The global air conditioning system market was worth US$ 114 Billion in 2019. 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 Asia Pacific, 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 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. Looking forward, IMARC Group expects the market value to reach US$ 110 Billion by 2025, growing at a CAGR of 9.80% during the forecast period (2020-2025).
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The competitive landscape of the industry has also been examined with some of the key players 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.
Key Questions Answered in This Report:
The global air conditioning system market was worth US$ 114 Billion in 2019.
As per IMARC Group estimates, the market will reach a value of US$ 110 Billion by 2025.
The global air conditioning market is primarily driven by the rising number of housing projects, the introduction of R-22 free air conditioning systems, and increasing consumer inclination toward energy-efficient and green AC system.
Leading air conditioning manufacturers are Carrier Global Corporation, Daikin Industries, Ltd., Electrolux Home Products, Inc., Haier Group, Hitachi-Johnson Controls Air Conditioning, Inc., Lennox International Inc., LG Electronics, Inc., Midea Group, Mitsubishi Electric Corporation, Panasonic Corporation and Samsung Electronics, Co. Ltd.
At present, most AC systems are distributed through specialty stores as they focus on selling a particular product range and associated items and provide better services and expert guidance to consumers.
The air conditioning system market is anticipated to exhibit a CAGR of 9.80% during 2020-2025.
Nowadays, consumers prefer AC systems with inverter technology that utilize a variable speed compressor to save energy and power up to 50%.
On the basis of the end use, there has been increasing use of AC systems in the residential sector due to the improvements in housing standards.
Asia Pacific currently exhibits a clear dominance in the market as the climate across the region is characterized by long hot summers, which has escalated the demand for lifestyle products, like AC systems.
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