IMARC Group’s latest research report, titled “Air Conditioning System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the air conditioning system market growth. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. the global air conditioning system market size reached US$ 118.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 193.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
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Air Conditioning System Market Trends:
The rising global temperatures and urbanization are driving the global market. Furthermore, continual advancements in technology have led to the development of energy-efficient and eco-friendly air conditioning systems, appealing to environmentally conscious consumers. Additionally, the growth in the construction sector, particularly in emerging economies, propels the market as new buildings often require the installation of air conditioning systems. Moreover, increasing disposable income allows more households to invest in air conditioning units, expanding the market reach. The rise in health concerns has also made air conditioning systems more desirable as they can improve air quality and reduce the prevalence of allergens. Besides, government regulations promoting energy-efficient appliances push manufacturers to innovate and meet these standards, further supporting the market growth. The expansion of commercial sectors, such as retail and hospitality, also contributes to an increased demand for sophisticated air conditioning systems.
Top Air Conditioning System Companies Worldwide:
- 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.
Global Air Conditioning System Market Growth:
The market scope is expanding due to the integration of smart technologies and Internet of Things (IoT) capabilities in air conditioning systems. The market is also benefiting from the increasing trend towards smart homes and buildings, which integrate these advanced systems for better energy efficiency and comfort. As per market analysis, there is a growing emphasis on sustainable development and the reduction of carbon footprints, leading to innovations in air conditioning technologies that conform to stricter environmental regulations. The expansion of the middle class in Asia-Pacific regions, coupled with hot climates, underpins a robust demand for residential air conditioning units, fostering market growth. Additionally, the commercial viability of air conditioning systems is enhanced by leasing options and flexible payment plans, making them more accessible to a broader audience. Furthermore, the market is seeing a shift towards air conditioning systems that can be integrated with other building management systems, which offer comprehensive control over the indoor environment, thus attracting more commercial users. The increase in global travel and tourism has led to higher investments in infrastructure, such as hotels and resorts, where air conditioning systems are essential, thus widening the market's scope.
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Key Market Segmentation:
Market Breakup by Technology:
- Inverter
- Non-Inverter
Unitary air conditioning (UAC) accounts for the majority of the market share due to its affordability and ease of installation.
Market Breakup by Product Type:
- Unitary
- Rooftop
- PTAC
- Others
Specialty stores hold the largest share in the industry as they offer a wide range of products and specialized customer service.
Market Breakup by End-User:
- Residential
- Commercial
- Industrial
Inverter represents the leading market segment due to its energy efficiency and cost-effectiveness over time.
Market Breakup by Distribution Channel:
- Specialty Stores
- Supermarkets and Hypermarkets
- Online
- Others
Commercial represents the leading market segment due to the extensive installation of AC systems in commercial buildings and industries.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Asia Pacific's dominance in the air conditioning system market is attributed to the rapid urbanization, rising incomes, and the prevalence of hot climates in many areas in the region.
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