The market for air conditioning systems is anticipated to reach USD 123 billion in 2022 and USD 198 billion by 2032, rising at a CAGR of 4.8% between 2022 and 2032.
Additionally, air conditioning systems have entered the automotive industry and are now commonplace in passenger cars. These systems are fitted in nearly every car made today to provide comfort inside against temperature and humidity.
In fact, before making a final purchasing choice, people increasingly seek for air conditioning systems in their cars. In light of this, market analysts predict that rising demand for passenger automobiles will result in profitable sales prospects.
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The market is being supported by the increasing utility of air conditioning systems. Globally expanding hotels, private clinics, hospitals, and multiplexes as well as auditoriums are expected to hasten growth.
The most lucrative region on the worldwide market is expected to continue to be North America. The market is anticipated to achieve a valuation of US$ 60,000 by the end of 2031 in response to rising demand from the automotive, hotel, and commercial industries.
“To reduce their carbon footprint, manufacturers are switching from hazardous chemical refrigerants like HCFCs, CFCs, and HFCs to safer green alternatives as the focus on green technologies increases. As a result, the market will have more prospects for expansion, according to the Fact.MR analyst.
Key Takeaways from Air Conditioning System Market Study
- The U.S. is leading the air conditioning system market in North America, favored by high demand for passenger cars and high standard of living of individuals.
- Europe is anticipated to emerge as the second leading market globally owing rapid urbanization and increasing disposable income of consumers in the country.
- The Asia Pacific market is estimated to exhibit the fastest growth, due to the increasing consumption in countries such as China and India.
- The GCC countries will continue exhibiting impressive sales opportunities on the back of high demand for air conditioning systems due to the high temperature in the region.
- Commercial applications of air conditioning systems are expected to remain the most profitable segment driven by increasing investment in infrastructure development.
Key Drivers
- Increasing temperature and humidity levels across the globe are fueling the demand for air conditioning systems.
- Rising demand for passenger cars is spurring the sales of air conditioning systems.
- Suring investment in the construction domain is expected to create sales opportunities for the market.
- Growing number of hotels, multiplexes, and hospitals among others is bolstering the demand for air conditioning systems.
Key Restraints
- Increasing awareness regarding the adverse effects of air conditioners on the environment due to the use of chlorofluorocarbons (CFC) and hydro-chlorofluorocarbons (HCFC) is hampering the market growth.
- High cost of air conditioning systems is a factor impeding the market growth in underdeveloped countries.
- Rising number of government regulations is restraining the growth of the market.
The global air conditioning system market has undergone substantial growth in recent years, evolving from a luxury to a necessity in our modern lives. This transformation is driven by various factors, including the escalating effects of climate change that make air conditioning systems indispensable in many regions, providing respite from extreme heat and humidity. Additionally, urbanization trends have led to increased construction, both in residential and commercial spaces, further boosting the demand for these systems. Energy efficiency has become a paramount concern, pushing the industry towards continuous innovation to develop greener and more eco-friendly cooling solutions. Technological advancements have led to the integration of smart technology, such as IoT, revolutionizing the user experience, and making systems more efficient and customizable.
Competitive Landscape
The global air conditioning system market is highly consolidated and is characterized by high competition. The prominent player in the landscape are focusing on developing novel air conditioning systems with innovative technologies and engaging into strategic collaboration and acquisitions to strengthen their market footprint. For instance,
- In January 2018, Ingersoll-Rand plc an Irish company acquired ICS Group Holdings Limited. The acquisition assisted the Ingersoll-Rand plc company to commercialize Heating, Ventilation, and Air Conditioning (HVAC) business to serve a broad range of customers in the European market.
- In January 2021, Panasonic, Japanese multinational electronics company, aimed to multiply its AC business in the next 3 years in India by starting a domestic manufacturing facility in India.
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Segmentation within the air conditioning system market is based on factors like system type (split, ducted, window units, etc.), application (residential, commercial, industrial), and regional differences influenced by climate, infrastructure, and economic factors. Leading companies like Daikin Industries, Mitsubishi Electric, Carrier, and others offer a wide range of products and services tailored to meet the diverse needs of consumers, businesses, and industries.
Looking ahead, the future of the air conditioning system market remains bright. Increasing environmental concerns and regulations will drive demand for eco-friendly and energy-efficient cooling solutions, spurring the development of sustainable technologies. The integration of smart technology will continue to evolve, allowing users to control and monitor their HVAC systems remotely, enhancing energy efficiency and user comfort. The importance of indoor air quality and health considerations will lead to advanced air filtration and purification technologies being incorporated into these systems. Furthermore, as urbanization persists globally, emerging markets will present new opportunities for market expansion. In summary, the air conditioning system market is well-poised to address the challenges of a warming world and continue its growth trajectory.
Some of the prominent air conditioning system manufacturers profiled by Fact.MR are:
- Petra Engg Industies Co.
- Lennox International
- Honeywell International
- Gree Electric Appliances
- Samsung Electronics
- Daikin Industries Ltd.
- Midea Group Co. Ltd.
- Panasonic
More Valuable Insights on Air Conditioning System Market
Fact.MR, in its new report, offers an unbiased analysis of the global air conditioning system market, analyzing forecast statistics through 2019 and beyond. The survey reveals growth projections on in the air conditioning system market with detailed segmentation
Product Type
- Portable Air Conditioning Systems
- Window Air Conditioning Systems
- Split Air Conditioning Systems
- Cassette Air Conditioning Systems
- Single Packaged Air Conditioning Systems
- Chillers Air Conditioning Systems
- Airside Air Conditioning Systems
Sales Channel
- B2B
- Authorized Stores
- Independent Electronic Stores
- E-commerce
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Key Questions Covered in the Air Conditioning System Market Report
- The report offers insight into air conditioning system demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the air conditioning system market between 2021 and 2031
- Air conditioning system market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Air conditioning system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
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