Farmington, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The Global Air Conditioning System Market Is Estimated At USD 123 Billion In 2023 And Is Forecast To Surpass USD 198 Billion By 2031, Growing At A CAGR Of 4.8% During 2023-2031. The spread of the COVID-19 pandemic made people spend less money in 2021, which hurt the market for air conditioners. But the market is expected to come back in 2022 and grow slowly, thanks to changes in the weather and a growing demand for commercial building. Also, people are becoming more interested in ease and comfort, which is likely to keep the demand for air conditioners high over the next few years.
Air conditioning can be found in houses, shopping malls, office buildings, entertainment centers, and other places. AC is still a popular product in places that are still growing. But it's still hard to find products that are good for the world and don't cost a lot of money. The way people live inside has changed a lot because of air conditioning, especially in places that are hot and dry. They are now an important part of the machinery that makes modern places work. Also, people are likely to buy more air conditioning in the next few years as the economies of developing markets continue to grow.
Request Sample Copy of Report “Air Conditioning System Market Size, Share & Trends Estimation Report By By Type (Unitary, Rooftop, PTAC), By Technology (Inverter, Non-inverter), By End-use (Residential, Commercial, Industrial, Others), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- In June 2020, Daikin Air Conditioning India Pvt. Ltd., a subsidiary of Daikin Industries Ltd., introduced the split AC GTL28 3.
- In September 2020, Sharp Corporation launched a new AC with Plasma Culster Ion (PCI) technology to inactivate the coronavirus.
Segment Overview
Type Insights:
Unitary air conditioners brought in the most money in 2021, 39.3%, and they are also projected to grow the most over the next few years. Most homes have air units that are all in one. Since the residential market is growing, it's possible that the demand for unitary air conditioning systems will stay high. Also, a unitary AC is easy to connect to warm furnaces in the same ductwork in both business and residential buildings. It is thought that this will help the segment grow.
Packaged Terminal Air Conditioners (PTACs) and tower air conditioners are also types. The PTAC segment is projected to grow at a healthy rate of 5.1% per year from 2021 to 2028. Because more and more hotels and homes use them, package terminal air conditioners are becoming more popular. Technology improvements like the use of inverter technology, systems that use less energy, and wireless connectivity are also making PTACs more common.
Technology Insights:
The market for inverters is projected to grow at a CAGR of 7.7% from 2021 to 2028. This is because inverter AC can control the speed of the compressor motor, which helps keep the temperature fixed. It also helps save energy and power by using a variable-speed fan. Inverter technology is also likely to become more popular because it doesn't change the temperature, lasts longer, cools faster, and makes less noise than non-inverter air conditioners.
The non-inverter segment is likely to grow at a slower rate than the other section. This is because of how much energy they use, how their rhythms change, and how long they last. But the low cost of these air conditioners could help this market segment get a bigger part of the market.
End-use Insights:
The commercial segment is projected to grow at a compound annual growth rate (CAGR) of 5% over the next five years. This is because cities are growing fast and more people are looking for business space. Commercial air conditioners take up a lot of room and are usually on the roofs of buildings like shopping malls, hotels, big restaurants, movie theaters, and commercial offices. This is the place where they use the least energy. Because of this, fixing and repairing these units so that they use less energy is likely to make more businesses use air conditioning.
With a CAGR of 8.5% over the next seven years, the residential market will continue to be the most important market area for many vendors. Climate change has caused many places to get warmer over the past few years. As temperatures rise, air cooling is becoming more of a necessity than a nice thing to have. So, people are putting air units in their homes all over the world. As the earth's temperature continues to rise, this trend is likely to keep going. Because the weather is changing, it is likely that the number of home air units will grow quickly over the next few years.
