Over the past few years, the idea of the “connected house” has gradually gained popularity. A simple thermostat’s transformation into a new generation of powerful smart thermostats is an example of how household equipment must adapt, re-invent, and re-imagine their function in a connected home. Currently, air conditioning systems in linked homes are controlled by powerful smart thermostats. These thermostats are becoming more popular in small- and medium-sized commercial buildings as a result of their advantages in temperature monitoring via computers and mobile devices. Smart thermostats can adjust a home’s cooling system based on the situation with the use of solar panels that provide information on the exterior temperature. From straightforward and utilitarian to complex and feature-rich, smart thermostats for air conditioners come in a variety of designs. Additionally, with their remote access and smart technology, digitally programmable thermostats offer functionality that boosts both efficiency and comfort.
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Manufacturers Moving toward Greener & Cleaner Cooling Direction
Government regulations that are constantly changing require equipment makers to reorient their efforts toward adopting effective chemical substitutes that minimise negative environmental effects. In the cooling industry, producers are currently substituting dangerous chemical refrigerants that deplete the ozone layer and contribute to global warming, such as HFCs, HCFCs, and CFCs, with less harmful green alternatives. Water, air, ammonia, CO2, and hydrocarbons like cyclopentane, butane, and propane are examples of non-synthetic and naturally occurring materials that can be used as cooling agents in air conditioning systems. These government rules present additional hurdles for OEMs producing air conditioning systems in terms of choosing the highest quality refrigerant and components to deal with the technical difficulties and performance characteristics of the particular refrigerant. This suggests a crucial first step in the direction of a
5 Key Projections on Future of Air Conditioning System Market for Forecast Period 2017-2026
With revenues predicted to reach around US$ 60,000 Mn by 2026-end, North America is anticipated to continue to be the most lucrative market for air conditioning systems. Through 2026, the air conditioning system market is anticipated to grow at the quickest rate in Asia-Pacific, except Japan (APEJ). By the end of 2026, Europe will also have the second-largest revenue share in the market. Japan, on the other hand, will have the lowest revenue share in the market throughout the projection period.
In terms of market revenue, chiller air conditioning systems are predicted to continue to dominate. Through 2026, window air conditioning systems and single-packaged air conditioning systems are expected to account for about equal market revenue shares. Additionally, a corresponding growth in sales is anticipated for window and split air conditioning systems until 2026.
The most lucrative market for air conditioning systems will continue to be the industrial sector, closely followed by the commercial sector.
In terms of revenues, business-to-business and independent electronics retailers will continue to be the top sales channels for air conditioning systems. However, authorised retailers will have the fastest increase in air conditioning system sales through 2026 in terms of value.
Presence of numerous leading players has made the market highly competitive, with majority of these manufacturers competing on the basis of energy efficiency. Key players profiled in the report include Daikin Industries Ltd., Mitsubhishi, Qingdo Haier, Samsung Electronics, LG Electronics, Electrolux, Panasonic, UTC, Hitachi, Gree Electric Appliances, Sharp Corp, Carrier Corp, Midea Group Co. Ltd., and Johnson Controls.
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