A recent industry analysis and research report show how much the air conditioning systems market will grow in the next eight years. Modern technology and the increasing need for temperature controlled environment are among the driving factors for this growth.
According to a report released by Transparency Market Research, the global market for residential and commercial air conditioning systems will hit more than US$167 Billion in 2024. The increasing number of key players that adapt new HVAC technologies will play a big role in this development. Let’s have a look at the factors that are likely to contribute to the growth of AC systems market in the next few years.
The Rise of Smart Systems
Air conditioning systems with smart thermostats and inverters are becoming more popular among residential and commercial consumers. These AC units use modern technology, which makes operation easier and convenient. You can now get a remote controlled air conditioner with air filtering or purifying capabilities. Some units even allow for pre-setting and operation using a mobile device connected to the Internet. And there are systems that you can integrate with your home or building automation system.
The Increasing Need for Comfort
Customers are looking for products that will help them create and maintain a comfortable living or working environment. With temperatures going extreme in some parts of the globe, having an efficient air conditioning system is a must for property owners. Split and centralized AC systems are the most popular options for commercial applications. New air conditioners are more powerful and can improve a room’s temperature faster.
Energy Efficiency is in Demand
More manufacturers are focusing on designing air conditioning systems that consume less energy. This is due to the escalating global concerns over energy conservation and the rising cost of electricity in many countries across the globe.
Asia Pacific and the Americas now hold the largest shares in the global AC systems market. As the needs of consumers evolve with technology, the world is likely to witness the growth forecasted by industry experts.