Air Conditioning Systems Market Report 20222 Asia Pacific is Fastest Growing Market

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According to Vision Research Reports, the air conditioning systems market size is expected to hit around US$ 180.15 billion by 2030 from valued at US$ 112.60 billion in 2020.

Global air conditioning system market is expected to grow at a significant pace 7.2% as a result of the requirement to keep healthy indoor air being damaged from thermal environmental factors including temperature, humidity, and air pressure. Majority of the companies are working on energy efficient products as a result of rising consumer awareness towards the requirement of energy conservation. Moreover, concerns associated with air pollution have also spurred the demand for air purifying technologies, a trend that air conditioning systems market has been capitalizing on. The presence of a large number of leading players makes the global air conditioning systems market extremely competitive.

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A large combinations of heating, ventilation, and cooling (HVAC) systems are expanding the options for air conditioning systems in range of industrial and commercial applications. The growing demand for different types of air conditioning systems to meet the applications of commercial buildings is a key driver for prospects of the air conditioning systems market.

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Over the years, the rapid expansion of the industries in urban areas of emerging economies has spurred facility managers to upgrade their HVACs. Players in the market are responding to the demands by offering advanced filters and ventilation systems that need less maintenance and are cost-effective. Commercial HVAC systems are contributing sizable revenues to the global air conditioning systems market.

Rise in per capital income of developing economies has propelled momentum to the demand for and sales of air conditioning systems in residential apartments. Brands are adopting new micromarketing strategies such as offers and discounts to allure customers across the various end users, thereby boosting the revenue generation prospect of various players in the air conditioning systems. Growing focus on preventive maintenance is a key aspect that has propelled new avenues for players across the value chain in the market.

Increasing replacements of older cooling devices in several Asian, European, and North American countries, technological advancements that have led to eco-friendly air conditioning devices, high level of competition between leading companies, growing inclination towards luxurious lifestyle, and increasing disposable incomes of people have been driving the market for air conditioning systems worldwide.

On the contrary, low-cost products offered by Chinese players such as Haier Group, forms one of the major challenges faced by this market. Other market players are forced to decrease their costs because of the presence of these Chinese products and as a result, there has been a substantial reduction in their profit margins. Other than this, alarming levels of energy consumption have also been a major concern. However, the market for air conditioning systems will present considerable opportunities primarily because of the rising awareness about these products, improving standards of living of the people, and introduction of environment-friendly air conditioning systems in the market.

Highlights:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

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Key Players

  • Daikin Industries, Ltd.
  • Mitsubishi Electric Trane HVAC US LLC
  • Hitachi Ltd
  • Carrier
  • Whirlpool Corporation
  • Haier Group

Market Segmentation

  • By Type
    • Unitary
    • Rooftop
    • PTAC
  • By Technology
    • Inverter
    • Non-Inverter
  • By End-use
    • Residential
    • Commercial
    • Industrial
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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