The new report by Expert Market Research titled, Global Commercial Air Conditioner (AC) Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global commercial air conditioner (AC) market, assessing the market based on its segments like types, installation types, end users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Commercial Air Conditioner (AC) Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Volume (2021): USD 17.94 Units
Forecast CAGR (2023-2028): 4.35%
Forecast Market Volume (2027): USD 23.12 Units
The significant growth attained by the commercial sector, owing to the rising standards of living, rapid urbanisation, and increasing per capita income, is driving the demand for commercial air conditioners. The increasing footfall of public in shopping complexes and malls is propelling the demand for commercial air conditioners.
Moreover, the thriving hospitality sector is anticipated to boost the market growth in order to bolster the comfort of tourists and travellers. In terms of region, North America accounts for a significant share of the market owing to the increasing temperature in the major cities of the United States.
Commercial Air Conditioner (AC) Industry Definition and Major Segments
Air conditioner (AC) is defined as an electrical equipment which is used to remove moisture and heat from an inside space to cool down the temperature. The major integral components of air conditioning systems include compressor, condenser coil, evaporator coil, blower, and chemical refrigerant. The evaporator coil blows the indoor air across it to absorb heat from the warm air. This cooled air is thereby delivered inside the room through ducting.
On the basis of type, the market can be segmented into the following segments:
Variable Refrigerant Flow (VRF)
Based on installation type, the market is bifurcated as follows:
The market can be segmented based on end user into:
The regional markets for commercial air conditioner (AC) include:
Middle East and Africa
Commercial Air Conditioner (AC) Market Trends
The key trends in the commercial air conditioner (AC) market include the technological advancements and growing R&D activities in the air conditioners market aimed towards producing eco-friendly and sustainable air conditioners. This can be attributed to the growing concerns pertaining to the increasing emission of greenhouse gas by the electronic items.
Meanwhile, the increasing efforts by the major end-use industries of the product to reduce the wastage of energy, to achieve cost savings on electricity, are likely to generate high demand for commercial air conditioners (AC) in the coming years. Furthermore, the modern commercial air conditioners are well equipped with Wi-Fi and Bluetooth. This factor will further bolster the comfort of consumers, thereby, accelerating the market growth.
Key Market Players
The major players in the market are:
Johnson Controls International plc
LG Electronics Inc
Mitsubishi Electric Corporation
Daikin Industries Limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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