With the advent of latest technologies, the top air conditioning system manufacturers are focusing on the introduction of R-22 free systems to minimize heat emissions. However, the sudden outbreak of the coronavirus disease (COVID-19) has negatively impacted the sales of AC systems. This can be accredited to the lockdowns imposed by governing agencies of several countries, adoption of social distancing practices by individuals to curb the spread of the pandemic, as well as the temporary closure of manufacturing units that produce AC components. According to IMARC Group, the global air conditioning system market size reached US$ 110 Billion in 2019. Looking forward, the market is projected to grow at a CAGR of around 9.80% during 2020-2025.
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List of Top Air Conditioning System Market in Worldwide:
Carrier Global Corporation
Headquarters: Florida, United States
Carrier Global Corporation is an electrical component company that operates through three segments, including Heating, Ventilation and Air Conditioning (HVAC); Refrigeration; and Fire and Security. The HVAC segment offers products, controls, services and solutions to meet the heating and cooling requirements of residential and commercial end users. The Refrigeration segment comprises transport refrigeration, commercial refrigeration products and solutions. The fire and security segment includes a wide range of residential and building systems, such as fire, flame, gas, smoke and carbon monoxide detection.
Daikin Industries, Ltd.
Headquarters: Osaka, Japan
Daikin Industries, Ltd. is one of the leading Japanese manufacturers of commercial air conditioning systems and refrigeration units. The company has expanded into the residential air conditioning business and added production in the areas of oil hydraulics and computer-aided design/manufacturing (CAD/CAM).
Electrolux North America, Inc.
Headquarters: North Caroline, United States
Electrolux North America, Inc. operates in more than 150 countries as the largest appliance manufacturer. The company manufactures and sells various household appliances, such as ovens, refrigerators, washing machines, dishwashers, vacuum cleaners, lawnmowers and chain saws. It also offers professional food service and laundry equipment utilized by hotels, restaurants, and laundromats.
Haier Group Corporation
Headquarters: Qingdao, China
Haier Group Corporation has grown significantly to capture the number two position in its core refrigerators segment, trailing only the United States' Whirlpool. However, the company has acquired lead in China, accounting for more than one-third of all-refrigerators sold each year.
Johnson Controls-Hitachi Air Conditioning India Ltd.
Earlier known as Hitachi Home & Life Solutions (India) Limited (HHLI), Johnson Controls-Hitachi Air Conditioning India Ltd. is engaged in the manufacturing, selling and trading of Hitachi brand of air conditioners (ACs), refrigerators, washing machines, air purifiers, chillers and variable refrigerant flow (VRF) systems. It also provides the hot and cold range of products in both splits and windows.
Lennox International Inc.
Headquarters: Texas, United States
Lennox International Inc. is a provider of climate-control solutions. The company designs, manufactures and distributes a range of products for the heating, ventilation, air conditioning and refrigeration (HVACR) markets. It operates through three segments, including Residential Heating & Cooling, Commercial Heating and Cooling, and Refrigeration.
LG Electronics Inc.
Headquarters: Busan, South Korea
LG Electronics Inc. is engaged in the production and distribution of electronic products. The company operates its business through seven segments, including Home Appliance and Air Solution (H&A), Home Entertainment (HE), Mobile Communication (MC), Vehicle Component (VC), Business-to-Business (B2B), and others.
Headquarters: Foshan, China
Midea Group manufactures, markets and installs household electrical appliances, compressors and components. The company also provides services in information technology (IT), corporate investment consultation, software and hardware development, property management and corporate engineering supports.
Mitsubishi Electric Corporation
Headquarters: Tokyo, Japan
Mitsubishi Electric Corporation is engaged in the comprehensive electric business. The company operates in six business segments, including Heavy Electrical Systems, Industrial Mechatronics, Information & Communication System, Electronic Device, Home Appliances and others.
Headquarters: Osaka, Japan
Panasonic Corporation develops a wide range of electronics and solutions. The company operates through five segments, including Appliances, Eco Solutions, AVC Networks, Automotive & Industrial Systems, and others.
Samsung Electronics Co. Ltd.
Headquarters: South Korea
Samsung Electronics Co. Ltd. is primarily engaged in the manufacturing and distribution of electronic products. The company operates its business through four segments. The Information Technology (IT) & Mobile Communications (IM) segment manufactures computers, handhold phones (HHPs), network systems, digital cameras and others. The Device Solutions (DS) segment offers semiconductor and display parts. The Consumer Electronics (CE) segment produces color televisions (CTVs), monitors, printers, air conditioners, refrigerators, laundry machines and others. The Harman segment manufactures head units, infotainment, telematics, speaker, among others.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the global air conditioning system market, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development