When Technavio, a market research company, released their research report this year, they predicted that the growth of the global air conditioning market would continue to increase by around 8 percent for the 2016-2020 forecast period. Covering commercial and residential air conditioning equipment, the researchers report that the increase is possible because of emerging trends that push the air conditioning market up.
Increased Popularity of Smart Thermostats
Smart thermostats are becoming increasingly popular thanks to the support of commercial and residential markets. These thermostats enable temperature monitoring in commercial spaces and houses by simply checking the status through a PC or a mobile device. It also checks the indoor environment and alters cooling and heating cycles automatically, resulting in money and energy savings.
There are also thermostats that are evolving technology-wise. In early 2015, an air conditioning company developed a device that converted air conditioner remotes into smart devices. This device is compatible with over 85 percent of air conditioners worldwide, is able to connect using Wi-Fi and manages air temperatures via infrared technology. The technology maximizes the effectiveness of air conditioners and serves as a positive example to the heating and cooling community.
Rapid Adoption of Inverter Air Conditioners
Inverter-type air conditioners decrease the consumption of energy around 30 percent. Unlike central air conditioning units, inverter-type air conditioners do not require a lot of money to install and use an adjustable speed compressor that turns off upon reaching the preferred temperature and turns on during temperature changes.
Introduction of Air Purifying Technology
Given the growing fears associated with breathing polluted air, many vendors introduced air purifying technology to address the concerns of their customers. These vendors incorporated air sanitising systems in their air conditioners, removing the need to buy a separate air conditioner. The air purifier systems today consists of multi-layered filtration and active technologies that clear the air of pollutants.
These trends will push the global air conditioning market up for the next few years. Air conditioning vendors that are trying to stay ahead of the game should compete on the basis of availability, quality, services, technology and price.