Increasing Investments by Key Industry Players to Develop More Energy-Efficient and Eco-Friendlier Systems is Anticipated to Fuel Future Revenue Growth of the Global Central Air Conditioning Market.
This comprehensive market research report on the central air conditioning industry contains inputs, as well as information & data from both primary and secondary sources, that have been validated and verified by target market experts. Apart from critical data and other related information, the report also includes factors that could be or are potential restraints to market growth, present & future key trends, recourses that can be leveraged for potential market expansion in untapped regions or countries, as well as factors that are presently fueling growth in the central air conditioning market. It also covers challenges or threats for new, as well as existing market entrants.
The report presents a thorough study of revenues, key developments, strategies, historical data and information by major players that offer crucial perspectives/insights into various market scenarios. The global central air conditioning market has been segmented on the basis of product type, end-user, as well as regions and countries. The Central Air Conditioning Market was valued at UЅD $54,352.4 Мn in 2020, and is projected to register а САGR of 7.9% over the next 10 years.
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Central air conditioning (or central A/C) is a system in which air is cooled at a central location and distributed to and from rooms by one or more fans and ductwork. The work of the air conditioner compressor is what makes the entire process of air conditioning possible.
However, in light of the recent COVID-19 outbreak, the manufacturing and supply-chain operations of key industry players have been either temporarily shut down or are functioning with a minimal workforce. This is expected to have a negative impact on this global market.
Nonetheless, the increasing demand for efficient central air conditioning systems, especially in the warmer/tropical regions of the world (Southeast Asia, the Middle East & Africa, etc.) is a complimentary factor that is slated to positively influence the revenue growth of the central air conditioning market in the coming years.
The increasing demand for energy-efficient products, numerous technological innovations, dissimilar weather conditions, as well as the increase in the amounts of usage by consumers are some of the major factors that are expected to fuel the revenue growth of the global central air conditioning market over the next 10 years.
Central air conditioning systems play a pivotal role in the construction, hotel & tourism, and healthcare sectors. It continued application is expected to significantly boost the revenue growth of this global market in the years to come.
The robust expansion of the building and construction industry is slated to have a significant impact on the revenue growth of the global central air conditioning market, due to the exponential increase in demand for heat, ventilation and air conditioning systems across the world.
However, in light of the recent COVID-19 outbreak, manufacturing and supply-chain operations of key industry players have either been temporarily halted or are functioning with a minimal workforce. This is a factor that is expected to have a profound impact on the growth of this market in the coming years.
Nonetheless, the implementation of numerous technological advancements that are making these systems eco-friendlier is a factor that is slated to have a positive impact on future sales and the general expansion of this market’s footprint.
Segmentation of the global central air conditioning market is as follows:
On the basis of product type, the central plant/chilled water segment accounted for the highest number of revenue shares (63%) of the global central air conditioning market in 2020, and is slated to index the highest CAGR of 7.9% over the next 10 years. The direct expansion (DX) segment also accounted for considerable revenue shares of this global market in 2020, and is anticipated to continue to do so over the forecast period.
In terms of end-user, the commercial segment accounted for the majority revenue shares (53.2%) of the global central air conditioning market in 2020, and is slated to register the highest CAGR, with an attractiveness index of 6.7, over the next 10 years. The residential end-user segment accounted for the second-most revenue shares of this global market in 2020, and is also anticipated to expand at a considerable rate of revenue growth over the next decade.
The market in the Asia Pacific region accounted for the majority revenue shares (USD $15,991.9 Mn) of the global central air conditioning market in 2020, and is anticipated to index the highest rate of revenue growth over the next decade. The markets in North America and Europe accounted for the second and third-most number of revenue shares of this global market in 2020, and is indicative of continuing to do so over the next decade.