Dublin, Aug. 23, 2022 (GLOBE NEWSWIRE) -- The "Air Conditioning Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Air Conditioning Systems Market to Reach 148.7 Million Units by 2026
Air conditioning is a process that allows cooling, heating, and ventilation of indoor atmosphere. Although the term `air conditioning` is predominantly associated with the cooling process, the process of Air Conditioning Systems also involves humidity control and air cleaning as its key functions. A major growth driver in the market is the growing consumer awareness over energy efficiency amid rising energy bills and climate change challenges.
Energy efficient equipment will witness major gains in the coming years. Global warming continues to remain a major factor propelling market demand, especially in the residential segment. The AC market is also set to gain from the increasing demand for energy saving products. In recent years the industry witnessed a sea of change in the technology employed largely as a result of consumers` desire to have advanced micro controls integrated into their systems, and also due to a spurt in demand for eco-friendly refrigerants. Therefore, technology improvements in the recent past have been geared towards meeting energy efficiency levels mandated by Governments across the world and convenience expected by average consumers.
Amid the COVID-19 crisis, the global market for Air Conditioning Systems estimated at 118.1 Million Units in the year 2022, is projected to reach a revised size of 148.7 Million Units by 2026, growing at a CAGR of 5.6% over the analysis period. Room Air Conditioners, one of the segments analyzed in the report, is projected to record 5.9% CAGR and reach 132.4 Million Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Air Conditioners segment is readjusted to a revised 3.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at 14.8 Million Units in 2022, While China is Forecast to Reach 65.9 Million Units by 2026
The Air Conditioning Systems market in the U.S. is estimated at 14.8 Million Units in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of 65.9 Million Units by the 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.4% respectively over the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Residential and Commercial Construction Activity: An Important Indicator of Growth
- Deployment of Environment-Friendly Refrigerants Increases in ACs
- Green Refrigerants to Replace Hydro Fluorocarbons
- Mandatory Guidelines Drive Focus onto Energy Efficient AC Systems
- Rise in Adoption of DeVAP systems
- Climate Change: An Important Driving Factor for Energy-efficient Air Conditioning Systems
- Low-GWP A/C Systems Facilitate GHG Emissions Reduction
- Inverter Air Conditioners Find Favor among Consumers
- Split ACs and Mini-Splits Surge in Demand
- Alternative Energy Sources Garner Attention in Air Conditioning Market
- Solar Powered Air Conditioning Systems Gain Traction
- Growing Replacement and Refurbishment Demand for HVAC Systems
- Drop in Hospitality Industry Hits Demand for Air Conditioning Systems
- Air Conditioning Systems: Innovation Trends
- Start-ups Offer Innovative Solutions
- Smart Air Conditioning On The Rise
- Smartphone-Enabled AC Systems: A Key Innovation
- AI Improves Energy Efficiency in Heating & Cooling Systems of Buildings
- Cloud-Connected Air Conditioning Systems Enable Creation of Smart and Efficient Facilities
- Energy Challenge Facing ACs Market
- Online Sales Continue to Grab Market Share
- Favorable Demographic Trends influence Market Prospects
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
Companies Mentioned
- AB Electrolux
- Carrier Corporation
- Daikin Industries, Ltd.
- Daikin Airconditioning India Pvt. Ltd.
- Daikin Air Conditioning Saudi Arabia LLC
- GE Appliances
- Gree Electric Appliances Inc.
- Johnson Controls-Hitachi Air Conditioning
- LG Electronics
- Midea Group
- Mitsubishi Heavy Industries Ltd.
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- Toshiba Carrier Corporation
- Trane Inc.
- Whirlpool Corporation
For more information about this report visit https://www.researchandmarkets.com/r/46ph3j
