The Asia Pacific Air Conditioning Systems Market would witness market growth of 6.2% CAGR during the forecast period (2021-2027).
The increasing number of global events is directly influencing the number of construction projects like the construction of new buildings and the enhancement of prevailing infrastructure. Such kinds of projects focus on accommodating and fulfilling the requirement of international visitors or working professionals and offering them better and advanced facilities.
In addition, air conditioning systems are becoming a necessity rather than a luxury due to the rise in global temperature. Thus, people are increasingly installing air conditioning systems in their homes across the globe, which is estimated to contribute to the rising temperature of the earth. Along with that, the changing climatic conditions across the world are estimated to fuel the growth of the segment over the forecast period.
The Asia Pacific has witnessed a substantial slowdown in the demand for AC systems due to the declining economic condition of this region due to the COVID-19 pandemic. In addition, various restrictions on travel across the border, especially from China have negatively impacted the growth of the air conditioning systems market.
The China market dominated the Asia Pacific Air Conditioning Systems Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $16,799.5 million by 2027. The Japan market is anticipated to grow a CAGR of 5.7% during (2021 - 2027). Additionally, The India market is poised to grow a CAGR of 6.9% during (2021 - 2027).
Based on Type, the market is segmented into Unitary, Rooftop and PTAC. Based on Technology, the market is segmented into Non-Inverter and Inverter. Based on End User, the market is segmented into Residential, Commercial and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Air Conditioning Systems Market is Projected to reach USD 154 Billion by 2027, at a CAGR of 6.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Hitachi, Ltd., Haier Smart Home Co., Ltd. (Haier Group Corporation), Whirlpool Corporation, Mitsubishi Electric Corporation, Trane Technologies PLC, Daikin Industries, Ltd., BSH Hausgeräte GmbH (Robert Bosch Group), Alfa Laval AB, and Electrolux AB.
By Type
By Technology
By End User
By Country
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