Air conditioning systems play a major role in regulating indoor temperatures and maintaining comfortable living & working spaces across commercial and residential sectors. These systems help provide cooling and dehumidification during hot weather conditions and removing excess heat and moisture from indoor environments. Increasing awareness regarding health benefits associated with optimum temperature and humidity levels is driving the demand for air conditioning systems. The global Air Conditioning Systems Market is estimated to be valued at US$ 293977.64 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of innovative technologies such as IoT connectivity and energy-efficient components is accelerating growth of the air conditioning systems market. IoT-enabled air conditioners can be controlled remotely using mobile applications. They also allow monitoring of performance parameters such as temperature levels, energy consumption etc. from anywhere. This offers better management and enhances user comfort. Furthermore, ongoing research & development activities are leading to development of systems embedded with new-age refrigerants and components like efficiently designed compressors and heat exchangers. Their use is improving energy efficiency considerably and helping reduce environmental footprint of AC units significantly.
Segment Analysis
The global air conditioning systems market is dominated by the split systems segment. Split systems account for over 70% of overall sales and are preferred for their flexibility as indoor and outdoor units can be placed separately. This allows easy installation in existing buildings without much reconstruction work. Their ability to condition small-to-medium sized rooms effectively has further increased their demand across residential as well as commercial applications like offices and retail stores.
Key Takeaways
The Global Air Conditioning Systems Market Size is expected to witness high growth over the forecast period of 2023-2030.
Regional analysis: North America currently dominates the global market and is expected to maintain its leading position throughout the forecast period. This can be attributed to extreme weather conditions in countries like the US which drives the need for efficient temperature control systems. Additionally, high disposable incomes and increasing consumer spending on smart home technologies will continue fueling market expansion.
Key players operating in the air conditioning systems market are Jazz Pharmaceuticals, Inc. (Ireland).
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https://www.newsstatix.com/air-conditioning-systems-market-size-share-growth-outlook-2023/
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