NEW YORK, May 28, 2024 The global air conditioning systems market size is estimated to grow by USD 47.02 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.46% during the forecast period.
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Air Conditioning Systems Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.46% |
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Market growth 2024-2028 |
USD 47.02 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
6.32 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 51% |
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Key countries |
US, China, Japan, Germany, and UK |
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Key companies profiled |
Alfa Laval AB, Carrier Global Corp., Daikin Industries Ltd., Electrolux AB, Emerson Electric Co., Gree Electric Appliances Inc. of Zhuhai, Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Hitachi Ltd., Johnson Controls International Plc, LG Electronics Inc., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sharp Corp., Siemens AG, Midea Group Co. Ltd., Toshiba Corp., Trane Technologies plc, Whirlpool Corp., and Mitsubishi Electric Corp. |
Market Driver
The air conditioning systems market has experienced notable growth due to the increasing demand for intelligent and energy-efficient cooling solutions. Technological advancements, such as sensors, internet connectivity, and automation, have enabled the development of smart air conditioning systems. These systems offer features like remote control, energy usage tracking, and personalized comfort settings, making them an attractive choice for consumers.
Key players in the market include LG, Samsung, and Daikin, who offer innovative products like the LG DUALCOOL ThinQ, Samsung WindFree 4.0, and Daikin Ururu Sarasa X. The focus on energy efficiency and enhanced comfort has fueled the market’s growth, with smart air conditioners offering significant energy savings and customized cooling experiences.
The Air Conditioning Systems market is experiencing significant growth due to increasing demand for comfortable living and working environments. Energy efficiency and sustainability are key trends in this industry. Ducted systems and split systems are popular choices for residential and commercial applications. Cooling capacity and energy savings are important considerations for consumers.
Manufacturers are focusing on developing innovative technologies to improve system performance and reduce environmental impact. The market for air conditioning systems is expected to continue growing in the coming years.
Market Challenges
- The air conditioning systems market encounters challenges due to high upfront costs for energy-efficient and sustainable AC systems. Advanced technologies and components, which optimize energy consumption and reduce carbon emissions, increase production costs. Complex installation processes and professional expertise required also add to the expenses.
- Consumer awareness and education about long-term benefits are lacking, leading to the preference for cheaper, conventional systems. Government regulations and policies can help mitigate these costs and promote market growth.
- The Air Conditioning Systems market faces several challenges. Ducted systems and split systems are popular choices, but energy efficiency and cost-effectiveness are key concerns. Conditions like extreme temperatures and high humidity require more powerful systems, increasing energy consumption. Comfort and air quality are essential factors, but maintaining optimal indoor conditions can be challenging.
- Noise levels and maintenance requirements are also important considerations. Additionally, the integration of smart technology and the rise of renewable energy sources present new opportunities and challenges for the market. Overall, the Air Conditioning Systems market must balance energy efficiency, cost, and consumer comfort to meet the demands of various industries and residential sectors.
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Segment Overview
- End-user
- 1.1 Residential
- 1.2 Commercial
- 1.3 Industrial
- 2.1 Inverter
- 2.2 Non-inverter
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and Africa
- 3.5 South America
1.1 Residential- The residential segment significantly contributes to the growth of the global air conditioning systems market. With urbanization and population shift, the demand for air conditioning systems increases due to rising temperatures and the desire for comfort and convenience.
Health benefits and energy efficiency are key factors driving demand, particularly for advanced filtration and purification features. Regulatory bodies promote energy-efficient systems, benefiting homeowners with cost savings and environmental conservation. Competition is high, with manufacturers investing in R&D for innovative, smart, and energy-efficient air conditioning systems.
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Research Analysis
The Air Conditioning Systems Market in the Gulf countries is witnessing significant growth due to the increasing urbanization and the need for energy-efficient solutions in the commercial sector. The market encompasses various segments, including Unitary segment, with sub-segments like Rooftop ACs in the Inverter segment and Non-inverter segment. The Residential segment also contributes to the market’s growth.
Climate change necessitates the adoption of Green building practices, leading to the integration of HVAC systems with energy-efficient products such as smart Packaged air conditioners and Room air conditioners. The market caters to diverse industries like Office buildings, Retail spaces, Data centers, Manufacturing facilities, and Healthcare, emphasizing energy efficiency and Inverter technology for enhanced cooling capacity.
Market Research Overview
The Commercial Construction industry requires efficient and effective Air Conditioning Systems (ACS) to maintain optimal indoor temperatures. These systems consist of various components such as compressors, condensers, evaporators, and fans. The market for ACS in the construction sector is significant, with a growing demand for energy-efficient and sustainable solutions.
The segment for unitary air conditioning systems is particularly noteworthy, as they offer flexibility and ease of installation. The market for ACS in the construction sector is driven by factors such as increasing urbanization, rising disposable income, and stringent energy regulations.
Additionally, advancements in technology, such as the integration of IoT and AI, are expected to further boost the market growth. The ductless and split systems segment is also gaining popularity due to their energy efficiency and cost-effectiveness. The market for ACS in the construction sector is expected to continue its growth trajectory in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
- Residential
- Commercial
- Industrial
- Technology
- Inverter
- Non-inverter
- Geography
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
