Air conditioning is a process that allows cooling, heating, and ventilation of
indoor atmosphere. Although the term air conditioning is predominantly
associated with the cooling process, the process of Air Conditioning Systems
also involves humidity control and air cleaning as its key functions.
A major growth driver in this market is the growing consumer awareness over
energy efficiency amid rising energy bills and climate change challenges. According
to a recent report from the Research And Markets, the energy efficient (AC)
equipment will witness major gains in the coming years. Amid the COVID-19 crisis,
the global market for Air Conditioning Systems has been estimated at 107.9 million
units in the year 2020, and is projected to reach a revised size of 148.7 million units
by 2026, growing at a CAGR of 5.6% over the analysis period.
Room Air Conditioners, one of the segments analyzed in the report, is projected
to record 5.9% CAGR and reach 132.4 million units by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its
induced economic crisis, growth in the Commercial Air Conditioners segment is
readjusted to a revised 3.1% CAGR for the next 7-year period.
