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Air Conditioning Systems Market Outlook

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
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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Historical (2018 to 2022) v/s Forecast (2023 to 2033) Market Outlook for Air conditioning Systems Market

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 .

Market Dynamics

Demand dynamics of Air Conditioning Systems to flourish the Air Cooling sector.

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).

Thriving Demand for the industrial segment to expand the market for Air conditioning Systems

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.

Stringent Regulations along with Income Gaps and substitute products are Constraints the Growth

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.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Country-wise insights

What Is the Growth Outlook of the Air Conditioning Systems Market in the USA?

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

What is the market scenario of the Middle East & Africa Region during the forecasted period?

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.

Competitive Landscape

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.

  • For Instance,

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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Scope of the Report

Attribute Details
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
  • Acrylonitrile Content
  • Application
  • End Use Sector
Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia and Belarus
  • Balkan and Baltic Countries
  • Middle East and Africa
Key Countries Covered
  • USA
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • South Korea
  • China
  • Japan
  • India
  • Australia and New Zealand
  • Germany
  • France
  • Spain
  • Italy
  • Nordics
  • United Kingdom
  • Poland
  • Hungary
  • Romania
  • Czech Republic
  • Russia and Belarus
  • Kingdom of Saudi Arabia
  • Türkiye
  • Northern Africa
  • South Africa
  • Israel
Key Companies Profiled
  • 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
  • Infore Environment Technology Group Co., Ltd.
  • Taikisha Ltd.
  • Noritz Corp.
  • Zhejiang Dunan Artificial Environment Co., Ltd.
  • Uponor Oyj
  • Arbonia AG
  • SPX Technologies, Inc.
  • Lindab International AB
  • Voltas Ltd.
  • Systemair AB
  • Purmo Group Plc
  • Totech Corp.
  • Moon Environment Technology Co., Ltd.
  • Zehnder Group AG
  • Sanyo Denki Co., Ltd.
  • Blue Star Ltd.
  • Munters AB
  • Runner (Xiamen) Corp.
  • Shuangliang Eco-Energy Systems Co., Ltd.
  • LU-VE SpA
  • Amber Enterprises India Ltd.
  • AAON, Inc.
  • National Central Cooling Co. PJSC
  • Carel Industries SpALANXEO
  • Shin-Etsu Chemical Co., Ltd.
  • Xinjiang Zhongtai Chemical Co., Ltd
  • Lanxess AG
  • Kaneka Corp.
  • Trinseo Plc
  • Avient Corp.
  • Daicel Corp.
  • Elkem ASA
  • Synthomer Plc
  • Inner
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Air conditioning Systems Market Segmentation

By Type, the Air conditioning Systems Market is segmented as:

  • Industrial
  • Commercial
  • Residential
  • Automotive

By Application, the Air Conditioning Systems Market is segmented as:

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

By Technology, the Air Conditioning Systems Market is segmented as:

  • Manual
  • Automatic
  • Semi-Automatic

By Region, Air conditioning Systems Market is segmented as:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia and Belarus
  • Balkan and Baltic Countries
  • Middle East and Africa

Frequently Asked Questions

What was the value of the Air conditioning Systems market in 2023?

In 2023, the value of the global Air conditioning Systems market reached over US$ 122.37 Billion.

At what rate is the global Air conditioning Systems market projected to expand during the forecast period?

During the forecast period, the global Air conditioning Systems market is estimated to expand at a CAGR of 6.21% during 2023 to 2033.

By 2032, what will the value of the global Air conditioning Systems market be?

The global Air conditioning Systems market is projected to reach US$ 223.4 Billion by the end of 2032.

Which are the top players in the Air conditioning Systems market?

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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