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According to Future Market Insights’ most recent market study, the Air conditioning syste market will be valued at US$ 122.37 Billion by 2023. The Air Conditioning Systems market value is expected to reach US$ 223.4 Billion by 2033, with a steady growth rate of 6.21%.
Attributes | Details |
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Market Size 2023 | US$ 122.37 Billion |
Market Size 2033 | US$ 223.4 Billion |
Value CAGR (2023 to 2033) | 6.21% |
Collective Value Share: Top 3 Countries (2023E) | 35% to 40% |
Air Conditioning’s primary structure is based upon coolant, compression and condensation-based equipment, their application is to cool the internal/external air and keep the space at a conditioned temperature.
Its uses are classified under industrial type, Commercial type, Automotive type and Residential type. Under the industry segment, manufacturing plants have their own centralized air conditioning system to minimize the cost structure and other types are based on the performance and cooling requirements of the establishment.
Population increase, rising consumer income, and expansion of the construction industries are indirectly supporting the growth factor of Air Conditioning Systems, winter and rainy conditions of weather, Government Norms for Coolants use and global warming with the rise in substitute products like cooler and chillers are restraints for Air Conditioning Systems Market.
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The market for Air Conditioning Systems grew at a compound annual growth rate (CAGR) of 4.70% from 2018 to 2020. The global pandemic in 2019 has influenced almost every industry, viruses are transmitted by air condition systems as per the Covid guidelines, and these guidelines have boosted air conditioning research and design to develop Covid free Air Condition Systems, Now, Panasonic and Nordis are manufacturing Nanotechnology based Covid proof Air Condition Systems. In a recent research study, the Air Conditioning System market is projected to expand at a CAGR of 6.21% over the forecasted period .
Air conditioning systems are used widely, including in homes, retail establishments, offices, and entertainment venues. Eco-friendly products are in high demand in underdeveloped countries, Air Conditioning Systems have 5-Star ratings and which creates an extra cost to the system and the pocket of the consumer. Primarily in hot and dry regions, air conditioning systems have had a major role in changing the indoor atmosphere, becoming an important factor in the infrastructure that enables modern buildings.
it is projected that demand for AC will increase as economic growth in developing nations continues and is driven by factors like the tourist and construction industries' expansion. Latin America can be seen as a potential market for Air Conditioning Systems due to Higher temperature regions and the upcoming proposed 85(30+ Floors) building constructions will move the demand for Air conditioning systems. The demand for Air Conditioning Systems increased in the Middle East and Africa due to high-temperature regions and proposed Building construction around 111 (30+ Floors).
In the period of 2023 to 2033, the market for Air Conditioning Systems is increasing in the demand for rubber components across the globe, the product's rising prospects of applications in automotive (Car, Bus, Railways), Manufacturing Plants, a rising need for 5-Star efficiency, a growing population, and a recovering construction sector would all contribute to the expansion of the Air Conditioning Systems market during the projected period.
The market expansion of Air Conditioning Systems is expected to be constrained in the 2023 to 2033 timeframe by factors such as the income gap of consumers, Costlier product range and availability of large no of substitute products such as coolers, fans, and chillers.
The United States dominates the market for Air Conditioning Systems since it is a sizable industrialized country with a wide array of large medium and small businesses. The country is famous for having an active business community. A surge in foreign direct investment in the economic expansion of North America is changing the scenario. Considerable expansion of e-commerce, logistics, and highly efficient designs for large towers, the proposed construction building around 460 buildings are driving the demand for Air Conditioning Systems in the USA
The Middle East and Africa region are expanding at moderate rates during the projection period as a result of the higher demand in the region's dry area, and an increase in the construction of infrastructures will lead to the consumption of new Air Conditioning Systems demand.
To meet the expanding demands of end consumers, market participants are investing globally to increase their research and development of Air conditioning systems as Tecogen an air conditioning system manufacturer launched Smart Hybrid-Drive Air-Cooled Chiller at AHR 2023 to defend the existing competition of the market with these construction trends suggest that there is a significant global growth potential for the Air Conditioning Systems market.
In 2022, the Top five sellers of Air Conditioning Systems Worldwide Daiken Industries Ltd., Johnson Controls International Plc, Carrier Global Corp., Trane Technologies Plc, Melrose Industries Plc
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Attribute | Details |
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Growth Rate | CAGR of 6.21% from 2023 to 2033 |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2023 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in US$ Billion for Value, Volume in Units, and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered |
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Regions Covered |
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Key Countries Covered |
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Key Companies Profiled |
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Customization & Pricing | Available upon Request |
In 2023, the value of the global Air conditioning Systems market reached over US$ 122.37 Billion.
During the forecast period, the global Air conditioning Systems market is estimated to expand at a CAGR of 6.21% during 2023 to 2033.
The global Air conditioning Systems market is projected to reach US$ 223.4 Billion by the end of 2032.
The key players operating in the Air conditioning Systems market are Daikin Industries, Johnson Controls International Plc, Carrier Global Corp., Trane Technologies Plc, Melrose Industries Plc, Watsco, Inc., Alfa Laval AB, Lennox International, Inc., Generac Holdings, Inc., NIBE Industrier AB, Rinnai Corp.Takasago Thermal Engineering Co., Ltd, Fujitsu General Ltd., Ariston Holding NV, Beijer Ref AB and various others.
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