Air Conditioning System Market

Market Overview:

The global air conditioning system market size reached US$ 111.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 160.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.24% during 2023-2028.

An air conditioning (AC) system is a type of compressor-based refrigerant machine that functions by removing heat and moisture from the air and replacing it with cooler air in an enclosed space. Generally, the system comprises a compressor, evaporator and condenser coils, fan, and chemical refrigerant. The AC system creates a comfortable environment that helps in increasing human efficiency, along with circulating filtered air inside a confined space by restraining the entry of dust particles or smoke. Due to this, these systems are widely installed across the residential, commercial, and industrial spaces.

Over the years, there has been an increase in the construction of residential complexes, shopping malls, hospitals, hotels, multiplexes, and auditoriums, particularly in emerging regions like the Asia Pacific, the Middle East, North Africa, and Latin America. This has further increased the demand for AC systems for cooling and maintaining indoor air quality. Additionally, rising environmental concerns and various governmental regulations for reducing carbon emissions have led to increased consumer inclination toward energy-efficient and green AC systems globally. In addition to this, the launch of various government initiatives for promoting the need for eco-friendly product variants has also augmented the market growth. For instance, the ‘Super-Efficient Air Conditioning Program’ was launched by the Energy Efficiency Services Limited, Government of India, for replacing conventional AC systems with their new and eco-friendly counterparts. Moreover, with the advent of the latest technologies, several manufacturers are introducing R-22 free systems to minimize heat emissions, thereby providing a positive thrust to the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global air conditioning system market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, distribution channel, technology and end-use.

Breakup by Product Type:

• Unitary
• Rooftop
• PTAC
• Others
   

Unitary air conditioning (UAC) systems are currently the most popular product type.

Breakup by Distribution Channel:

• Specialty Stores
• Supermarkets and Hypermarkets
• Online
• Others
   

On the basis of the distribution channel, the majority of AC systems are distributed through specialty stores.

Breakup by Technology: 

• Inverter
• Non-Inverter
   

Nowadays, consumers prefer AC systems with inverter technology over conventional or non-inverter AC systems.

Breakup by End Use:

• Residential
• Commercial
• Industrial
   

At present, there has been increasing use of AC systems in the commercial sector.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The Asia Pacific currently exhibits a clear dominance in the market.

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the air conditioning system companies are being Carrier Global Corporation, DAIKIN INDUSTRIES, Ltd., Electrolux North America, Inc., Haier Group Corporation, Hitachi-Johnson Controls Air Conditioning Inc., Lennox International Inc., LG Electronics Inc., Midea Group Co., Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., etc.

Report Coverage: