NEW YORK, Feb. 7, 2022 /PRNewswire/ — The global air conditioning system market is expected to reach USD 123 billion in 2022 and USD 198 billion by 2032, increasing at a CAGR of 4.8% between 2022 and 2032.
The use of air conditioning systems has expanded in both the residential and commercial sectors as a result of fast industrialization and growing global warming as a result of population growth. Furthermore, increased demand from the residential sector, namely homes, is likely to give significant profit margins to makers of unitary air conditioning systems.
In light of current market technical insights for air conditioning systems, the product’s capacity to save energy through a speed-controlled compressor, less temperature fluctuations, less noise, higher durability, faster cooling, and optimum energy usage work as actual drivers for this product.
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Furthermore, due to product innovation and integration of building controls and HVAC systems, as well as IAQ advances, the demand for air conditioning systems is expected to multiply by 1.5X of its current market valuation during the projection years of 2022-2032.
The air conditioning system is a major contributor to global warming since it emits dangerous gases such as chlorofluorocarbons (CFC) and hydro-chlorofluorocarbons (HCFC) into the environment. This has detrimental consequences for the environment and contributes to the ozone layer’s depletion. As a result, manufacturers are introducing innovative technology to mitigate negative environmental effects.
The air conditioning system market in North America has the potential to account for a considerable number of sales units. Currently, the area holds 24.8% of the entire market share. The demand for technologically advanced, energy-efficient, and environmentally friendly air conditioning systems has increased in the regions as a result of changing American Society of Heating, Refrigerating, and Air Conditioning standards, ongoing technological innovation, and the presence of policies.
|
Report Attributes |
Details |
|
Base Year Value (2021A) |
USD 118 Billion |
|
Estimated Year Value (2022E) |
USD 123 Billion |
|
Projected Year Value (2032F) |
USD 198 Billion |
|
Global Growth Rate (2022-2032) |
CAGR 4.8% |
Key Takeaways:
- North America is expected to grow at a CAGR of 5.2% during the forecast years of 2022-2032.
- The Asia-Pacific air conditioning system market, which includes East Asia and South Asia, accounts for 35.8% of the total market share.
- By AC type, Unitary ACs hold nearly 38.9% of the overall AC systems market share.
- Packaged terminal air conditioner (PTAC) to account for 33.7% of the global market share.
- Residential air conditioning systems currently occupy a significant market share of 35.2% of the total market.
Growth Drivers:
- The notable expansion of the residential sector due to the escalating disposable income of the global population is projected to be the primary factor driving demand for air conditioning systems.
- Rapid urbanization, industrialization and rising number of data centers to provide an impetus to the demand for AC systems.
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Competitive Landscape
As there are so many domestic and regional players, the global air conditioning system market is highly fragmented and competitive. Key players use a variety of marketing techniques, including mergers & acquisitions, expansions, collaborations, and partnerships.
Leading organizations also use new product creation as a strategic way to expand their market presence among consumers. As a result of these strategies, an innovative air conditioning system has been installed.
- In 2021, Eco Innovation Group, Inc., a firm that develops innovative and advanced technologies for green energy solutions, announced the signing of a Letter of Intent (LOI) with Keith E. Prime, an air conditioning technology inventor. This is expected to result in more eco-friendly energy options being added to the market.
- In 2022, Mitsubishi Corporation and Global Bain Corporation will launch the ME Innovative Fund. This corporate venture capital (CVC) fund will invest in digital and green-innovation firms around the world. The fund was established with the intention of investing about USD 43.5 million in money over a ten-year period.
Key Companies Profiled by Fact.MR are –
- Daikin Industries Ltd.
- Mitsubhishi
- Qingdo Haier
- Samsung Electronics
- Electrolux
- LG Electronics
- Panasonic
- UTC
- Hitachi
- Gree Electric Appliances
- Sharp Corp.
- Midea Group Co. Ltd.
- Carrier Corp
More Valuable Insights on Air Conditioning System Market
Fact.MR provides an unbiased analysis of the air conditioning system market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global air conditioning system market with a detailed segmentation on the basis of:
- By Product Type :
- Portable Air Conditioning System
- Window Air Conditioning System
- Split Air Conditioning System
- Cassette Air Conditioning System
- Single Packaged Air Conditioning System
- Chillers Air Conditioning System
- Airside Air Conditioning System
- By AC Type :
- By End-Use :
- Residential
- Commercial
- Industrial
- By Sales Channel :
- B2B
- Authorized Stores
- Independent Electronic Stores
- E-commerce
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Key Questions Covered in Air Conditioning System Market Report
- The report offers insight into the air conditioning system market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for air conditioning system market between 2022 and 2032.
- Air conditioning system market survey 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, joint ventures, collaborations or partnerships, and others.
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