed window air conditioners, are mostly used in residential sector. These are highly popular as maintenance and replacement costs are low. Global market for Room Air Conditioners segment is estimated at 94.3 Million Units in 2020, and is projected to reach 132.4 Million Units by 2026 reflecting a compounded annual growth rate of 5.9% over the analysis period. China constitutes the largest regional market for Room Air Conditioners segment, accounting for 45.3% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 6.8% over the analysis period, to reach 62.9 Million Units by the year 2026.
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