The global air conditioning systems market is witnessing an excellent growth and it is expected to grow at a CAGR of 9.9% from 2019 to 2025. According to Grand View Research, the market size was valued at USD 102.02 Bn in 2018 and it will see good growth in the coming years.
It is observed that the demand for air conditioning systems is going to increase in both the residential and the commercial sectors. One of the reasons responsible for the expected growth of this market is the increasing infrastructure development.
At a global level, the number of hospitals, hotels, individuals clinics, multiplexes, and auditoriums has increased a lot. And hence, efforts are being made by these units to maintain healthy indoor air in closed spaces with inadequate ventilation.
Hence, the use of different types of advanced air conditioning systems has increased a lot among these units. Moreover, the increasing growth of the construction and tourism industries is also a significant factor contributing to the growth in this sector.
It is seen that the demand for different air conditioning systems is increasing in the Gulf Countries. Due to the increasing population in these countries, the construction work is going on at a rapid speed. The increasing disposable income of consumers is making them go for energy-efficient air conditioning systems for their homes.
A lot of people across the globe are now paying attention to increasing comfort in their lifestyle. And hence, they are investing in the installation of advanced air conditioning systems to control thermal environmental factors at their homes.