[175+ Pages Research Report] According to the recent analysis research report; the global Air Conditioning (AC) Market is expected to grow at a CAGR of 12% and is anticipated to reach around USD 310 Billion by 2026. Top market players are Hisense Electric Co., Hitachi Ltd., Carrier Corporation, Midea Group, Panasonic Corporation and others.
New York, NY, March 10, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Air Conditioning (AC) Market By Product Type (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), By Component (Compressor, Evaporator, Fan, Condenser Coil, and Others), By Technology (Automatic, Manual/Semi-Automatic, invertor, Spit A/C and Others) and By Application (Commercial, Residential and Industrial): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”.
“According to the research report, the global Air Conditioning (AC) Market was estimated at is expected to reach USD 310 Billion by 2026. The global Air Conditioning (AC) Market is expected to grow at a compound annual growth rate (CAGR) of 12% from 2019 to 2026”.
Air conditioning commonly abbreviated as AC is the process of extracting warmth and humidity from the interior of an enclosed space to increase the level of comfort for humans within the enclosed space. Air conditioning is also used to lower the temperature within enclosed spaces. The air conditioning extract heat enclosed within the room produced mainly from human exhalation, electronic devices like computer servers, power amplifiers. Furthermore, it used to conserve temperature-sensitive delicate products used for display and storage such as artwork and sculptures. Air conditioning can be utilized in both residential and commercial spaces
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Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Air Conditioning (AC) Market?
2) What is the market size, share of the Air Conditioning (AC) Market?
3) Who are the top market players in Air Conditioning (AC) Market?
4) What will be the future market of the Air Conditioning (AC) Market?
Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
We at Facts and Factors (http://www.fnfresearch.com) understand how difficult it is for you to plan, strategize, or make business decisions, and as such, we have your back to support you in these uncertain times with our research insights. Our team of consultants, analysts, and experts has developed an analytical model tool for markets that helps us to assess the impact of the virus more effectively on the industrial markets. We are further implementing these insights into our reports for a better understanding of our clients.
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The construction activities in the residential and commercial are rising in significant numbers. The Asia Pacific region and the North American region are the fastest growing construction markets. The increase in construction activities is majorly due to government investments in building smart cities and large-scale industrial corridors in major economies. Furthermore, the improving economic conditions in developing countries have driven the expansion of real estate which in turn has further propelled the expansion of residential spaces. The rising construction activities within the residential and commercial have led to increased installation of a wide range of air conditioning devices.
Industry Major Market Players
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Additionally, the increase in the average spending power of consumers in major economies has led the consumer durables market to flourish. This economic development in developing and densely populated countries like India and China has led to rising in income levels of the middle and lower segment of the population which in turn has resulted in increased spending for comfort and convenience. This development has emerged as a bright prospect for the air conditioning industry in the underpenetrated markets.
Stringent regulations for emission control are being adopted worldwide. The manufacturers of air conditioning devices are investing in research and development activities for developing and incorporating new technologies for reducing the emission level from the air conditioning devices.
The Room/Utility air conditioner, the largest consumed air conditioning product, is expected to exhibit growth of CAGR 9.58 % during the forecast period of 2020 to 2026. The Room/Utility air conditioners market is expected to surpass the value of USD 115 Billion by 2026.
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Among the components, the compressor is anticipated to have the largest market share both in terms of value and volume followed by evaporators. The split A/C is projected to lead the market among the technology-based segmentation followed by automatic air conditioners. The split A/C and automatic air conditioners are expected to represent more than 70 % of the technology-based segmental market of the global air conditioning market.
The research study delivers a critical assessment of the air conditioning (AC) industry by sensibly segmenting the market on the basis of product type, component, application, technology, and regions. On the basis of product type segmentation, the market is classified into room/unitary air conditioners, chillers, VRF systems, coolers, and others. In terms of component segmentation, the market is bifurcated into the compressor, evaporator, fan, condenser coil, and others. On the basis of technology, the market is divided into automatic, manual/semi-automatic, invertor, spit a/c, and others and by application, it is segmented into commercial, residential and industrial.
Based on the past, present, and future trends, all the segments were analyzed from the bottom up, and the market sizes have been estimated from 2020 to 2026.
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The consumer behavior and purchasing patterns of the consumers in the air conditioning market worldwide are majorly based on the level of technology adoption and changing lifestyles. The regional market share is mostly influenced by the economic conditions within a particular region.
The global market is split into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Asia Pacific region is expected to be the largest market for air conditioning devices followed by North America. The Asia Pacific air conditioning market is projected to surpass USD 190 Billion by 2026. Asia Pacific region is also expected to exhibit the highest growth rate with a CAGR of around 12.5 % from 2020 to 2026.
Browse the full “Air Conditioning (AC) Market By Product Type (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), By Component (Compressor, Evaporator, Fan, Condenser Coil, and Others), By Technology (Automatic, Manual/Semi-Automatic, invertor, Spit A/C and Others) and By Application (Commercial, Residential and Industrial): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026” report at https://www.fnfresearch.com/air-conditioning-market
The categorization of the Air Conditioning (AC) Market by its scope and segmentation is as follows:
Global Air Conditioning (AC) Market: By Product Type Segmentation Analysis
Global Air Conditioning (AC) Market: By Component Segmentation Analysis
Global Air Conditioning (AC) Market: By Technology Segmentation Analysis
Global Air Conditioning (AC) Market: By Application Segmentation Analysis
Key Insights from Primary Research
In the conclusion of wide-ranging interviews with high-ranking executives of a number of firms operating in the air conditioning (AC) market, our research team predicts the global air conditioning (AC) market to foresee an excellent double-digit growth of around 12 % CAGR during the period between 2020 and 2026.
The interviewee’s insights predict the global air conditioning market value to surpass an enormous figure of USD 310 Billion. These predictions were further compared to predictions obtained through secondary research conducted by our analyst team.
Regionally, the Asia-Pacific region will continue to dominate the global market share with more than 55 % of the share. The respondents also believe the Asia Pacific region exhibits the fastest growth on account of rising per capita income especially in India, Southeast Asia, and China.
Based on the product type submarket, the room/utility air conditioners are expected to foresee an increase in a greater amount of consumption while holding the largest segmental market share among product types.
The Split A/C and Automatic air conditioning technology-based products are expected to constitute more than 70 % of global air conditioning devices consumed.
The residential segment is expected to continue to remain the highest consuming segment with a projected market value of greater than USD 175 Billion.
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