The global air conditioning systems market size is expected to be worth around US$ 180.15 billion by 2030, according to a new report by Vision Research Reports.
The global air conditioning systems market size was valued at US$ 112.60 billion in 2020 and is anticipated to grow at a CAGR of 7.2% during forecast period 2021 to 2030.
|Market Size||US$ 180.15 Bn by 2030|
|Growth Rate||CAGR of 7.2% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, technology, end-use|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Daikin Industries, Ltd.; Mitsubishi Electric Trane HVAC US LLC; Hitachi Ltd.; Carrier Corporation; Whirlpool Corporation|
Factors such as increasing international tourism, growing consumer spending on home improvement, and introduction of energy-efficient systems, coupled with the rising popularity of green cooling concepts, are expected to drive the market growth over the forecast period.
The spread of the COVID-19 pandemic negatively impacted the demand for air conditioners in 2020 owing to decreased consumer spending. However, the market is expected to revive in 2021 and record a stable growth aided by the changing climate conditions and rising demand from commercial constructions. Additionally, consumers’ growing inclination toward convenience and comfort is expected to upkeep the demand for air conditioners over the forecast period.
By Type Analysis
Unitary ACs accounted for the largest revenue share in 2020 of 39.3% and is expected to record the highest growth over the forecast period. Unitary air conditioners are predominantly used in households.
Apart from unitary ACs, the type segment also includes Packaged Terminal Air Conditioner (PTAC) and rooftop ACs. The PTAC segment is expected to witness a healthy CAGR of 5.1% from 2021 to 2030.
By Technology Analysis
The inverter segment is projected to expand at a CAGR of 8.7% from 2021 to 2030. This growth is attributable to inverter AC’s ability to control the speed of the compressor motor which helps in continuous regulation of temperature.
The non-inverter segment is expected to witness moderate growth as compared to its counterpart. This can be attributed to various factors such as high energy consumption, fluctuating frequencies, and less lifespan.
By End-use Analysis
The commercial segment is anticipated to register a CAGR of 6.0% over the forecast period owing to rapid urbanization and rising demand for commercial space. Commercial AC units require a significant amount of space and are generally located on the rooftops of the buildings such as shopping malls, hotels, big restaurants, theaters, and commercial offices accounting for the optimum energy consumption.
The residential segment will continue to be the mainstay category for several vendors in the market, recording a CAGR of 9.5% in the next seven years. Climate change has resulted in increased temperature across several countries in recent years.
By Regional Analysis
North American accounted for over 20% of the overall revenue share of the market in 2020. The North American market along with other developed markets around the world is expected to witness growth primarily powered by replacement sales.
The Middle East and Africa suffered the maximum impact due to the outbreak of the COVID-9 pandemic, with a plunge of more the 10% in air conditioning systems demand in 2020. The decline in sales was attributable to traveling restrictions forced by several countries impacting the economy of the Middle Eastern countries.
Daikin Industries, Ltd.
Mitsubishi Electric Trane HVAC US LLC
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
The Air Conditioning Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Air Conditioning Systems market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Air Conditioning Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Air Conditioning Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Air Conditioning Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Air Conditioning Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Air Conditioning Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Air Conditioning Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Air Conditioning Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Air Conditioning Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Air Conditioning Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Air Conditioning Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Air Conditioning Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Air Conditioning Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Air Conditioning Systems market. These factors have benefited the growth of the global market for Air Conditioning Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Air Conditioning Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Air Conditioning Systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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