Dublin, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The "Air Conditioners Market by Type (Window, Split, Variable Refrigerant Flow, Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.
The research report provides an in-depth analysis of air conditioners market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.
The global air conditioners market is projected to reach $231.3 billion by 2029, at a CAGR of 5.4% during the forecast period of 2022-2029. Based on volume, the global air conditioners market is projected to reach 882.1 million units by 2029, at a CAGR of 6.1% during the forecast period.
The growth of this market is driven by soaring temperatures & humidity levels worldwide, consumers' growing inclination toward convenience & comfort, and the rising demand for energy-efficient air conditioners. However, the high costs of air conditioners restrain the growth of the global air conditioners market.
Additionally, the rising adoption of air conditioners with inverter & air purification technologies and technological advancements in HVAC systems are creating growth opportunities for the players operating in this market. However, high energy usage by air conditioners is a challenge for the growth of this market. Connected air conditioners and solar photovoltaic (PV) and solar thermal-assisted air conditioning systems are major trends in this market.
Segment Analysis
The split ACs segment is expected to account for the largest share of the global air conditioners market. However, the centralized/ducted ACs segment is projected to record the highest CAGR during the forecasted period. The rising demand for energy-efficient and sustainable ducted air conditioning systems is responsible for the growing demand for centralized/ducted ACs segment.
The up to 2 ton segment is expected to account for the largest share of the global air conditioners market. However, the 2 ton to 5 ton segment is projected to register the highest CAGR of 6.1% during the forecast period. Large rooms and the increasing demand for ductable air conditioners contribute to the growing demand for the 2- to 5 ton segment.
The inverter ACs segment is expected to account for the largest share of the global air conditioners market. This segment is also projected to register the highest CAGR during the forecasted period. This segment's large market share and growth are mainly attributed to the need for lower power consumption, growing awareness of the energy-efficiency properties of inverter technology air conditioners, and increasing temperature and humidity levels.
The residential end users segment is expected to account for the largest share of the global air conditioners market and is also projected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the acceptance of smart home technology, the introduction of advanced residential air conditioners in the market with advanced features, the trend for developers to offer air-conditioned apartments, and the rising need to improve indoor air quality.
Market Dynamics
Market Drivers
- Soaring Temperatures & Humidity Levels Across the World
- Consumers' Growing Inclination toward Convenience & Comfort
- Rising Demand for Energy-Efficient Air Conditioners
Market Restraints
- High Costs of Air Conditioners
Market Opportunities
- Rising Adoption of Air Conditioners with Inverter & Air Purification Technologies
- Technological Advancements in HVAC Systems
Market Challenges
- Air Conditioners' High Energy Use
- Global Air Conditioners Market Trends
Technology Trends
- Connected Air Conditioners
Market Trends
- Solar Photovoltaic (PV) & Solar Thermal-Assisted Air Conditioning Systems
Scope of the report:
Air Conditioners Market by Type
- Window ACs
- Split ACs
- VRF (Variable Refrigerant Flow) Systems
- Centralized/Ducted ACs
- Other Conditioner Types
Air Conditioners Market, by Tonnage
- Up to2Ton
- 2 Ton to 5 Ton
- 5 Ton to 10 Ton
- More Than 10 Ton
Air Conditioners Market, by Technology
- Inverter ACs
- Non-Inverter ACs
Air Conditioners Market, by Rating
- 1 Star ACs
- 2 Star ACs
- 3 Star ACs
- 4 Star ACs
- 5 Star ACs
Air Conditioners Market, by End User
- Residential End Users
- Commercial End Users
- Industrial End Users
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. The Impact of COVID-19 on the Global Air Conditioners Market
4.1. Introduction
5. Market Insights
6. Global Air Conditioners Market, by Type
7. Global Air Conditioners Market, by Tonnage
8. Global Air Conditioners Market, by Technology
9. Global Air Conditioners Market, by Rating
10. Global Air Conditioners Market, by End User
11. Air Conditioners Market, by Geography
12. Competitive Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- Daikin Industries Ltd. (Japan)
- Mitsubishi Electric Corporation (Japan)
- Hitachi-Johnson Controls Air Conditioning (Japan)
- Carrier Global Corporation (U.S.)
- Whirlpool Corporation (U.S.)
- Haier Smart Home Co. Ltd. (China)
- LG Electronics (South Korea)
- Voltas Limited (India)
- Panasonic Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Samsung Electronics Co. Ltd. (South Korea)
- Fujitsu Limited (Japan)
- Blue Star Ltd (India)
- Toshiba Corporation (Japan)
- Electrolux (Sweden)
- Gree Electric Appliances Inc. (China)
- Midea Group Co. Ltd (China)
- American Standard Companies Inc. (U.S.).
For more information about this report visit https://www.researchandmarkets.com/r/ywa7em
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