Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Air-Conditioning Equipment Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The newest industry analysis on the global air-conditioning equipment market has been published, providing valuable insights into the sector's current trends, growth drivers, and future opportunities. The report explores the dynamics of the market from 2017, through a detailed investigation of the period up to 2027, and forecasts extending to 2032.
Fueled by burgeoning construction activity, rapid urbanization, increasing disposable income, and a demand uptick for air-conditioners, the market grew substantially to reach nearly $220.73 billion in 2022. With a projected CAGR of 4.7% from 2022 to 2027, the sector's value is expected to surge, highlighting robust opportunities in energy-efficient and smart air-conditioning solutions shaped by intensifying global temperatures and regulatory landscapes.
The report segments the market by product type, revealing that unitary air conditioners are not only dominating the space but also poised for expedited growth, anticipated to lead the charge with a CAGR of 5.0% between 2022-2027. Additionally, components like compressors currently hold the largest market share—36.3% in 2022—and refrigerants are projected to experience the fastest growth rate.
When analyzed by application, the residential sector emerges as the most significant segment, claiming 38.2% of the market share in 2022, and is expected to maintain its lead with the quickest growth rate in the application category. Geographic analysis unveils that the Asia Pacific region is the market leader, making up over half of the global market share; however, the Middle East and Eastern Europe are identified as potential hotspots for future accelerated growth rates.
The competitive landscape of the global air-conditioning equipment market is relatively fragmented with key players such as Daikin Industries Ltd., Midea Group Co. Ltd., and Haier Group laying the groundwork. The combined efforts of these top competitors account for a significant portion of the market, driving innovation and shaping industry dynamics.
- Wind-Free Technology: Manufacturers are capitalizing on wind-free systems to deliver comfort without the discomfort of direct cold airflow.
- Smart and Connected Systems: Adoption of IoT and AI for enhanced user control and energy management is expanding within the sector.
- Sustainable Refrigerants: With environmental regulations tightening, the market is pivoting to eco-friendly refrigerants with lower global warming potential (GWP).
A selection of companies mentioned in this report includes
- Daikin Industries Ltd
- Midea Group Co. Ltd
- Haier Group
- Carrier Global Corporation
- Hitachi Ltd
For more information about this report visit https://www.researchandmarkets.com/r/krtn36
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