The surging demand for air conditioning systems in residential and commercial buildings is only going to increase according to a report from Transparency Market Research. The competitive state of the industry with many companies vying for a stake have only contributed to the increasing valuation. Holding a revenue share of nearly 40% in 2015, the commercial segment dominated the overall air conditioning systems market. This segment is projected to preserve its lead through 2024, pushed by the growing usage of air conditioning systems in areas such as hospitals, clinics, healthcare, hotel and tourism, and construction.
The global market for air conditioning systems was valued at $104.4 billion in 2015 and is projected to reach $167 billion by the end of 2024.
The rise in the market is attributed to the popularity of smart thermostats and the support for inverter air conditioners. Split air conditioning systems are the most dominant in the market, accruing a revenue share of over 76% while also leading the air conditioning systems market by volume.