NEW YORK, Sept. 21, 2020 /PRNewswire/ -- According to P&S Intelligence, global commercial AC market is predicted to reach 25.4 million units by 2030, increasing from 17.6 million units in 2019, progressing at a 3.5% CAGR during the forecast period (2020–2030). The increasing disposable income of people is allowing to buy products which were considered a luxury before, including ACs. Moreover, the expanding construction sector, owing to surging urban population and growing tourist activities, is also projected to contribute to the growth of the market.
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On the basis of end user, the offices & buildings category accounted for the largest share of the commercial air conditioner (AC) market during 2014–2019, since investments for constructing office buildings and stadia are increasing. Moreover, the World Green Building Council and various other European banks are offering energy efficiency mortgage schemes, which is further expected to result in the growth of the market in the years to come.
The mortgage schemes will drive the construction of green buildings, thereby leading to the increasing requirement for energy-efficient variable refrigerant flow systems. In addition to all this, the integration of heating, ventilation, and air conditioning systems has been made mandatory for offices and buildings in a number of emerging economies for temperature control and proper airflow.
Browse report with detailed COVID-19 analysis on Commercial AC Market Research Report: By Type (VRF, Ducted Split/Packaged Unit, Split Units, Chillers, Room ACs), Installation Type (New Installation, Retrofit), End User (Offices & Buildings, Hospitality, Supermarket/Hypermarket, Transportation, Government, Healthcare) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/commercial-ac-market
In terms of type, the split unit category accounted for the major share of the commercial AC market in 2019, owing to the fact that these ACs can be utilized independently with one outdoor compressor for appropriate and effective cooling. Moreover, these ACs are more cost-effective and provide more efficient cooling for commercial spaces as compared to other variants. While it is slightly hard to install split ACs, they are much easier to operate and maintain, thereby making them the popular choice.
Geographically, the commercial AC market is being dominated by the Asia-Pacific (APAC) region, and it is further predicted to register the highest CAGR in the years to come. The region is home to the largest construction industry across the globe, which can be ascribed to the rapidly increasing population in countries including India and China. Moreover, the increasing disposable income of people in the region is allowing them to spend on cooling appliances. Another factor leading to the increasing demand for commercial ACs in APAC is the rising average temperate.
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The major companies operating in the commercial AC market are Johnson Controls International PLC, Samsung Electronics Co. Ltd., United Technologies Corporation, Mitsubishi Electric Corporation, Ingersoll-Rand plc, Daikin Industries Limited, Toshiba Corporation, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., Midea Group Co. Ltd., and Danfoss A/S.
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The global heating, ventilation, and air conditioning (HVAC) market stood at $240.8 billion in 2019, and it is expected to reach $358.1 billion in 2030. China, being the largest producer and user of HVAC systems, generated the highest demand for such equipment during the historical period (2014–2019).
Commercial Refrigeration Equipment Market
Across the world, the organized food retail sector is growing, and the demand for ready-to-eat products is increasing. Both these factors are expected to drive the global commercial refrigeration equipment market at a 3.0% CAGR during 2020–2030 (forecast period), to reach $33.9 billion in 2030, after having generated $24.6 billion in 2019.
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SOURCE P&S Intelligence