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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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