New York, NY, April 12, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Air Conditioning Market By Product (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), By Component (Compressor, Evaporator, Fan, and Condenser Coil), By Technology (Automatic Air Conditioning, Manual/Semi-Automatic Air Conditioning, Invertor, Split A/C, and Others), and By End-User (Commercial, Residential, Industrial, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global air conditioning market was valued USD 135.2 billion in 2018 and is expected to reach around USD 292.7 billion by 2025, at a CAGR approximately 11.7% for the forecast period from 2019 to 2025.
Air conditioning, generally known as AC, A/C, or air con, involves disposing moisture and heat from the enclosed and occupied area and making the environment comfortable for people. It is also used for spaces with electronic gadgets to keep maintain a controlled temperature.
Browse through 103 Tables & 32 Figures spread over 210 Pages and in-depth TOC on “Global Air Conditioning Market: Size, Share, Growth, Industry Demand, Segments, Analysis and Forecast, 2018–2025”.
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The global air conditioning market is likely to grow significantly in the upcoming years, due to improving economic conditions, rising per capita income, and increasing pollution levels. Technological advancements witnessed in developing countries are also driving the air conditioning market globally. The rising level of air pollution is harming not only the environment but also the people living in that particular environment. Pollution is giving rise to fatigue and headaches, which are common symptoms caused by poor air quality. This is further propelling the global air conditioning system market. However, the high cost of air conditioning system may hinder this market’s growth. As air conditioning has become more of a necessity keeping aside the needs and wants, the challenge for air conditioning manufacturing companies will be to make air conditioning systems cheaper and more effective than before.
By product, the market includes room/unitary air conditioners, chillers, VRF systems, coolers, and others. By component, the market includes a compressor, evaporator, fan, and condenser coil. The technology segment includes automatic air conditioning, manual/semi-automatic air conditioning, inverter, split A/C, and others. The end-user segment includes commercial, residential, industrial, and others. The demand for air conditioning in the residential sector will hold a substantial share, owing to the rising demand for air conditioning systems in household appliances and home air conditioning and urbanization. Technological advancements across various verticals and lucrative investments in the automobile sector are anticipated to further fuel the demand for ACs over the projected timeline.
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By region, North America is expected to hold a substantial share of the global air conditioning market in the future, owing to the early adoption of air conditioning technology, high adoption of a healthy lifestyle. Canada’s renewed growth in the construction sector is propelling the North American air conditioning market. Moreover, rising demand from the downstream sector, high standards set up by the government for promoting energy-efficiency, and growing preference for minimizing energy consumption are anticipated to persuade building owners to migrate to more efficient technology.
The European market for air conditioning is characterized by a weak economic situation in countries like Greece, Spain, Russia, Turkey, and Italy. The rising demand for AC replacement may generate lucrative opportunities for the companies operating in this regional market. Manufacturers have been focusing on producing energy-efficient air conditioners to cater to the needs of the European market.
Browse the full “Air Conditioning Market By Product (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), By Component (Compressor, Evaporator, Fan, and Condenser Coil), By Technology (Automatic Air Conditioning, Manual/Semi-Automatic Air Conditioning, Invertor, Split A/C, and Others), and By End-User (Commercial, Residential, Industrial, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/the-air-conditioning-market
Asia Pacific is anticipated to depict substantial growth over the forecast time period. The residential sector will hold a considerable percentage share of the region’s air conditioning market due to the rising product use in emerging economies like China and India. Chinese manufacturers will give strong competition to other air conditioning manufacturers in the region, owing to the lower priced systems as compared to other globally established brands. The commercial sector in the Asia Pacific region is anticipated to show substantial growth in the upcoming years, owing to the rising spending on infrastructural growth, educational institutes, retail chain stores, and healthcare buildings. Japanese manufacturers are investing in green light, HVAC, and BAS systems/technology to reduce carbon footprints and save energy.
The surging demand for energy-efficient products may impact the Latin American market in a positive way. Regulations related to energy-efficient utilization and an increase in customer awareness are anticipated to drive this regional market’s growth. Increasing exports of compressors in Brazil, Mexico, and Argentina is likely to further drive the air conditioning market in Latin America. Rapid urbanization and increased spending on infrastructure are also fueling this regional market. Major industry participants like Lennox, Watson Inc., and Daikin Industries Ltd. are planning to set up new plants in Brazil, Argentina, and Mexico.
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The Middle Eastern and African air conditioning market is expected to witness considerable growth in the years ahead, due to the rising use of consumer electronics across the region. Owing an AC is no longer a luxury, but a necessity in the region due to change in climate. Moreover, an increasing number of residential and commercial construction projects and advancements in technology are anticipated to boost the growth of the Middle East and Africa air conditioning market in the future.
Some key players of the global air conditioning market include Midea Group, Hisense Electric Co., Carrier Corporation, Panasonic Corporation, Hitachi Ltd., Samsung Electronics Ltd., LG Electronics Inc., Daikin Industries Ltd., Electrolux AB, Sharp Corporation, and Mitsubishi Electric Corporation.
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This report segments the global air conditioning market into:
Global Air Conditioning Market: By Product
- Room/Unitary Air Conditioners
- Chillers
- VRF Systems
- Coolers
- Others
Global Air Conditioning Market: By Component
- Compressor
- Evaporator
- Fan
- Condenser Coil
Global Air Conditioning Market: By Technology
- Automatic Air Conditioning
- Manual/Semi-Automatic Air Conditioning
- Invertor
- Split A/C
- Others
Global Air Conditioning Market: By End-User
- Commercial
- Residential
- Industrial
- Others
Global Air Conditioning Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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