USD 112.99 billion
Air Conditioning Systems Market Size, Share, Growth Analysis, By Product(Window air conditioners, split air conditioners, and central air conditioners), By Application(Residential, commercial, and industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20E2045 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
63
|Figures:
75
Air Conditioning Systems Market Insights
Global Air Conditioning Systems Market size was valued at USD 112.99 billion in 2022 and is poised to grow from USD 119.77 billion in 2023 to USD 190.90 billion by 2031, at a CAGR of 6% during the forecast period (2024-2031).
The global air conditioning systems market is an industry experiencing rapid expansion, providing effective heating and cooling solutions across residential, commercial, and industrial sectors.
These systems are meticulously designed to cater to a wide spectrum of applications, including residences, offices, healthcare facilities, hospitality establishments, shopping complexes, and industrial installations.
The market is poised for substantial growth, primarily driven by the escalating demand for energy-efficient and environmentally conscious air conditioning solutions, as well as the surging popularity of intelligent homes and sustainable constructions.
Moreover, the rising preference of consumers for convenience and comfort is set to sustain the demand for air conditioning systems throughout the forecasted period. Air conditioning systems have become ubiquitous, finding applications in a wide array of settings including residential spaces, shopping complexes, commercial establishments, and entertainment venues.
In developing economies, air conditioning remains a highly desired commodity, though the accessibility of environmentally friendly alternatives remains a significant hurdle. These systems have played a pivotal role in altering indoor environments, particularly in regions characterized by high temperatures and arid conditions.
As a result, they have become integral components of the modern infrastructure that underpins contemporary living spaces. Additionally, as economies in emerging markets continue to surge, a robust uptick in air conditioning demand is projected over the forthcoming years.
Furthermore, the market's trajectory is expected to be propelled by the robust growth of the construction and tourism sectors. Heightened discretionary incomes worldwide are also anticipated to foster the adoption of diverse air conditioning systems across the forecast period.
The rising trend among consumers towards energy-efficient solutions, coupled with the increasing popularity of portable air conditioning units, is poised to positively influence the growth of the air conditioning systems market.
US Air Conditioning Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
split air conditioners
Fastest Growth
split air conditioners
Growth Rate
6% CAGR
Global Air Conditioning Systems Market($ Bn)
Country Share for Asia Pacific Region (%)
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Air Conditioning Systems Market Segmental Analysis
The global air conditioning systems market is segmented by product, application, and region. By product, the market is segmented into window air conditioners, split air conditioners, and central air conditioners. By application, the market is segmented into residential, commercial, and industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Air Conditioning Systems Market Analysis By Product
Among the segments shaping the dynamic landscape of the global air conditioning systems market, the split air conditioner segment emerges as the largest catalyst of cooling comfort and innovation. Capturing over 45% of the market share, the split air conditioner segment reigns supreme due to its versatility, efficiency, and widespread adoption. With a surge in urbanization and rising disposable incomes, the demand for split air conditioners has soared, as they offer cost-effective cooling solutions for both residential and commercial spaces.
However, it is the central air conditioner segment that claims the spotlight as the fastest-growing contender, galloping at an impressive annual rate of 7.5%. As industries and societies prioritize sustainable solutions, central air conditioning systems have embraced eco-friendly refrigerants and intelligent controls, fueling their rapid ascent in the market. The convergence of innovation and environmental consciousness propels the central air conditioner segment towards a future of cooling excellence, promising unmatched comfort on a grand scale.
Air Conditioning Systems Market Analysis By Application
Within the captivating realm of the global air conditioning systems market, the residential sector emerges as both a cornerstone of comfort and a testament to evolving lifestyles. Commanding the largest share at approximately 55%, the residential segment envelops homes worldwide in a soothing embrace of modernity.
However, it's the commercial segment that sprints ahead as the fastest-growing luminary, boasting a remarkable CAGR of 6.8%. This surge is underpinned by a burgeoning commercial landscape, characterized by sprawling office complexes, retail spaces, and hospitality establishments. The commercial sector's surge is not just about comfort; it's a statement of productivity and customer satisfaction. As businesses prioritize employee well-being and customer experience, the need for efficient and effective cooling becomes paramount. In response, cutting-edge technologies and eco-conscious designs are seamlessly integrated into commercial air conditioning systems, forging a path toward optimal functionality and sustainability.
Global Air Conditioning Systems Market By Product Type
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Air Conditioning Systems Market Regional Insights
Amidst the expansive canvas of the global air conditioning systems market, Asia-Pacific emerges as the undisputed dominator, casting a cooling spell over the industry. With a colossal market share driven by the colossal economies of China and India, the region encapsulates a harmonious blend of tradition and modernity. Rapid urbanization, coupled with sweltering climates, fuels the demand for air conditioning, transforming Asia-Pacific into a hotbed of cooling innovation.
Notably, it's the Middle East and Africa region that sizzles as the fastest-growing oasis, boasting a remarkable growth rate of 8.2%. This surge is sculpted by the region's thriving construction sector and the relentless pursuit of luxury, which are intertwined with the essential need for climate control. As opulent skyscrapers and lavish resorts dot the landscape, advanced air conditioning systems become the keystone, providing respite from the desert's embrace and elevating lifestyles. The symphony of tradition, opulence, and necessity orchestrates a crescendo in the Middle East and Africa, where the future shimmers with a vision of cooling grandeur.
