Wilmington, Delaware, United States, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - By 2022, the value of global air conditioning system market is expected to touch value of US$ 1.68 Bn. The global market is anticipated to rise at 4.9% CAGR during the forecast period, from 2022 to 2031. By 2031, the global air conditioning system market is likely to attain value of US$ 2.70 Bn. Due to increasing urbanization, renovation of buildings vulnerable to natural disasters, significant investment opportunities in industrial and infrastructure sectors are likely to drive the global market. Besides, with increasing construction activities in several developing countries around the world, the global central air conditioning market is predicted to expand significantly during the forecast timeframe.
Businesses are putting their efforts into attaining long-term success through ongoing innovation, efficient integration of air conditioning system components, and enhancement of various air conditioning system types. Growing building activities in many developing countries, renovation of buildings located in disaster-prone areas, and considerable infrastructure expenditures are estimated to present huge opportunities for air conditioning system makers.
Due to government regulations requiring energy efficient models, industry participants are also placing more emphasis on air conditioning systems that use less energy, which is anticipated to drive the future of air conditioning systems in the forthcoming years.
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Key Findings of Market Report
- Due to increasing new construction activities throughout the world, the demand for air conditioning system in building is anticipated to rise significantly during the forecast timeline. Given the existence of developing countries such as India and China in the region, the Asia Pacific market is predicted to grow at a rapid pace. Growth of the non-residential and residential building construction activities is what is expected to propel expansion of the regional market for commercial and residential air conditioners.
- When it comes to product categories, the split air conditioner category led the global market for air conditioning systems. The category for split air conditioning systems is primarily driven by the overwhelming demand for energy efficient air conditioning system for home. It is predicted that a rising uptake of green technologies and also rising number of smart houses will boost usage of split HVAC systems during the forecast timeframe.
- Depending on geography, the Asia Pacific is estimated to lead the global market for air conditioning system. Increase in the development of non-residential and residential structures is one factor that is anticipated to drive the market in Asia Pacific. Of all the countries in Asia Pacific, China has the largest market share for air conditioning systems.
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Global Air Conditioning System Market: Key Players
Some of the key market players are
- Mitsubishi Electric Corporation
- United Technologies Corp.
- Samsung Electronics Co., Ltd.
- Daikin Industries, Ltd.
- Panasonic Corporation
- Midea Group Co., Ltd.
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Global Air Conditioning System Market: Segmentation
Product
- Split AC
- Window AC
Application
- RAC (Refrigeration & Air Conditioning)
- PAC (Precision Air Conditioning)
- VRF (Variable refrigerant flow)
End Use
- Wi Residential
- Commercial
Distribution Channel
- Online
- Offline
Consumer Goods Research Reports
Split Air Conditioning Systems Market- Split Air Conditioning Systems Market to Reach US$ 187 Bn by 2026
Air Purifier Market - The global air purifier market is estimated to reach the value of US$ 20.7 Bn by 2030, expanding at a CAGR of 8% during the forecast period
HVAC Equipment Market - Globally, revenue generated by the HVAC equipment market accounted for US$ 105.5 Bn in 2018, and the market is likely to expand at a CAGR of 5% in terms of value during the forecast period
Smart Kitchen Appliances Market- Smart Kitchen Appliances Market is expected to reach US$ 10.8 Bn by the end of 2031
Home Textile Market- Europe Home Textile Market is expected to surpass value of US$ 35.6 Billion by the end of 2031
Electrical Appliances Market- Asia Pacific Electrical Appliances Market is expected to surpass the value of US$ 589.9 Bn by the end of 2031
Online Premium Home Improvement Market- Online Premium Home Improvement Market is expected to cross value of US$ 1 Bn by the end of 2031
Household Cleaners Market- Household Cleaners Market is expected to surpass value of US$ 58.8 Bn by the end of 2031
Wireless Earphone Market - The global wireless earphone market is expected to reach US$ 18.2 Bn by the end of 2031, grow at a CAGR of 7.9% from 2022 to 2031
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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