Dublin, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The "Air Conditioners Market Report, Forecast by Countries covered in Commercial Air Conditioners Market, Room Air Conditioners Market, Types, Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global air conditioner market was estimated at US$ 148.57 billion in 2023, this industry has been estimated to be valued at US$ 257.20 billion by 2032. This particular scenario results to a compound annual growth rate (CAGR) of 6 .29 percent during 2024-2032
The general increase in demand for air conditioners can be increase in humidity levels, extremely high temperatures and increasing air pollution in towns. Such factors have called for the increase in the use of the air conditioners which has boosted the air conditioner market due to fast deteriorating climate and environmental conditions. 
Air conditioners play important roles worldwide in many industries, and their demand is growing day by day. They do so in homes and business premises by regulating indoor temperatures for humans, particularly in regions that receive temperatures and humidity. Such comfort is taken to workplaces where air conditioning improves performance and welfare of employees.
There is provision of air conditioning systems as protectors of sterile areas in hospitals and laboratories in the health sector. Temperature and humidity are critical factors used by industries when it comes to processing their products and protecting their machinery. A significant contribution to transport is also made by air conditioning to provide comfort to the passengers in cars, airplane and ships etc.
Growth Factors in the Air Conditioners Industry
Climate Change and Rising Global Temperatures:
Climate change is global warming that is constantly raising the average temperature of the global climate system, which results in heatwaves. Thus, it increases the need for air conditioning systems in residential, commercial, and industrial industries. Places that earlier required cooling was less but now the temperature range in those areas has increased thereby increasing demand for air conditioning.
Also, with more frequent occurrence of natural disasters, such as hurricanes, air conditioning is considered a requirement rather than a luxury. Another factor that enhances the incorporation of better and more efficient and sustainable cooling technologies is the call for climate change adaptation in the development and design of urban structures. Manufacturers therefore spend capital resources on creating environment friendly technologies and efficient models to meet this increasing demand and need for the environment.
Technological Advancements and Smart Home Integration:
The air conditioning industry has been undergoing technological advancement especially in the smart and connected devices. Today, air conditioning systems can be IoT nodes to remotely control, to program, and to interconnect with other IoT systems. These features contribute to users' comfort and energy consumers' satisfaction by allowing them to set an appropriate temperature with adaptive control to users' presence and preferences.
Innovation has developed vast sensors and refined algorithms in an effort to enhance the efficiency of the air conditioning devices in maintaining comfort while using the least amount of power. Better compressor design, better and less-harming refrigerants, advancements in heat exchanger technologies are also giving the forward-thinking solutions to design better, efficient, and damaging less cooling systems. It does this by elevating product options, creating new markets, and improving chances.
Urbanization and Economic Growth in Developing Markets:
In Asia and Africa, where urbanization and economic development is rapidly on the increase, demand for air conditioning is rapidly growing. Cities get larger and standards of living rise, this means there is more people belonging to the middle class whom are willing to spend their money on things such as air conditioning. Rapid development of construction activities in these areas mainly in the form of residential and commercial buildings is leading to a growing requirement to install cooling systems on a large scale.
Besides, an expansion and a transformation of markets along with an increase in temperature improvement requirements for offices, shops, and industrial premises. This trend is supplemented by action by the government to enhance energy facilities and support energy saving in the construction of buildings to encourage the use of innovative air conditioning technologies.
Europe Air Conditioners Market Overview:
The factors that are driving the European Air Conditioners Market include: Heat waves are arising more often and are more severe due to climate change hence increasing cooling needs for both buildings and homes. Traditionally air condition dominated countries like Italy, Spain and France have increasingly turned to air conditioning.
The market has features such as self-efficiency in utilizing energy to the greatest maximum allowable, focused on the EU legislation requirements and the necessity to save the environment. This has resulted into the creation and use of environmentally friendly refrigerator gasses and the efficiency of models. Demand of smart and connected air conditioning systems is increasing and they can become part of smart home automation and energy control systems.
Market for building integration is also boosted by the offices establishments, retailers, and the hotel industry. However, the market has some barriers; these are high fixed costs and perceived high energy usage. However, the European air conditioner market is still poised to grow, with technology and design advancements providing a strong force in the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 890 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $148.57 Billion |
| Forecasted Market Value (USD) by 2032 | $257.2 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Company Analysis:
- Daikin Industries
- Carrier
- Electrolux
- Emerson Electric Company
- Hitachi-Johnson Controls Air Conditioning Inc.
- Trane Technologies plc
- Mitsubishi Heavy Industries Ltd
- Ingersoll-Rand plc.
Global Air Conditioner (AC) - Market breakup in 2 viewpoints:
- Commercial Air Conditioners Market
- Room Air Conditioners Market
Country - Market breakup in 2 viewpoints:
- Commercial Air Conditioners Market
- PAC
- VRF
- Room Air Conditioners Market
- Window-Type
- Split-Type
- United States
- Canada
- Russia
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
- China
- Vietnam
- Philippines
- India
- Australia
- Thailand
- Malaysia
- Indonesia
- New Zealand
- Brazil
- Mexico
- South Africa
- Saudi Arabia
- United Arab Emirates
Rest of the World
Type - Market breakup in 5 viewpoints:
- Split Type (Single)
- Split Type (Multi)
- PAC
- VRF
- Others
For more information about this report visit https://www.researchandmarkets.com/r/jvpytw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
