NEW YORK, March 16, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading market research firm, has released a new report on the global air conditioning market. The report is available on the IndexBox platform, and trial access to the market data is now available. The report provides analysis and forecast till 2030, as well as key growth drivers and challenges facing the industry.
According to the report, the global air conditioning market is expected to continue its growth trend, with a compound annual growth rate of 4.4% from 2022 to 2030. The rising demand for energy-efficient and sustainable air conditioning systems is driving market growth, along with increasing investments in infrastructure development and urbanization.
The report highlights key growth drivers such as the growing demand for air conditioning in the residential and commercial sectors and technological advancements in air conditioning systems. The challenges facing the industry include rising energy costs, increasing competition, and stringent environmental regulations.
The industry is segmented into residential, commercial, and industrial segments, with each segment experiencing different trends and growth rates.
Residential Segment: The residential segment is the largest market for air conditioning, accounting for over 50% of the global market share. The growing demand for air conditioning systems in residential buildings is driven by increasing urbanization, rising temperatures, and increasing disposable income. According to the report, the global residential air conditioning market is expected to grow at a CAGR of 8.4% from 2022 to 2030.
Commercial Segment: The commercial segment is another major market for air conditioning, driven by increasing construction activities and the growing demand for energy-efficient air conditioning systems. The global commercial air conditioning market is expected to grow at a CAGR of 5.5% from 2022 to 2030.
Industrial Segment: The industrial segment is a smaller market for air conditioning, but it is expected to grow at a significant rate in the coming years. The increasing use of air conditioning systems in industrial facilities is driven by the need for maintaining optimal working conditions and improving productivity. The global industrial air conditioning market is expected to grow at a CAGR of 5.2% from 2022 to 2030.
Region-wise, Asia Pacific is the largest market for air conditioning, accounting for over 60% of the global market share. The high demand for air conditioning systems in the region is driven by rapid urbanization, increasing disposable income, and rising temperatures.
North America and Europe are also significant markets for air conditioning, driven by increasing construction activities and the need for energy-efficient systems. The growing adoption of smart air conditioning systems and the increasing demand for sustainable solutions are expected to drive market growth in these regions.
Key statistics show that the market is highly concentrated, with the top five players accounting for a significant market share. The report also provides an overview of the largest manufacturers in the industry, including LG Electronics, Daikin Industries, Mitsubishi Electric, Carrier Corporation, and Johnson Controls.
For more information on the report and to access trial market data, please visit https://www.indexbox.io/
Keywords: air conditioning, LG Electronics, Daikin Industries, Mitsubishi Electric, Carrier Corporation
