In the coming years, the demand for VRF systems will likely increase at the highest rate. This will be because of the ability of one such system to maintain different temperatures in different settings, which could be the requirement in really large commercial areas. These systems have one large outdoor unit and multiple indoor units with individual controls, which increases their utility for commercial spaces, such as shopping malls and supermarkets/hypermarkets (where the frozen foods section requires way lower temperatures than general-purpose aisles).
In this regard, the burgeoning number of commercial real estate projects is propelling the commercial AC demand. To cater to the booming population, which is increasingly moving to cities, office complexes, transit hubs such as metro and railway stations and airports, hypermarkets, shopping malls, schools, hospitals, and hotels and resorts are rapidly being constructed. For instance, most of the railway stations in developed countries are air-conditioned, as are almost all the underground metro stations around the world.
Commercial AC Market Outlook and Opportunities in Grooming Regions
Presently, Asia-Pacific (APAC) is the largest commercial AC market because of its huge number of commercial spaces. China and India are home to the most urban residents in the world, which creates a high demand for commercial settings. For instance, Sir M Visvesvaraya Railway Terminal in Bengaluru became India’s first centrally air-conditioned railway station in 2021. Similarly, metro rail projects are being constructed around the country, while the existing ones are being expanded, which is boosting AC sales for stations and underground tunnels.
Similarly, at the end of 2020 Q3, China had 3,409 hotel projects with a total of 634,119 rooms under construction. Moreover, as per the India Brand Equity Foundation (IBEF), the Indian travel and tourism sector will value $488 billion (INR 35 trillion) by 2029. These countries not only have hotels of domestic hospitality chains but also attracting global firms, such as Hyatt Hotels Corporation, Hilton Worldwide, Marriott International, and InterContinental Hotels Group. These luxury brands pride themselves on high levels of guest comfort, which is why all of their hotels are air-conditioned.
Hence, with the rapid urbanization around the world, commercial AC installations will increase.
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