Climate change like humidity and temperature rise worldwide will grow the market for the air conditioner in the forecast period. Air Conditioners are devices used to remove humidity and temperature from the occupied space or room where it is installed. The cooling is typically achieved through a refrigeration cycle, but sometimes evaporation or free cooling is used. The report covers all the major trends and drivers playing a key role in the growth of the Air Conditioners market. The air conditioners market is segmented by Product Type, Technology, End-user, and Region.
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Market Dynamics
The changing climate primarily drives the global Air Conditioners all around the world. The rising temperature and humidity across the globe due to various factors such as global warming and others. Now, air conditioners are no more considered a luxury product but more of a necessity in many parts of the world. Demand for optimum comfort at home and office is driving the market for the forecast period.For instance, the planet is warming, from the North Pole to the South Pole. Since 1906, the global average surface temperature has increased by more than 1.6 degrees Fahrenheit (0.9 degrees Celsius)—even more in sensitive polar regions. And the impacts of rising temperatures aren’t waiting for some far-flung future–the effects of global warming appear right now.
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Segment Analysis
By Product type, the global Air Conditioners market is segmented into Room Air conditioners (RAC) and packaged air conditioners (PAC). Room air conditioners have the dominant position in the Air Conditioners market. They are expected to retain their dominance in the forecasted period due to the increase in population and the rise in living standards of people across the globe. However, packaged air conditioners are also gaining the market due to the increasing demand because of the rise in the construction of commercial buildings, which requires a central package unit for cooling more than one room. It is expected that the room air conditioners (RAC) market will grow at a CAGR of ~YY% during the forecast period.
Competitive Landscape
Key players are adopting strategies such as investing in R&D, new product launches, expansion in Technology to stand out as strong competitors in the market. Global Air Conditioners is a competitive market with various global and regional players in the market. The major players Daikin Industries, Mitsubishi Electric Corporation, Midea Group Co Ltd, Samsung Electronics, and Electrolux AB. Other key players in the market include Panasonic Corporation, United Technologies Corp, Hitachi Ltd, Sharp Corporation, and Lennox International Inc.
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