Air Condition (AC) Market Worth USD 176.68 billion by 2030 at 8.2% CAGR - Report by Market Research Future (MRFR)
Air Condition (AC) Market Research Report Trends and Insights by Application (Commercial, Residential, Institutional, Industrial others) By Product Type (Split, Rooftop, Indoor packaged, Chillers air conditioner, others) by Ducts (Ductless, Ducted) Competitive Market Growth, Size, Share and Forecast to 2030
New York, US, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Air Condition (AC) Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Air Condition (AC) MarketResearch Report by Application, By Product Type, by Ducts - Forecast to 2030, the market is expected to grow at Significant CAGR 8.2% from 2022 to 2030.
The term "air conditioning" refers to the method used to modify and improve the indoor air quality for the benefit of the building's occupants. This method basically functions by eliminating excess moisture and heat from closed surroundings, allowing people to modify their houses' natural environments from severe to more comfortable levels. The global market for air conditioning includes not only homes and businesses, but also the automotive sector, which is a major consumer of the technology. AC units were originally seen as a luxury, but are quickly becoming a necessity in many parts of the world. Demand for heating and cooling systems is still used as an indicator of a country's prosperity.
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|Market Size in 2030||USD 176.68 billion|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application, Product Type, Ducts and region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||demand for infrastructure as well as automobiles|
|Consumers looking for energy-efficiency and on-the-go cooling systems|
Key players in this market are identified as under:
- AB Electrolux (Sweden)
- Carrier Corporation (USA)
- Daikin Industries, Ltd. (Japan)
- Daikin Airconditioning India Pvt. Ltd. (India)
- Daikin Air Conditioning Saudi Arabia LLC (Saudi Arabia)
- GE Appliances (USA)
- Gree Electric Appliances Inc. (China)
- Johnson Controls-Hitachi Air Conditioning (Japan)
- LG Electronics (South Korea)
- Midea Group (China)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Panasonic Corporation (Japan)
- Samsung Electronics Co. Ltd. (South Korea)
- Toshiba Carrier Corporation (Japan)
- Trane Inc. (USA)
- Whirlpool Corporation (USA)
Passenger and commercial vehicles are increasingly being fitted with AC systems to suit the requirements of the specific region; AC systems are also called heating and air condition systems because they can be customised to provide heat during cold weather conditions, further increasing the impact of automotive air condition systems and the auto air condition market on the overall global AC market. Since the auto sector is expanding at a healthy clip, too, thanks to rising urbanization and the general rise in the world population, the need for air conditioning units also continues to rise steadily.
According to reports from throughout the global AC industry, after decades of fast expansion, the market is now in a stable state known as the maturity stage of the Product Life Cycle (or PLC). What this means is that even with the market as it is, the large companies will continue to enjoy the fruits of expansion for some time to come. But recent market trends suggest that technological advancements will be the primary factor propelling the worldwide AC market share in the years to come. Organizations are turning to motion-activated air conditioning systems, sensor-driven ventilation, ice-powered air conditioning systems, thermal-powered air conditioning systems, geothermal heating pumps, and other energy-efficient solutions as a result of rising environmental awareness and a driving focus on reducing carbon footprint.
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The rising cost of electricity around the world is a significant challenge for the expansion of the AC industry. When you include in the fact that trade restrictions and COVID regulations have decreased the amount of work that can be outsourced to China, you have a market with shrinking profit margins that is slowing the expansion of the global AC business. The growth tendency can be further stymied by the instability and weather uncertainty brought on by global warming.
Another key issue that will affect the size of the AC market during the forecast period is a lack of raw materials as a result of global supply chain disruptions.
As a result of the global spread of the COVID-19 pandemic, all economic activity slowed to a crawl. The global construction industry took a major damage as a result of the recent pandemic's stoppage of all activities. As a result, demand for air conditioners around the world has slowed.
Since many factories in the United States and numerous European countries, as well as the Asia Pacific region, which are the world's foremost producers of air conditioners, were forced to close, the heating, ventilation, and air conditioning (HVAC) sector took a heavy hit as well. A major drop in consumer demand around the world has also struck the HVAC business hard. Extensive analysis of the COVID-19 effect is included in the study as well.
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Unitary segment is expected to record substantial growth over the review period.
Inverter segment is likely to reach noteworthy growth over the forecast period.
Residential segment is expected to rise at a significant CAGR over the review period.
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It is projected that replacement sales will drive expansion in the North American market and other developed economies throughout the world. The regional market is predicted to rise thanks to rising government promotional initiatives aimed at increasing the adoption of energy-efficient air conditioning systems to minimize energy consumption. Although the market plummeted in 2020 due to the global spread of the COVID-19 epidemic, growth in North America and Europe remained stable. This is because of the high demand anticipated for the final three months of 2020 across both regions.
Growth in Asia and the Pacific (APAC) is forecast to be substantial over the assessment period, as well. The demand for air conditioners in the Asia Pacific region is affected by a number of factors, including the region's increasing construction of commercial and residential properties and rising preference for home-based products like air coolers, fans, and air conditioners, especially in the China and India regions.
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