Global Air Conditioning Systems Market By Geography
- Largest
- Fastest
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Air Conditioning Systems Market Dynamics
Air Conditioning Systems Market Drivers
Rising Urbanization and Disposable Income
- The relentless march of urbanization, particularly in emerging economies, propels the demand for air conditioning systems. As more people migrate to cities and experience improved disposable incomes, the aspiration for enhanced living standards drives the adoption of air conditioning in both residential and commercial spaces.
Air Conditioning Systems Market Restraints
Initial Costs and Affordability
- While air conditioning enhances comfort and productivity, the initial costs of purchasing and installing these systems can be substantial, particularly for advanced models or larger installations like central air conditioning. Affordability becomes a significant restraint, especially in regions with lower income levels, potentially limiting market expansion and adoption in certain segments.
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Air Conditioning Systems Market Competitive Landscape
The competitive landscape of the global air conditioning systems market is marked by a dynamic interplay of established players and innovative newcomers. Leading manufacturers are vying for market share through a multi-faceted approach that combines technological advancements, energy efficiency, and customer-centric solutions. Established giants leverage their experience and extensive distribution networks to maintain a strong foothold, offering a diverse range of products tailored to various consumer needs. Meanwhile, emerging players are injecting fresh vigor with disruptive technologies, driving the development of smart, connected, and environmentally conscious air conditioning systems. Collaboration between manufacturers and technology companies is becoming increasingly common, leading to the seamless integration of IoT capabilities and smart controls.
Air Conditioning Systems Market Top Player’s Company Profiles
- Daikin Industries, Ltd. - Japan
- Carrier Global Corporation - United States
- Mitsubishi Electric Corporation - Japan
- LG Electronics Inc. - South Korea
- Johnson Controls International plc - Ireland
- Panasonic Corporation - Japan
- Samsung Electronics Co., Ltd. - South Korea
- Trane Technologies plc - Ireland
- Fujitsu General Limited - Japan
- Lennox International Inc. - United States
- Midea Group Co., Ltd. - China
- Hitachi, Ltd. - Japan
- Rheem Manufacturing Company - United States
- Gree Electric Appliances, Inc. - China
- Electrolux AB - Sweden
- Haier Group Corporation - China
- Toshiba Corporation - Japan
- Danfoss A/S - Denmark
- Ingersoll Rand Inc. - United States
- Nortek Global HVAC - United States
Air Conditioning Systems Market Recent Developments
- In April 2023, Mitsubishi Electric announced the launch of its new Hyper-Heating Heat Pump series of air conditioners.
- In May 2023, Trane Technologies announced the launch of its new Tracer XR2 series of air conditioners.
Air Conditioning Systems Key Market Trends
Smart and Connected Solutions
- The integration of smart technology and the Internet of Things (IoT) is revolutionizing the air conditioning landscape. Manufacturers are developing systems that can be remotely controlled, monitored, and optimized through smartphones and other devices. This connectivity allows users to adjust settings, monitor energy consumption, and receive maintenance alerts, enhancing convenience and efficiency. Additionally, AI-driven algorithms can analyze usage patterns to suggest energy-saving settings. The trend towards smart and connected air conditioning systems not only enhances user experience but also contributes to energy conservation and cost reduction.
Focus on Energy Efficiency and Sustainable Practices
- With growing environmental awareness, the air conditioning industry is shifting its focus towards energy-efficient and sustainable solutions. Manufacturers are investing in research and development to create systems that utilize eco-friendly refrigerants, minimize energy consumption, and reduce carbon emissions. Energy efficiency labels and certifications are becoming more significant, influencing consumer choices and encouraging the adoption of greener options. This trend aligns with global efforts to mitigate climate change and places sustainability at the forefront of product development, marketing, and consumer preferences.
Air Conditioning Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Market analysis, The global air conditioning systems market presents a dynamic landscape shaped by several key factors. Rapid urbanization, particularly in emerging economies, coupled with rising disposable incomes, continues to drive the demand for cooling solutions, primarily in residential and commercial spaces. However, this growth is counterbalanced by increasing environmental concerns and the need for energy-efficient alternatives. The industry is responding to this challenge by embracing innovation, ushering in an era of smart and connected air conditioning systems that offer remote control, energy consumption insights, and optimized operations. Additionally, a concerted focus on sustainability is shaping product development, with a drive towards eco-friendly refrigerants and energy-efficient designs. This transition is further fueled by regulations and consumer preferences that prioritize environmental impact. As the world grapples with climate change, the air conditioning market's future hinges on its ability to balance comfort, convenience, and energy conservation while aligning with global sustainability goals.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 112.99 billion |
| Market size value in 2031 | USD 190.90 billion |
| Growth Rate | 6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Air Conditioning Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Air Conditioning Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Air Conditioning Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Air Conditioning Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Air Conditioning Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Air Conditioning Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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