Posted On: 2020-12-28
Malaysia air conditioner market has acquired the largest revenue share of the room air conditioner in the overall air conditioner market in Malaysia- 6Wresearch.
Malaysia air conditioner market is anticipated to grow significantly over the coming years on account of the growing urbanization along with the boom in the commercial, residential, and hospitality sectors. Commercial projects such as MVS North-South tower projects, Menara Bank Rakyat, and UM city premium corporate office tower would increase the use of air conditioners which is likely to increase the demand for Malaysia air conditioner market in the future. However, the market revenues would witness a downfall in 2020 as a result of a mass shutdown leading to the temporary cease in manufacturing, transportation, construction in residential and commercial sectors to reduce the spread of coronavirus.
According to 6Wresearch, Malaysia Air Conditioner Market size is projected to grow at a CAGR of 9.9% during 2020-26. Increasing spending by companies in the research and development of advanced and smart air conditioners would push the market growth over the coming years. Further, the growing adoption of eco-friendly air conditioners would further propel the demand for air conditioner solutions over the coming years, as global warming is a serious climatic problem all over the world and eco-friendly air conditioners would help in reducing the effect of global warming on the ozone layer of the atmosphere. The market for ducted air conditioners is also expected to acquire a significant share in upcoming years due to expanding transportation networks, residential and commercial buildings.
According to Prithu, Senior Research Analyst, 6Wresearch, “The room air conditioners are expected to dominate the market owing to increased deployment of the product in the residential sector across the country. Furthermore, the surge in commercial sector construction projects and setting up new manufacturing units in the country would increase centralized and ducted air conditioners, therefore they are expected to register high growth during the forecast period.
“The Peninsular region in Malaysia holds the major market revenue share in the overall air conditioner market of Malaysia and is likely to retain the same over the forthcoming period on account of the rapid development in the commercial and residential sector.” Prithu further added.
According to Anshul Tyagi, Research Associate, 6Wresearch, “Residential sector, hospitality sector and commercial sector including financial institutions and entertainment areas accounts for major market revenue share in the Malaysia air conditioner market. Rising demand for air conditioners in hotels, hospitality and transportation applications is likely to drive the overall market during the forecast period.”
“Malaysia Air conditioner Market (2020-2026)" report provides an in-depth analysis with 21 figures, covered in 89 pages. The report estimates and forecasts the overall Malaysia air conditioner market by ac types, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.