Pune, March 15, 2023 (GLOBE NEWSWIRE) -- The Air Conditioning System Market was valued at USD 122.99 billion in 2022 and is projected to reach USD 194.55 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030, as per SNS Insider.
Market Overview
Air conditioning systems are devices used to regulate and maintain the temperature, humidity, and air quality of indoor spaces. These systems are essential for creating comfortable and healthy living and working environments, particularly in regions with extreme weather conditions. Air conditioning systems offer numerous benefits, including increased comfort, improved air quality, and reduced humidity.
Market Analysis
One of the key drivers of the air conditioning system market growth is the booming construction and tourism industries, which are creating a surge in demand for cooling solutions. As more people travel and stay in hotels, resorts, and other types of accommodations, the need for reliable and efficient air conditioning systems becomes more pronounced. Another important factor fueling the growth of the air conditioning market is the increasing disposable incomes of people around the world. As incomes rise, more individuals are able to invest in air conditioning systems to improve their quality of life and stay comfortable in hot and humid climates. Moreover, there is a growing preference for energy-efficient air conditioning systems among consumers, which is expected to propel the market forward.
Major Company Profiles Listed in this Report Are:
Haier Group Corporation, LG Electronics Inc., Daikin Industries Ltd., United Technologies Corporation, Hitachi-Johnson Controls Air Conditioners Inc., Carrier Corporation, Mitsubishi Electric Corporation, Mahle GmbH, Denson Corporation, Calsonic Kansei Corporation, Sanden Holdings Corporation, Eberspaecher Holding GmbH & Co., Valeo SA, Keihin Corporation, Subros Limited.
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Air Conditioning System Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 122.99 Billion |
| Market Size by 2030 | US$ 194.55 Billion |
| CAGR | CAGR of 5.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Type (Unitary, Rooftop, PTAC) • By Technology (Inverter and Non-inverter) • By End-use (Residential, Commercial, Industrial) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Impact of Recession on Air Conditioning System Market 2023
The air conditioning system market is susceptible to the impacts of a recession. The declining demand and shift in consumer behavior towards cheaper alternatives can cause significant disruptions in the market. However, manufacturers, distributors, and retailers can mitigate the impact of a recession by adapting to the changing market conditions and focusing on providing affordable options to consumers.
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Key Regional Developments
The North American market, as well as other developed markets worldwide, is anticipated to experience growth in the coming years, mainly driven by replacement sales. With the increasing demand for efficient and reliable air conditioning systems, consumers are now more inclined towards replacing their old systems with advanced and energy-efficient alternatives. Moreover, the government's promotional activities aimed at encouraging the adoption of energy-efficient air conditioning systems to reduce energy consumption are also expected to contribute significantly to the growth of the regional market.
Key Takeaway from Air Conditioning System Market Study
- The market is expected to witness a steady growth rate in the coming years, with the commercial segment anticipated to register a notable CAGR. This growth can be attributed to various factors such as rapid urbanization and an increase in demand for commercial spaces.
- The market has been experiencing significant growth, with the inverter segment projected to dominate the market. Inverter ACs are capable of regulating the speed of the compressor motor, which enables continuous regulation of the temperature within the room.
Recent Developments Related to Air Conditioning System Market
- Microsoft co-founder Bill Gates has joined a $20 million investment in a revolutionary air conditioning concept that promises to significantly reduce energy consumption and emissions. The project, called SkyCool Systems, uses a unique technology that cools air using only the power of the night sky. The new investment will allow the company to further develop and commercialize its concept, with the goal of making it widely available to businesses and consumers around the world.
- Mitsubishi Electric Trane HVAC US has recently introduced an innovative product called the intelli-HEAT™ Dual Fuel System. This cutting-edge technology is designed to provide maximum efficiency and cost savings by utilizing both electricity and gas to heat a home or building. This technology uses an intelligent controller that constantly monitors the outside temperature and switches between electric and gas heating sources to maintain the desired indoor temperature with maximum efficiency.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Air Conditioning System Market Segmentation, Type
9 Air Conditioning System Market Segmentation, By Technology
10. Air Conditioning System Market Segmentation, By End-Use
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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