Regional Outlook:
In 2020, more than 20% of the market's total income came from North America. Most of the growth in North America and other developed areas around the world is likely to come from sales to people who are replacing their old cars. The government's attempts to get more people to use energy-efficient air conditioning systems so they use less energy are also likely to help the regional market grow. Even though the COVID-19 pandemic caused the market as a whole to drop, North America and Europe gained at the same rate as the rest of the world in 2020 and were not as badly affected as the rest of the world. This is because the last three months of 2020 will be a busy time in both areas.
The COVID-9 pandemic did the most damage in the Middle East and Africa. In 2020, there was a 10% drop in the market for air conditioning systems in those areas. Several countries put limits on travel, which hurt the economies of Middle Eastern countries and led to a drop in sales. Big world events like the Qatar FIFA World Cup 2022, which will be held in the region, should help the area get back on its feet soon. In the Asia-Pacific area, too, there was a big drop in demand for air conditioners as economies got worse, businesses closed, and travel and transportation restrictions made it harder to import and export from China.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 4.8% from 2023 to 2030. |
| Revenue Forecast by 2031 | USD 198 Billion |
| By Type | Unitary, Rooftop, PTAC, Other |
| By Technology | Inverter, Non-Inverter, Others |
| By End-use | Residential, Commercial, Industrial, Others |
| By Companies | 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., Trinseo Plc, Avient Corp., Daicel Corp., Elkem ASA, Synthomer Plc, Inner |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Drivers:
People want to use less energy, so the global market for air conditioning systems is expected to grow over the next few years. People are becoming more aware of how to save energy, which makes them more likely to want air conditioning. Energy economy has become a big deal both in business and at home, especially in places like North America and Europe that are already very developed. People are looking for energy-efficient air conditioners that use less power and therefore lower the electricity bill. Because of this, makers have to come up with good ways to keep the growth going. Also, people in Europe and North America are getting rid of their old air conditioning systems and replacing them with ones that use less energy and save them money on their power bills.
People in emerging economies will have more money to spend over the next few years, which will make the world market for air conditioning systems grow. People have more money to spend in countries where the economy is growing quickly, like India and China.
Opportunities:
Places like the Asia-Pacific area and the rest of the world are likely to need more air conditioners. (RoW). As people learn more about these things, they will have a bigger share of the market in the future. As these new markets get better places to live, more people will want air conditioning systems. A lot of people in Asia, the Pacific, and the rest of the world will want air conditioning systems that use transformers or solar power. (RoW). Because these models use less energy and are better for the earth, they will become more popular.
Companies are working on ways to save energy that reduce CFC and HCFC emissions and make air conditioning systems use less energy. More people are using natural refrigerants like CO2 and ammonia because they don't hurt the ozone layer or contribute to global warming. (GWP). New, more advanced ACs are coming out with communication technology that lets you handle the AC from far away using the internet or your phone. Solar-powered and inverter-based air conditioners are popular in Japan, and they are expected to spread quickly to the rest of the world.
Restraints:
Profit margins are expected to go down over the next few years, which will slow the growth of the global market for air conditioning systems. Chinese companies sell their goods all over the world at prices that are low and competitive compared to those of other companies. Large Chinese manufacturers are teaming up with buyers from other countries, mostly in Europe and North America. Chinese companies like Gree, Midea, and Haier sell their products abroad at low prices, which slows the growth of the market. Because of this, earnings margins have gone down and investments in research and development (R&D) have taken a big hit.
Rising energy use and bad effects on the environment are likely to slow the growth of the global market for air conditioning systems over the next few years. Both producers and customers care a lot about how much energy they use. Every year, the commercial, residential, and industrial sectors use about one trillion kilowatt-hours of energy. Also, most air units use HCFC-22 and HFC, which are two of the main things that damage the ozone layer, as refrigerants.
Key Segments Covered:
Top Market Players:
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., Trinseo Plc, Avient Corp., Daicel Corp., Elkem ASA, Synthomer Plc, Inner, and others.
By Type
- Unitary
- Rooftop
- PTAC
- Others
- Others
By Technology
- Inverter
- Non-Inverter
- Others
By End-use
- Residential
- Commercial
- Industrial
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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