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The global central air conditioning market size is projected to reach USD 46.62 billion by the end of 2027. The increasing construction and building activities will bode well for market growth. 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.
Central air condition is used in large scale commercial and residential sectors. These systems are used in numerous industrial setups as well, a factor that has contributed to the growth of the overall market in recent years. Recent technological advancements have played a huge role in the growth of the market. The use of modern concepts such as AI and IoT has yielded products with high efficacy. The increasing awareness regarding energy saving and greenhouse gas emissions will create several opportunities for the companies operating in the market. The efforts taken to develop sustainable air conditioning systems will emerge in favor of the growth of the overall market in the forthcoming years. The increasing residential and commercial activities have led to a wider product adoption across the world.
Recent Speculations Surrounding Use of Centralized ACs and the Spread of Covid-19 Will Have an Adverse Effect on the Market
The recent coronavirus outbreak has created a huge emphasis on detection of the ways that have caused the spread of the disease. Several research activities have related the use of centralized ACs to its spread. As a result, there has been a huge decline in the usage of centralized air condition systems. The measures taken by governments across the world include lockdowns and social distancing practices. Due to this, manufacturing units have also been down. The aforementioned factors will have an adverse effect on the growth of the overall central air conditioning market in the near future.
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Increasing Investments in Production and Manufacturing Centres will Aid Growth
The report includes a few of the major industry developments in the central air conditioning market and discusses their impact on the market. Accounting to the massive demand for central air conditioners, companies are investing huge capitals with a bid to establishing a stronghold in the market. In February 2018, Fujitsu General announced that it has invested around 200 million for the development of a new manufacturing plant. The company will be setting up the new central air conditioning manufacturing hub in the state of Andhra Pradesh, India. Fujitsu’s latest activity is consequential to the massive demand and adoption of the product in the vastly populated country of India. Fujitsu’s latest manufacturing plant will not just benefit the regional market, but will also have a direct impact on the growth of the global market in the coming years.
Daikin and Lennox Among the Leading Companies to Focus on Technological Intervention
The report highlights a few of the major companies that are operating in the market. It discusses the strategies adopted by leading companies and discusses their impact on the growth of the global market. Daikin and Lennox are among the major companies in the market that are focused on integrating technologically advanced concepts in central air conditioning products.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD billion)