Dublin, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The "Air Conditioning Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Air Conditioning Systems Market to Reach 148.7 Million Units by 2026
Air conditioning is a process that allows cooling, heating, and ventilation of indoor atmosphere. Although the term `air conditioning` is predominantly associated with the cooling process, the process of Air Conditioning Systems also involves humidity control and air cleaning as its key functions.
A major growth driver in the market is the growing consumer awareness over energy efficiency amid rising energy bills and climate change challenges. Energy efficient equipment will witness major gains in the coming years. Amid the COVID-19 crisis, the global market for Air Conditioning Systems estimated at 107.9 Million Units in the year 2020, is projected to reach a revised size of 148.7 Million Units by 2026, growing at a CAGR of 5.6% over the analysis period.
Room Air Conditioners, one of the segments analyzed in the report, is projected to record 5.9% CAGR and reach 132.4 Million Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Air Conditioners segment is readjusted to a revised 3.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at 14.3 Million Units in 2021, While China is Forecast to Reach 65.9 Million Units by 2026
The Air Conditioning Systems market in the U.S. is estimated at 14.3 Million Units in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 65.9 Million Units by the 2026 trailing a CAGR of 6.7% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR. Research studies have shown that coronavirus could spread through shared air. As per a study conducted by the University of Oregon, coronavirus was found in about 25% of the HVAC systems of hospitals that were treating patients suffering from COVID-19.
Thus, they established that sharing the same air space as coronavirus patients could lead to the spreading of the infection. As a result, air conditioning systems, ventilation, and heating systems are being upgraded prior to reopening of the buildings. Such expensive upgrades are leading to increased demand for portable filter machines and air monitoring systems.
Room Air Conditioners Segment to Reach 132.4 Million Units by 2026
Room air conditioners, often synonymously termed window air conditioners, are mostly used in residential sector. These are highly popular as maintenance and replacement costs are low. Global market for Room Air Conditioners segment is estimated at 94.3 Million Units in 2020, and is projected to reach 132.4 Million Units by 2026 reflecting a compounded annual growth rate of 5.9% over the analysis period.
China constitutes the largest regional market for Room Air Conditioners segment, accounting for 45.3% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 6.8% over the analysis period, to reach 62.9 Million Units by the year 2026.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- 2020 Marked as a Year of Disruption & Transformation
- COVID-19 Pandemic Significantly Impacts Demand for Air Conditioners Worldwide
- Pandemic Drives Efforts to Upgrade HVAC Systems
- An Introduction to Air Conditioning Systems
- Air Conditioners by Equipment Type
- Residential Air Conditioners
- Packaged Air Conditioners
- Compressors in Air Conditioning Systems
- Parts & Accessories Used in Air Conditioning Systems
- Air Conditioning Systems by End-Use
- Air Conditioning Systems: Climate Change and Rising Temperatures Influence Market Growth
- Room Air Conditioners: The Largest Category
- Commercial Air Conditioning Market on Growth Path
- Developing Economies to Spearhead Long-term Growth
- Competition
2. FOCUS ON SELECT PLAYERS(Total 288 Featured)
- AB Electrolux
- Carrier Corp.
- Daikin Air Conditioning Saudi Arabia LLC
- Daikin Airconditioning India Pvt. Ltd.
- Daikin Industries, Ltd.
- GE Appliances
- Gree Electric Appliances Inc.
- Johnson Controls-Hitachi Air Conditioning
- LG Electronics
- Midea Group
- Mitsubishi Heavy Industries Ltd.
- Panasonic Corp.
- Samsung Electronics Co., Ltd.
- Toshiba Carrier Corp.
- Trane Inc.
- Whirlpool Corp.
3. MARKET TRENDS & DRIVERS
- Residential and Commercial Construction Activity: An Important Indicator of Growth
- Deployment of Environment-Friendly Refrigerants Increases in ACs
- Green Refrigerants to Replace Hydro Fluorocarbons
- Mandatory Guidelines Drive Focus onto Energy Efficient AC Systems
- Rise in Adoption of DeVAP systems
- Climate Change: An Important Driving Factor for Energy-efficient Air Conditioning Systems
- Low-GWP A/C Systems Facilitate GHG Emissions Reduction
- Inverter Air Conditioners Find Favor among Consumers
- Split ACs and Mini-Splits Surge in Demand
- Alternative Energy Sources Garner Attention in Air Conditioning Market
- Solar Powered Air Conditioning Systems Gain Traction
- Growing Replacement and Refurbishment Demand for HVAC Systems
- Drop in Hospitality Industry Hits Demand for Air Conditioning Systems
- Air Conditioning Systems: Innovation Trends
- Start-ups Offer Innovative Solutions
- Smart Air Conditioning On The Rise
- Smartphone-Enabled AC Systems: A Key Innovation
- AI Improves Energy Efficiency in Heating & Cooling Systems of Buildings
- Cloud-Connected Air Conditioning Systems Enable Creation of Smart and Efficient Facilities
- Energy Challenge Facing ACs Market
- Online Sales Continue to Grab Market Share
- Favorable Demographic Trends influence Market Prospects
- Ballooning Global Population
- Rapid Pace of Urbanization
- Growing Middle Class Population
- Rising Standards of Living
- Market Challenges
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
UNITED STATES
- Market Overview
- COVID-19 Pandemic Impacts Market Growth
- Recovery in Construction Activity Benefit Demand in Residential and Non-Residential Applications
- Commercial Construction Sector
- Ductless Systems Find Favor in the US
- Demand for Energy Efficient Products on the Rise
- Market Analytics
CANADA
JAPAN
- Market Overview
- AC Industry Focuses on Efforts toward Energy Conservation
- Domestic Players Lead Japanese Room AC Market
- Market Analytics
CHINA
- Market Overview
- China: The Global Manufacturing Hub
- Demand Rises for Eco-Friendly Appliances in China
- Efforts to Phase Out Usage of ODSs in Air Conditioners
- R290 to Replace HCFC-22 as Refrigerant in RACs
- E-Commerce: An Emerging Trend in the Market
- Competition
- EXHIBIT 19: Chinese Residential Air Conditioners Market Breakdown by Leading Competitors (in %): 2020E
- Market Analytics
EUROPE
- Regulatory Initiatives Drive Demand for Energy Efficient Appliances
- Split ACs Continue to Dominate
- Central and Eastern Europe: The New Focus Area for Market Growth
- Phase Out of R22 Calls for Alternate Refrigerants
- Market Analytics
FRANCE
GERMANY
ITALY
UNITED KINGDOM
SPAIN
RUSSIA
TURKEY
REST OF EUROPE
ASIA-PACIFIC
AUSTRALIA
- Market Analytics
INDIA
- Market Overview
- Residential Air Conditioners Market: Poised for Growth
- Energy-Efficient Products Foray into the Market
- Competitive Landscape
INDONESIA
MALAYSIA
PHILIPPINES
SOUTH KOREA
TAIWAN
THAILAND
VIETNAM
LATIN AMERICA
ARGENTINA
BRAZIL
MEXICO
REST OF LATIN AMERICA
MIDDLE EAST
IRAN
ISRAEL
SAUDI ARABIA
UNITED ARAB EMIRATES
- Environment Friendly Air Conditioning Witnessing Growth
REST OF MIDDLE EAST
AFRICA
IV. COMPETITION
- Total Companies Profiled: 130
For more information about this report visit https://www.researchandmarkets.com/r/7j1ywm
