Air Conditioning System Market Size worth $ 2.70 Billion by

Wilmington, Delaware, United States, Oct. 06, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – By 2022, the value of global air conditioning system market is expected to touch value of US$ 1.68 Bn. The global market is anticipated to rise at 4.9% CAGR during the forecast period, from 2022 to 2031. By 2031, the global air conditioning system market is likely to attain value of US$ 2.70 Bn. Due to increasing urbanization, renovation of buildings vulnerable to natural disasters, significant investment opportunities in industrial and infrastructure sectors are likely to drive the global market. Besides, with increasing construction activities in several developing countries around the world, the global central air conditioning market is predicted to expand significantly during the forecast timeframe.

Businesses are putting their efforts into attaining long-term success through ongoing innovation, efficient integration of air conditioning system components, and enhancement of various air conditioning system types. Growing building activities in many developing countries, renovation of buildings located in disaster-prone areas, and considerable infrastructure expenditures are estimated to present huge opportunities for air conditioning system makers.

Due to government regulations requiring energy efficient models, industry participants are also placing more emphasis on air conditioning systems that use less energy, which is anticipated to drive the future of air conditioning systems in the forthcoming years.

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Key Findings of Market Report

  • Due to increasing new construction activities throughout the world, the demand for air conditioning system in building is anticipated to rise significantly during the forecast timeline. Given the existence of developing countries such as India and China in the region, the Asia Pacific market is predicted to grow at a rapid pace. Growth of the non-residential and residential building construction activities is what is expected to propel expansion of the regional market for commercial and residential air conditioners.
  • When it comes to product categories, the split air conditioner category led the global market for air conditioning systems. The category for split air conditioning systems is primarily driven by the overwhelming demand for energy efficient air conditioning system for home. It is predicted that a rising uptake of green technologies and also rising number of smart houses will boost usage of split HVAC systems during the forecast timeframe.
  • Depending on geography, the Asia Pacific is estimated to lead the global market for air conditioning system. Increase in the development of non-residential and residential structures is one factor that is anticipated to drive the market in Asia Pacific. Of all the countries in Asia Pacific, China has the largest market share for air conditioning systems.

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Global Air Conditioning System Market: Key Players

Some of the key market players are

  • Mitsubishi Electric Corporation
  • United Technologies Corp.
  • Samsung Electronics Co., Ltd.
  • Daikin Industries, Ltd.
  • Panasonic Corporation
  • Midea Group Co., Ltd.

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Global Air Conditioning System Market: Segmentation

Product

Application

  • RAC (Refrigeration & Air Conditioning)
  • PAC (Precision Air Conditioning)
  • VRF (Variable refrigerant flow)

End Use

Distribution Channel

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