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Published on : Jul 12, 2016

The demand for air conditioning systems has surged owing to a heightened demand from both the residential applications and the commercial sectors. The acceptance of smart thermostats and inverter air conditioners has also helped the market for air conditioning systems to grow at a fast pace. 

According to a report published by Transparency Market Research, the global market for air conditioning systems was valued at US$104.4 bn in 2015. The market is expected to expand at a 5.1% CAGR from 2016 to 2024 and rise to US$167 by the end of the forecast period or by 2024. 

Split Air Conditioning Systems Gains Preference 

The different types of air conditioning systems include split, window, cassette ACs, portable, chillers, airside, and single packaged air conditioning systems. Out of these, split air conditioning systems have been most in demand. Split air conditioning systems also accounted for 76% of the global air conditioning systems market in 2015. 

Asia Pacific to Lead in Global Air Conditioning Systems Market 

Asia Pacific is expected to lead in the global air conditioning systems and account for 55% of the global market share in the coming years. The demand for air conditioning systems is expected to be increased by the heightened requirement from countries such as India, China, and Japan. Furthermore, the increased environmental concern among the people in Asia Pacific, is likely to lead to a replacement of existing air conditioning systems, using old technology, with energy-efficient air conditioning systems. This is expected to boost the demand for air conditioning systems in Asia Pacific and the market will grow significantly.