According to Future Market Insights’ most recent market study, the Air conditioning syste market will be valued at US$ 122.37 Billion by 2023. The Air Conditioning Systems market value is expected to reach US$ 223.4 Billion by 2033, with a steady growth rate of 6.21%.
Market Size 2023
US$ 122.37 Billion
Market Size 2033
US$ 223.4 Billion
Value CAGR (2023 to 2033)
6.21%
Collective Value Share: Top 3 Countries (2023E)
35% to 40%
Air Conditioning’s primary structure is based upon coolant, compression and condensation-based equipment, their application is to cool the internal/external air and keep the space at a conditioned temperature.
Its uses are classified under industrial type, Commercial type, Automotive type and Residential type. Under the industry segment, manufacturing plants have their own centralized air conditioning system to minimize the cost structure and other types are based on the performance and cooling requirements of the establishment.
Population increase, rising consumer income, and expansion of the construction industries are indirectly supporting the growth factor of Air Conditioning Systems, winter and rainy conditions of weather, Government Norms for Coolants use and global warming with the rise in substitute products like cooler and chillers are restraints for Air Conditioning Systems Market.
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Historical (2018 to 2022) v/s Forecast (2023 to 2033) Market Outlook for Air conditioning Systems Market
The market for Air Conditioning Systems grew at a compound annual growth rate (CAGR) of 4.70% from 2018 to 2020. The global pandemic in 2019 has influenced almost every industry, viruses are transmitted by air condition systems as per the Covid guidelines, and these guidelines have boosted air conditioning research and design to develop Covid free Air Condition Systems, Now, Panasonic and Nordis are manufacturing Nanotechnology based Covid proof Air Condition Systems. In a recent research study, the Air Conditioning System market is projected to expand at a CAGR of 6.21% over the forecasted period .
Market Dynamics
Demand dynamics of Air Conditioning Systems to flourish the Air Cooling sector.
Air conditioning systems are used widely, including in homes, retail establishments, offices, and entertainment venues. Eco-friendly products are in high demand in underdeveloped countries, Air Conditioning Systems have 5-Star ratings and which creates an extra cost to the system and the pocket of the consumer. Primarily in hot and dry regions, air conditioning systems have had a major role in changing the indoor atmosphere, becoming an important factor in the infrastructure that enables modern buildings.
it is projected that demand for AC will increase as economic growth in developing nations continues and is driven by factors like the tourist and construction industries' expansion. Latin America can be seen as a potential market for Air Conditioning Systems due to Higher temperature regions and the upcoming proposed 85(30+ Floors) building constructions will move the demand for Air conditioning systems. The demand for Air Conditioning Systems increased in the Middle East and Africa due to high-temperature regions and proposed Building construction around 111 (30+ Floors).
Thriving Demand for the industrial segment to expand the market for Air conditioning Systems
In the period of 2023 to 2033, the market for Air Conditioning Systems is increasing in the demand for rubber components across the globe, the product's rising prospects of applications in automotive (Car, Bus, Railways), Manufacturing Plants, a rising need for 5-Star efficiency, a growing population, and a recovering construction sector would all contribute to the expansion of the Air Conditioning Systems market during the projected period.
Stringent Regulations along with Income Gaps and substitute products are Constraints the Growth
The market expansion of Air Conditioning Systems is expected to be constrained in the 2023 to2033 timeframe by factors such as the income gap of consumers, Costlier product range and availability of large no of substitute products such as coolers, fans, and chillers.
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Country-wise insights
What Is the Growth Outlook of the Air Conditioning Systems Market in the USA?
The United States dominates the market for Air Conditioning Systems since it is a sizable industrialized country with a wide array of large medium and small businesses. The country is famous for having an active business community. A surge in foreign direct investment in the economic expansion of North America is changing the scenario. Considerable expansion of e-commerce, logistics, and highly efficient designs for large towers, the proposed construction building around 460 buildings are driving the demand for Air Conditioning Systems in the USA
What is the market scenario of the Middle East & Africa Region during the forecasted period?
The Middle East and Africa region are expanding at moderate rates during the projection period as a result of the higher demand in the region's dry area, and an increase in the construction of infrastructures will lead to the consumption of new Air Conditioning Systems demand.
Competitive Landscape
To meet the expanding demands of end consumers, market participants are investing globally to increase their research and development of Air conditioning systems as Tecogen an air conditioning system manufacturer launched Smart Hybrid-Drive Air-Cooled Chiller at AHR 2023 to defend the existing competition of the market with these construction trends suggest that there is a significant global growth potential for the Air Conditioning Systems market.
