Pune, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Air Conditioning System Market Size & Analysis:
“According to SNS Insider Research, The Air conditioning System Market size was valued at US$ 116.50 Billion in 2023. It is expected to grow to US$ 285.65 Billion by 2032 and grow at a CAGR of 10.50% over the forecast period of 2024-2032.”
Rapid climate changes and urban population growth are fueling the growth of the air conditioning market.
The market for air conditioning systems has experienced considerable growth due to increasing global temperatures, urbanization, and the need for energy-efficient options. The U.S. market reached a value of about USD 27 billion in 2023, with residential systems accounting for roughly 60% of the revenue from central, ductless, and window units. Around 30% of commercial systems are utilized in office buildings, malls, and industrial settings. Rapid urbanization and rising disposable incomes are driving increased investments in air conditioning for homes and businesses, prioritizing comfort and efficiency, particularly in hot regions.
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Major Players Analysis Listed in this Report are:
- Haier Group Corporation
- LG Electronics Inc.
- Daikin Industries Ltd.
- United Technologies Corporation
- Hitachi-Johnson Controls Air Conditioners Inc.
- Carrier Corporation
- Mitsubishi Electric Corporation
- Mahle GmbH
- Denson Corporation
- Calsonic Kansei Corporation
- Sanden Holdings Corporation
- Eberspaecher Holding GmbH & Co.
- Valeo SA
- Keihin Corporation
- Subros Limited
- Other Players
Air Conditioning System Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 116.50 Billion |
| Market Size by 2032 | USD 285.65 Billion |
| CAGR | CAGR of 10.50% From 2024 to 2032 |
| Base Year | 2022 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The requirement for medical clinics and individual facilities has gone up fundamentally. • Major mechanical advancements are presently being initiated to make AC frameworks. |
Progress in energy-saving air conditioning technology
Traditional air conditioning systems are recognized for their excessive energy usage and negative impact on the environment, however, developments such as inverter technology have resulted in more efficient systems that lower energy consumption and emissions. Carrier Global Corporation's advanced air conditioners, like the Infinity Series, come equipped with variable-speed compressors and work seamlessly with the Carrier Cor Wi-Fi thermostat for remote access and live energy tracking. This blend greatly reduces energy consumption while improving ease of use.
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Major trends in the air conditioning market include the comparison between unitary and rooftop systems, as well as the choice between inverter and non-inverter technologies.
Based on Type, The air conditioning market was dominated by a unitary segment, which held a 40% market share and was favored in residential, commercial, and industrial settings due to its compact design and simple installation process. Carrier and Daikin provide energy-saving unitary systems for different types of weather conditions. Between 2024 and 2032, there is a significant growth in the rooftop sector due to its effectiveness and ability to save space in big structures. Lennox and Trane offer sophisticated rooftop units that come equipped with variable-speed fans and energy recovery ventilators.
Based on Technology, The inverter technology sector was the leader in the air conditioning industry due to its higher energy efficiency, lower electricity expenses, and improved temperature regulation. Inverter air conditioners, which are quieter and have a longer lifespan, are well-suited for both residential and commercial applications, with Daikin standing out in energy-efficient options. On the other hand, the non-inverter sector is expected to experience a fast expansion from 2024 to 2032, attracting cost-conscious customers with inexpensive, dependable cooling choices similar to those provided by LG.
Air Conditioning System Market Key Segmentation:
By Type
- Unitary
- Rooftop
- PTAC
By Technology
- Inverter
- Non-inverter
By End User
- Residential
- Commercial
- Industrial
Expansion of Asia-Pacific and growth surge in North America are driving regional changes in the air conditioning market.
Asia-Pacific dominated the air conditioning market in 2023, accounting for 40% of the market share due to fast urbanization, increasing incomes, and severe weather conditions. Increased residential and commercial construction in China and India is driving a surge in the demand for advanced cooling systems. Daikin Industries and LG Electronics are broadening their range of products and expanding their distribution networks in the area. The expansion of the market is fueled even more by the growth of middle-class households and infrastructure development.
Between 2024 and 2032, North America is poised for the fastest growth in the air conditioning market, driven by robust infrastructure, high living standards, and extreme summer heat. Leading companies like Carrier Global and Trane Technologies dominate with smart thermostats and eco-friendly systems. The region's market expansion is further boosted by the modernization of older buildings and strict regulations encouraging advanced, energy-efficient cooling technologies.
Recent Development for Air Conditioning Market
- In March 2023, Daikin introduced the environmentally friendly VRV 5 S-series, utilizing low-GWP refrigerant R-32, suitable for urban environments.
- Carrier debuted the AquaEdge 19DV chiller in June 2023 with high efficiency, eco-friendly refrigerant, and advanced controls for big commercial applications.
- Mitsubishi Electric introduced the ZTL series in April 2023, a residential AC system that is highly efficient and features R-32 refrigerant as well as advanced airflow control.
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Key Takeaways for Air Conditioning Market
- Facilitates well-informed choices regarding product development, market entry, and expansion strategies.
- Adjusts company positioning and discovers areas for enhancement or distinction.
- Improves sales and marketing tactics through regional knowledge and consumer behavior information.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Air conditioning System Market Segmentation, by Type
8. Air conditioning System Market Segmentation, by Technology
9. Air conditioning System Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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