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The global air conditioning system market is expected to exhibit a CAGR of 6.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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. However, there has been a decline in the sales of AC systems due to the spread of the coronavirus disease (COVID-19) as the exports of AC components from China remain suspended.
IMARC Group provides an analysis of the key trends in each sub-segment of the global air conditioning system market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, distribution channel, technology and end-use.
Breakup by Product Type:
Unitary air conditioning (UAC) systems are currently the most popular product type.
Breakup by Distribution Channel:
On the basis of the distribution channel, the majority of AC systems are distributed through specialty stores.
Breakup by Technology:
Nowadays, consumers prefer AC systems with inverter technology over conventional or non-inverter AC systems.
Breakup by End Use:
At present, there has been increasing use of AC systems in the commercial sector.
Breakup by Region:
The Asia Pacific currently exhibits a clear dominance in the market.
The competitive landscape of the industry has also been examined with some of the air conditioning system companies are being Carrier 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Product Type, Distribution Channel, Technology, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Carrier 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 and Samsung Electronics Co. Ltd.|
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According to the estimates by IMARC Group, the global air conditioning system market is expected to grow at a CAGR of 6.3% during 2022-2027.
Growing number of construction activities pertaining to residential complexes, shopping malls, hospitals, hotels, multiplexes, and auditoriums, is propelling the demand for air conditioning systems across the globe.
Increasing consumer inclination towards energy-efficient and smart air conditioning systems based on the rising environmental concerns and implementation of various governmental regulations for reducing carbon emissions, is one of the major key trends in the global air conditioning system market.
The market experienced a negative growth on account of the sudden outbreak of the COVID-19 pandemic as strict lockdowns across several nations had led to disrupted supply chains and temporary shutdown of various manufacturing units for air conditioning system.
On the basis of the product type, the market has been bifurcated into unitary, rooftop, PTAC and others. Currently, unitary air conditioning (UAC) system holds the majority of the total market share.
On the basis of the distribution channel, the market has been bifurcated into specialty stores, supermarkets and hypermarkets, online and others. Among these, specialty stores represent the largest segment.
Based on the technology, the market has been segmented into inverter and non-inverter. At present, inverter technology exhibits a clear dominance in the market.
Based on the end use, the market has been segmented into residential, commercial, and industrial. Currently, commercial holds the majority of the total market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global air conditioning system market are Carrier 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.
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