Redding, California, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘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,’ the air conditioners market is projected to reach $231.3 billion by 2029, at a CAGR of 5.4% from 2022 to 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.
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An air conditioner is a system used to cool down a space by removing heat from it and moving it outside. The benefits of conditioners are reduced humidity, asthma, and allergies, better air quality, improved concentration and mental well-being, enhanced security measures, fewer insects and parasites, and protection of furniture and personal belongings across residential spaces. The growth of this market is mainly driven by the growing demand for energy-efficient air conditioners, increasing use of commercial air conditioners in the industrial sector, and growing consumers' inclination toward convenience and comfort. In addition, the increasing adoption of air conditioners with inverter and air purification technologies is expected to offer significant opportunities for the growth of this market. However, the high costs of air conditioners may restrain the market growth. Connected air conditioners and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems are major trends in this market.
Impact of COVID-19 on the Air Conditioners Market
Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the air conditioners market. Many air conditioner manufacturers were under immense pressure due to the COVID-19 pandemic. Currently, most countries have shifted their focus from responding to the pandemic to economic recovery; hence, various growth opportunities are expected to emerge for the players operating in the air conditioners market due to the surging demand for energy-efficient air conditioners. According to HARDI (Heating Air-conditioning & Refrigeration Distributors International) (U.S.), the average distributor saw a 19% decline in sales between April 2019 and April 2020.
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Only a few businesses were willing to spend on HVAC projects during the lockdown. The loss of jobs also impacted consumers’ spending behavior. HVAC businesses experienced demand fluctuations as contractors could not enter people’s homes for sales and installation due to social distancing guidelines. This decreased the demand and sales of HVAC products. Additionally, the disruption of supply chains impacted contracting, distribution, warehousing, and manufacturing companies.
During the pandemic, medical facilities required clean, fresh air to keep people healthy, sustaining the demand for HVAC equipment. With most people vaccinated now, customers are willing to spend on HVAC products and allow contractors and technicians to enter their homes and workplaces to complete the required installations or repairs. As supply chains are recovering and the demand for HVAC services continues to rise, companies are looking to invest in HVAC projects.
Several leading players in the air conditioners market were eying this health crisis as a new opportunity for restructuring and revisiting their existing strategies along with the development of an advanced product portfolio. For instance, in 2020, Daikin Industries, Ltd. (Japan) partnered with WASSHA Inc. (Tanzania) to establish a new company Baridi Baridi Inc., to conduct an air conditioner subscription business and build service networks. In another instance, in 2020, Robert Bosch GmbH (Germany) launched the Air Flux series, an energy-efficient and convenient Variable Refrigerant Flow (VRF) system for indoor air conditioning and intelligent control units.
The air conditioners market is segmented by type (window ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted ACs, and other conditioner types), tonnage (up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10 Ton), technology (inverter ACs and non-inverter ACs), rating (1 star ACs, 2 star ACs, 3 star ACs, 4 star ACs, and 5 star ACs), end user (residential end users, commercial end users, and industrial end users), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on type, the air conditioners market is broadly segmented into window ACs, split ACs, VRF systems, centralized/ducted ACs, and other conditioner types. In 2022, the split ACs segment is expected to account for the largest share of the global air conditioners market. The large market share of this segment is mainly attributed to the growing demand for energy-saving air conditioners and lower noise levels.
However, the centralized/ducted ACs segment is projected to register the highest CAGR during the forecasted period due to the rising demand for energy-efficient and sustainable ducted air conditioning systems in developing countries are responsible for the growing demand for centralized/ducted ACs segment.
Based on tonnage, the air conditioners market is broadly segmented into up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10 ton. In 2022, the up to 2 ton segment is expected to account for the largest share of the global air conditioners market. The large market share of this segment is mainly attributed to the increasing demand for custom features for small homes or office spaces and increasing demand for up to 2 ton air conditioners across emerging economies.
Based on technology, the air conditioners market is broadly segmented into inverter ACs and non-inverter ACs. In 2022, the inverter ACs segment is expected to account for the largest share of the global air conditioners market. This segment is projected to register the highest CAGR during the forecasted period. This segment's large market share and fast growth rate are mainly attributed to the growing awareness of the energy-efficiency properties of inverter technology air conditioners, lower power consumption, and rising temperature and humidity levels.
Based on rating, the air conditioners market is broadly segmented into 1 star ACs, 2 star ACs, 3 star ACs, 4 star ACs, and 5 star ACs. In 2022, the 3 star ACs segment is expected to account for the largest share of the global air conditioners market.However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period. The growing demand for more energy-efficient ACs, the increasing need to reduce electric consumption, and higher cooling capacity are responsible for the demand for the 5 star ACs segment.
Based on end user, the air conditioners market is broadly segmented into residential, commercial, and industrial. In 2022, the residential segment is expected to account for the largest share of the global air conditioners market. This segment is projected to register the highest CAGR during the forecasted period. The large market share of this segment is mainly attributed to the wide acceptance of smart home technology, the introduction of advanced residential air conditioners with advanced features, the trend for developers to offer air-conditioned apartments, and the rising need to improve indoor air quality.
Based on geography, the air conditioners market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share. The region is also projected to register the highest CAGR of the air conditioners market. The growth of this market is mainly attributed to factors such as increasing emphasis on agreements to provide air conditioning systems for urban transportation systems, growing construction activities across residential and commercial infrastructure, efforts by leading AC providers to launch AC products in Japan and India, different real estate projects & public-private investments in various residential, industrial and commercial development areas across the region, and the advent of environmental regulations for energy-efficient cooling systems.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the air conditioners market are 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), and American Standard Companies Inc. (U.S.).
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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 to 2Ton
- 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
Air Conditioners Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Sweden
- Belgium
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Indonesia
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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