The air conditioning equipment market is a complex and ever-evolving system. Lucintel has identified the main players, the size of the opportunities and the profitability of this industry. Heat pumps are a cost-effective solution for homes and government institutions, such as schools, universities and offices. Unlike traditional methods of generating heat, such as an oven or electric boiler, heat pumps transfer heat between outside and inside without burning any fossil fuel.
This system only requires electricity to provide heating or cooling, and can often achieve an efficiency rate of 300 to 400%. Heat pumps can also work in reverse to extract heat from inside a building and transfer it to the outside, providing cooling during the warmer months. This is a more energy efficient cooling method compared to traditional air conditioning systems.
The Need for Air Conditioning SystemsSince people spend most of their time indoors, it has become essential to maintain indoor air quality, which can be achieved by installing air conditioning systems.
Unfortunately, there is a lack of awareness about air conditioning systems in many developing countries due to inefficient investment by governments and private organizations in HVAC infrastructure and training programs. When it comes to post-installation support, you can expect a smooth transition if your supplier was involved in planning and decisions from the start. However, huge maintenance and implementation costs, as well as rising repair costs, can slow the expansion of the global air conditioning industry.
The Growth of Air Conditioning SystemsOn the other hand, the increase in construction activities in the industrial and residential sectors will favor the growth of the global market for air conditioning systems in the coming years.
In addition, increasing urbanization has led to an increase in the adoption of air conditioning systems for residential purposes. In terms of product, the global market for air conditioning systems is divided into the heating, ventilation and cooling segments. The lack of knowledge about the benefits derived from the installation of air conditioning systems in emerging economies can pose a major challenge for the global expansion of the air conditioning industry. The growth of this segment in the coming years may be due to the enormous demand for air conditioning systems in the residential segment.
The growing preference for software-based air conditioning systems will open up new growth opportunities for the global system market of air conditioning. This will harm the adoption of HVAC system devices, used in industrial and residential environments.
Government IncentivesFor example, some governments offer tax incentives for energy-efficient equipment purchases and installations, including air conditioning systems. General managers and engineers build a value chain by turning time and time again to the best subcontractors for air conditioning services.
If you're looking for a new HVAC system, especially as part of a major construction project, it can be hard to know BEFORE you buy if you're going to get the best HVAC service you can get wants and needs.