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The global commercial air conditions industry is mainly driven by the booming construction sector, increasing replacement market, energy efficiency regulations, and technological advancements. The development of commercial infrastructure, including office buildings, recreational zones, and hypermarkets/supermarkets, is being vigorously pursued to cater to the rising urban population, thereby driving the market's growth. The online sales channel has enabled businesses to expand their distribution reach and serve customers in even the most remote areas, supporting the growth of the global air conditioners market. One of the primary drivers of the global air conditioners market is rising GDP per capita income. Also, a growing number of multinational companies are searching for office space in the newly emerging cities, which is likely to impel the growth of the air conditioners market globally. The hospitality division is expected to grow in the commercial AC market during the forecast period, as the tourism sector is growing. The international tourism activities are rising as FIFA World Cup 2022 and 2026, and World Expo are expected to bring loads of people to the host countries to cater to whom hotels are being constructed, which will create a high demand for commercial cooling systems.
New cooling equipment is being introduced by players in the commercial air conditioning market to attract clients and gain a competitive advantage. For example, Mitsubishi Electric Corporation (OTCMKTS: MIELY) introduced a VRF system with the R32 refrigerant in the United Kingdom in September 2019 to meet the growing demand for environmentally friendly electrical equipment.
Market Analysis by Type, Installation Type, End-User, and Regions:
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The major players in the global commercial air condition (AC) market are Johnson Controls International plc, Electronics Inc., Mitsubishi Electric Corporation, and Daikin Industries Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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