Rising Standards Of Living Surge Demand in Global Air Conditioning Systems Market

Globally, the living standard of the people has increased largely due to rapid economic development has increased demand for air conditioners. Air conditioning systems have gained huge popularity in the last couple of years. Moreover, the popularity of inverter air and smart thermostats conditioners has also grown thus, driving overall demand in the global air conditioning market. Its application is seen in the industrial, residential, and commercial sector. As the demand for air conditioning systems has increased at a large scale, various manufacturers are focusing on improving the efficiency of these systems by following energy conservation norms. 

A market research company stated that the global air conditioning systems would rise at a steady 5.1% CAGR between 2016 and 2024. Over this tenure, the market will attain a valuation of US$167 bn by the end of 2024. These figures denote to the growing environmental consciousness that forced players to develop energy efficient systems. 

Adding to it, rising pressure from the government to create more energy efficient air conditioners has also encouraged players to taken conscious efforts in developing these types of systems. In fact, few players in developing regions are also managing their profits by lowering the prices of air conditioning systems. However, this diminishes their profit margins, as they are forced to manage prices as per customers’ capabilities. 

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Eco-Friendly Air Conditioning System Strengthened the Position of North America 

Players manufacturing air conditioning systems are now focusing on using new and advanced strategies to develop eco-friendly air conditioning systems; this will further expand growth in the global air conditioning systems market. Moreover, changing government policies that favor environment-friendly systems has also pressurized these to develop better and advanced environment safe air conditioning systems. In addition, players are also using advanced air purifying technologies that have further augmented growth in the global air conditioning systems market. On the other hand, rapid economic development and increasing living standards have boosted demand for air conditioning systems in Asia Pacific as well.