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Air Conditioning Systems Market

Market Insights on Air Conditioning Systems covering sales outlook, demand forecast & up-to-date key trends

Air Conditioning Systems Market By Technology (Manual, Semi-automatic, Automatic), Type (Room Air Conditioners, Packaged Air Conditioners, Split Air Conditioners, Mini Split Air Conditioners), Application (Industrial Air Conditioning, Commercial Air Conditioning) & Region - Forecast to 2022-2032

Air Conditioning Systems Market Overview

The global air conditioning systems market is expected to garner momentum at a moderate rate of CAGR 6.2% from 2022 to 2032.

 “Air conditioning systems can be classified into various types and portable air conditioners are going to offer abundant opportunities to market players.”

The global market for air conditioning systems is expected to witness an incremental use of solar power over conventional energy sources.

Furthermore, stringent regulations imposed upon the energy consumption through electronic applications including air conditioning systems will further trigger the sales of solar powered production in the market, in the coming years.

Attributes

Details

 Air Conditioning Systems Market Size (2020)

US$ 106.60 Bn

Air Conditioning Systems Market CAGR (2022-2032)

6.2%

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Which Section of the Air Conditioner System Market Generated the Highest Revenue?

“Demand for split air conditioners and packaged air conditioning systems will witness an upsurge mainly due to the rising permit rates for construction as well as their ease of installation, low initial cost, and lower noise levels.”

Improved dispensable income of consumers along with the rising standards of housing are attributed for the increasing demand for room air conditioners across the residential sector.

As a result, more than 40% of the revenue share in the global air conditioning systems market is accounted for by the residential sector. In the coming years, the demand for air conditioning systems in the commercial sector will be concentrated across the construction industry, food & beverage, as well as healthcare industry.

Furthermore, the Portable air conditioning systems are also witnessing high demand owing to the compact nature and high efficiency, which will further trigger manufacturers to offer more innovative features in this segment of the market.

Nikhil Kaitwade
Principal Consultant
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How did COVID-19 Impact the Sales of the Market?

“Manufacturers modify their business strategies and involve into product innovation in order to sync with the consumer demand amid the market conditions set during the post-pandemic period.”

Various conclusions drawn by the study include that the virus can be kept afloat by various complex patterns created by ventilation systems, and this has contributed to triggering the fear among customers.

In recent months, many governing bodies across the world introduced guidelines about the use of air conditioning systems and ventilation to control the spread of COVID-19 in residential areas as well as in commercial spaces.

What are the Key Strategies Adopted by Market Players?

“Rapidly expanding industrial activities as well as increasing disposable income of consumers will continue to create lucrative opportunities for players in the air conditioning systems market, especially in the Asia Pacific.”

With a one-third revenue share, the Asia Pacific region has been dominating this landscape since 2013. Growing sales of air conditioning systems in South Asian countries, including China and India, have contributed to the growth of the market. However, it has also put an immense stain on the already-volatile environment across the region

In January 2020, Daikin announced that it will be launching its next generation VRV 5 S-series in Europe in the third quarter of this year.

Daikin’s new VRV 5 S-Series is anticipated to be more compact than its mini-VRV IV S-Series introduced in 2015, with a 10% volume reduction and 40% height reduction, as the company is aiming to limit its target audience to small commercial offices and retail establishments.

In June 2020, Voltas Limited - an Indian Home appliances company specialising in air conditioning and cooling technology - announced that it has launched a new line of surface disinfectant solutions engineered based on Ultraviolet Light (UVC)  along with its line of engineered UVC-based air and duct disinfectant solutions.

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Key Segments

Attributes

Details

Forecast period

2022-2032

Historical data available for

2015-2020

Market analysis

US$ Bn for Value, Units for Volume

By Application

  • Industrial Air Conditioning
  • Commercial Air Conditioning
  • Residential Air Conditioning
  • Automotive Air Conditioning

By Type

  • Room Air Conditioners
  • Packaged Air Conditioners
  • Split Air Conditioners
  • Mini Split Air Conditioners
  • Ductless Air Conditioners
  • Terminal Air Conditioners
  • Central Air Conditioners
  • Portable Air Conditioners
  • Packaged Central Air Conditioners

By Technology

  • Manual
  • Semi-automatic
  • Automatic

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Players

  • Haier Inc.
  • MAHLE GmBH
  • Ingersoll-Rand plc
  • Carrier Corporation
  • Keihin Corporation
  • Electrolux
  • Hanon Systems
  • Calsonic Kansei Corporation
  • DAIKIN INDUSTRIES, LTD.
  • Mitsubishi Electric Corporation.

Frequently Asked Questions

The global air conditioning systems market is expected to register a CAGR of 6.2% from 2022 to 2032.

The residential sector is the most profitable in the market, accounting for 40% of overall revenue.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Air Conditioning Systems Market