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.
The latest report, titled ‘Global Air Conditioning Market,’ comprises a profound analysis of the fundamental parameters contributing to the global Air Conditioning market scenario. The research report provides the reader with an in-depth interpretation of the Air Conditioning market dynamics, including the crucial drivers, opportunities, threats, and challenges. The report also describes the key business strategies, demand and supply ratios, leading regions, and the renowned market players, in a nutshell, offering a futuristic outlook of the overall Air Conditioning industry.
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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Air Conditioning market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
The leading market contenders listed in the report are:
Daikin Industries, Ltd., Emerson Electric Co., Midea Group, Johnson Controls–Hitachi Air Conditioning, Carrier, LG Electronics, Panasonic Holdings Corporation, Toshiba Corporation, Haier Group, Samsung, and Mitsubishi Electric Corporation
Some 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.
- The commercial segment is expected to register fastest revenue CAGR during the forecast period. The use of air conditioning systems for business usage is being enhanced through product replacement and retrofitting to reduce energy consumption. As a consequence, the segment’s revenue is growing owing to an increase in use of air conditioning systems in industries including construction, hospitality, tourism, and healthcare. According to statistics released in June 2019 by The Japan Refrigeration and Air Conditioning Industry Association (JRAIA), demand for household air conditioners decreased by 3%,. Additionally, compared to prior years, 2% rise is expected in demand for commercial air conditioning.
- The North America is expected to register fastest revenue CAGR during the forecast period owing to adoption of several energy efficiency policies. Global warming has changed the way people think about air conditioners, making them more of a need than a luxury. This has increased demand for all sorts of air conditioners, including ceiling models, in this region and driven a high revenue CAGR. Additionally, record-breaking heat waves in the U.S. is a significant factor driving up air conditioner purchases in this region.
Emergen Research has segmented the global Air Conditioning market on the basis of type, application, end-use, and region:
Segments Covered in this report are:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Celling/ Central-mounted
End-use Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle east & Africa
- North America
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Objectives of the Report:
- Analysis and estimation of the Air Conditioning Market size and share for the projected period of 2022-2030
- Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Air Conditioning Market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.