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Emerging countries economic development and world’s temperature increase are significant factors driving global air conditioning market revenue growth.
Air Conditioning Market Size – USD 129.38 Billion in 2021, Market Growth – at a CAGR of 5.9%, Market Trends – Rising demand for multi-split air conditioners”
— Emergen Research
VANCOUVER, BC, CANADA, August 2, 2022 /EINPresswire.com/ — The global air conditioning market size was USD 129.38 billion in 2021 and is expected to register a revenue CAGR of 5.9% during the forecast period, according to the latest analysis by Emergen Research.
Market revenue growth is primarily driven by factors such as residential and business sectors rapidly using air conditioning systems as a result of fast urbanization and growing global warming caused by population development. Consumer preference for efficient and pleasant air conditioning systems is driving manufacturers to continuously develop technologically green energy-based air conditioning systems. As the primary cause of global warming is release of dangerous chemicals into atmosphere such as Chlorofluorocarbons (CFC) and Hydro-Chlorofluorocarbons (HCFC), which has an adverse effect on ecosystem and causes ozone layer thinning. In addition, increasing demand for portable and energy-efficient air conditioning systems is driving market revenue growth.
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Apart from this, demand for energy-efficient air conditioning systems with high-quality air filters has grown as a result of strict government rules addressing environmental degradation, which is driving market revenue growth. By upgrading air filters, AC systems can have a longer lifespan. Consumers are increasingly using HVAC filters owing to high expense of entire system and need to make sure that it lasts the entire expected lifespan.
The Global Air Conditioning Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.
Some major companies operating in the global market include:
Daikin Industries, Ltd.,
Emerson Electric Co.,
Johnson Controls–Hitachi Air Conditioning,
Panasonic Holdings Corporation,
Mitsubishi Electric Corporation.
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Key Highlights in the Report
On 25 October 2021, Johnson Control made its building operators empowered enough to track health and wellness metrics and sustainability while reducing waste, water, and energy use, as well as lowering building’s overall carbon footprint.
The wall-mounted segment is expected to register the fastest revenue CAGR during the forecast period. Revenue growth is expected to be driven by rising levels of technological development in manufacturing and construction industries, paradigm shifts toward environment-friendly and sustainable construction practices, growing acceptance of smart homes and smart buildings, and rising preferences for superior waterproofing. During the forecast period, wall air conditioners can be remotely controlled and managed via smart assistants or software on gadgets such as smartphones, tablets, PCs, or general remote controls.
Additionally, growing emphasis on green building as well as an increase in rehabilitation and redevelopment plans, particularly in emerging nations, are driving market expansion. For instance, United Nations Framework Convention on Climate Change (UNFCCC) has suggested that specified energy-saving standards must be reached in view of the need to save energy and threat of global warming. As a consequence of advancement of these smart air conditioning systems, manufacturers focus has switched to Heating, Ventilation, and Air Conditioning (HVAC) systems.
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Outlook of Air Conditioning Market:
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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Emergen Research has segmented the global air conditioning market based on product type, application, and region:
Product Type Outlook (Revenue, USD Billion 2019-2030)
End-use Outlook (Revenue, USD Billion; 2019-2030)
Highlights of Table of Contents (TOC):
Overview of Global Air Conditioning Market
Competitive analysis of the Air Conditioning market
Regional analysis of Global Air Conditioning market production and revenue
Regional analysis of Global Air Conditioning market supply, consumption, and export & import
Type-based market analysis of global Air Conditioning production, revenue, and price trends
Application-based analysis of the global Air Conditioning market
Manufacturer profiles, manufacturing cost, and upstream and downstream analysis of global Air Conditioning market
Global Air Conditioning market forecast (2022-2030)
Conclusion of the research report
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August 02, 2022, 14:03 GMT
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