For Instance,
In 2022, the Top five sellers of Air Conditioning Systems Worldwide Daiken Industries Ltd., Johnson Controls International Plc, Carrier Global Corp., Trane Technologies Plc, Melrose Industries Plc
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Scope of the Report
Attribute
Details
Growth Rate
CAGR of 6.21% from 2023 to 2033
Base Year for Estimation
2022
Historical Data
2018 to 2023
Forecast Period
2023 to 2033
Quantitative Units
Revenue in US$ Billion for Value, Volume in Units, and CAGR from 2023 to 2033
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered
Acrylonitrile Content
Application
End Use Sector
Regions Covered
North America
Latin America
Europe
East Asia
South Asia & Pacific
Western Europe
Eastern Europe
Central Asia
Russia and Belarus
Balkan and Baltic Countries
Middle East and Africa
Key Countries Covered
USA
Canada
Brazil
Mexico
Argentina
South Korea
China
Japan
India
ASEAN
Australia and New Zealand
Germany
France
Spain
Italy
BENELUX
Nordics
United Kingdom
Poland
Hungary
Romania
Czech Republic
Russia and Belarus
Kingdom of Saudi Arabia
Türkiye
Northern Africa
South Africa
Israel
Key Companies Profiled
DAIKIN INDUSTRIES Ltd.
Johnson Controls International Plc
Carrier Global Corp.
Trane Technologies Plc
Melrose Industries Plc
Watsco, Inc.
Alfa Laval AB
Lennox International, Inc.
Generac Holdings, Inc.
NIBE Industrier AB
Rinnai Corp.
Takasago Thermal Engineering Co., Ltd.
Fujitsu General Ltd.
Ariston Holding NV
Beijer Ref AB
Infore Environment Technology Group Co., Ltd.
Taikisha Ltd.
Noritz Corp.
Zhejiang Dunan Artificial Environment Co., Ltd.
Uponor Oyj
Arbonia AG
SPX Technologies, Inc.
Lindab International AB
Voltas Ltd.
Systemair AB
Purmo Group Plc
Totech Corp.
Moon Environment Technology Co., Ltd.
Zehnder Group AG
Sanyo Denki Co., Ltd.
Blue Star Ltd.
FUKUSHIMA GALILEI CO., LTD.
Munters AB
Runner (Xiamen) Corp.
Shuangliang Eco-Energy Systems Co., Ltd.
LU-VE SpA
Amber Enterprises India Ltd.
AAON, Inc.
National Central Cooling Co. PJSC
Carel Industries SpALANXEO
Shin-Etsu Chemical Co., Ltd.
Xinjiang Zhongtai Chemical Co., Ltd
Lanxess AG
Kaneka Corp.
Trin搜索引擎优化 Plc
Avient Corp.
Daicel Corp.
Elkem ASA
Synthomer Plc
Inner
Customization & Pricing
Available upon Request
Air conditioning Systems Market Segmentation
By Type, the Air conditioning Systems Market is segmented as:
Industrial
Commercial
Residential
Automotive
By Application, the Air Conditioning Systems Market is segmented as:
Room Air
Packaged Air
Split Air
Mini Split Air
Ductless Air
Terminal Air
Central Air
Portable Air
Packaged Central Air
By Technology, the Air Conditioning Systems Market is segmented as:
Manual
Automatic
Semi-Automatic
By Region, Air conditioning Systems Market is segmented as:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Western Europe
Eastern Europe
Central Asia
Russia and Belarus
Balkan and Baltic Countries
Middle East and Africa
Frequently Asked Questions
What was the value of the Air conditioning Systems market in 2023?
In 2023, the value of the global Air conditioning Systems market reached over US$ 122.37 Billion.
At what rate is the global Air conditioning Systems market projected to expand during the forecast period?
During the forecast period, the global Air conditioning Systems market is estimated to expand at a CAGR of 6.21% during 2023 to 2033.
By 2032, what will the value of the global Air conditioning Systems market be?
The global Air conditioning Systems market is projected to reach US$ 223.4 Billion by the end of 2032.
Which are the top players in the Air conditioning Systems market?
The key players operating in the Air conditioning Systems market are Daikin Industries, Johnson Controls International Plc, Carrier Global Corp., Trane Technologies Plc, Melrose Industries Plc, Watsco, Inc., Alfa Laval AB, Lennox International, Inc., Generac Holdings, Inc., NIBE Industrier AB, Rinnai Corp.Takasago Thermal Engineering Co., Ltd, Fujitsu General Ltd., Ariston Holding NV, Beijer Ref AB and various others.