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Air Conditioning System Market Report Scope & Overview:

The Air conditioning System Market size was valued at USD 126.02 Bn in 2023 and is expected to reach USD 215 Bn by 2031, and grow at a CAGR of 6.87 % over the forecast period 2024-2031.

The spread of the COVID-19 pandemic adversely affected the interest for forced air conditioners in 2020 attributable to diminished customer spending. In any case, the market is supposed to restore in 2021 and record a steady development supported by the changing environmental conditions and rising interest in business developments. Also, purchasers' developing tendency toward accommodation and solace is supposed to upkeep the interest for forced air conditioning systems over the figure time frame.

Air conditioning System Market Revenue Analysis

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Air conditioning is the most common way of molding and affecting the air nature of space to make the climate agreeable for the inhabitants. This cycle works by eliminating the overabundance of dampness and intensity from shut conditions with the goal that super regular habitats can be acclimated to a person's favored ones in the protection of their homes. The cooling market worldwide involves private and business areas and is likewise an incredibly essential piece of the auto business. Air conditioning systems, when thought about extravagance, are presently changing into necessities around the world. Still, the interest for warming and cool frameworks is considered as a proportion of the monetary abundance of a country.

MARKET DYNAMICS

KEY DRIVERS:

  • The interminable population development.

  • Expanding per capita pay, rising discretionary cash flow.

  • The requirement for medical clinics and individual facilities has gone up fundamentally.

RESTRAINTS

  • Power costs across the world.

  • The rising creation costs.

  • The deficiency of unrefined components now that supply chains all around.

CHALLENGES

  • Inventive innovations are likewise difficult for businesses to face.

  • The cost of environmentally sustainable items is still prohibitively expensive.

OPPORTUNITY

  • Major mechanical advancements are presently being initiated to make AC frameworks.

  • The emerging economies will be viewed as new business sectors giving further learning experiences.

IMPACT OF COVID-19

All enterprises across the globe endured the side-effects of the COVID-19 pandemic and encountered a lull, not at all like some others. Indeed, even the worldwide development industry was hit inferable from the suspension of movements of every kind directly following the new pandemic. This has prompted a lull in the worldwide climate control system market.

The Heating, Ventilation, And Air Conditioning (HVAC) industry were likewise seriously hit as a result of the huge scope closure of assembling units across the Asia Pacific districts which are viewed as market pioneers in the air conditioner industry, and the US and a few European nations. The HVAC business has additionally been doubly hit by a critical plunge in purchaser requests all around the world. The report additionally checks out the COVID-19 effect at incredible lengths.

MARKET ESTIMATION

BASED ON TYPE

Unitary ACs represented the biggest income share in 2023 at 39.7% and are supposed to record the most noteworthy development over the gauge time frame. Unitary forced air systems are overwhelmingly utilized in families. Thusly, the rising interest from the developing private area is supposed to upkeep the interest for unitary cooling frameworks. Furthermore, a unitary AC can be effortlessly matched with the warm heaters in the equivalent ventilation work in both business and private structures which is assessed to support the fragment development.

Aside from unitary ACs, the sort fragment likewise incorporates Packaged Terminal Air Conditioner (PTAC) and housetop ACs. The PTAC fragment is supposed to witness a solid CAGR of 5.3% from 2023 to 2031. The development of bundle terminal forced air systems is ascribed to their rising reception in the accommodation and private areas. PTACs are likewise getting some forward movement attributable to innovative headways like the utilization of inverter innovation, energy-proficient frameworks, and remote availability.

BASED ON TECHNOLOGY

The inverter portion is projected to extend at a CAGR of 7.4% from 2023 to 2031. This development is inferable from inverter AC's capacity to control the speed of the blower engine which helps in the persistent guideline of temperature. It additionally helps in saving energy and power with the assistance of a variable-speed blower. Furthermore, different advantages like no temperature variances, longer toughness, quicker cooling, and diminished clamor in examination with non-inverter ACs are supposed to fuel the interest for inverter innovation.

The non-inverter fragment is supposed to observe moderate development when contrasted with its partner. This can be ascribed to different factors like high energy utilization, fluctuating frequencies, and less life expectancy. Notwithstanding, the minimal expense of these cooling frameworks could assist the portion with working on its hang available.

BASED ON END USE

The commercial section is expected to register a CAGR of4.8 % over the gauge period inferable from quick urbanization and rising interest for business space. Business AC units require a lot of room and are for the most part situated on the roofs of the structures like shopping centers, inns, huge eateries, theaters, and business workplaces representing the ideal energy utilization. Henceforth, retrofitting and substitution of these units to limit energy utilization is supposed to raise the reception of AC across the business segment. The private portion will keep on being the backbone classification for a few merchants on the lookout, recording a CAGR of 7.9% in the following years. Environmental change has brought about expanded temperature across a few nations lately.

Expanding temperatures have delivered cooling frameworks to a greater extent a need as opposed to an extravagance. Thus, clients across the globe are setting up air conditioners in their places this pattern is supposed to develop as the world's temperature increases much more later on. Attributable to the changing climatic circumstances, private ACs are projected to record solid development over the figure time frame.

KEY MARKET SEGMENTATION

By Type

  •  Unitary

  • Rooftop

  •  PTAC

By Technology

  •  Inverter

  •  Non-inverter

By End-Use

  •  Residential

  •  Commercial

  •  Industrial

REGIONAL ANALYSIS:

The worldwide forced air systems market is territorially ordered into North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The Asia Pacific is assessed to hold the biggest piece of the pie in the worldwide climate control systems market because of the rising use of HVAC frameworks in the developing business sector, including India and China. Quick foundation improvement and expanding tendency towards a way of life items all through the district additionally support the development of the climate control systems market. Also, North America is supposed to project a sound CAGR in the worldwide forced air systems market during the estimated time frame.

Air conditioning System Market By Region

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REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS

The major key players of these sectors are Haier Group Corporation, LG Electronics Inc., Daikin Industries Ltd., United Technologies Corporation, Hitachi-Johnson Controls Air Conditioners Inc., Carrier Corporation, Mitsubishi Electric Corporation, Mahle GmbH, Denson Corporation, Calsonic Kansei Corporation, Sanden Holdings Corporation, Eberspaecher Holding GmbH & Co., Valeo SA, Keihin Corporation, Subros Limited.

Haier Group Corporation-Company Financial Analysis

Company Landscape Analysis

Air Conditioning System Market Report Scope:

Report Attributes Details
Market Size in 2023  US$ 126.02 Billion
Market Size by 2031  US$ 215 Billion
CAGR  CAGR of 6.87 % From 2024 to 2031
Base Year  2022
Forecast Period  2024-2031
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Type (Unitary, Rooftop, PTAC)
• by Technology (Inverter and Non-inverter)
• by End use (Residential, Commercial, Industrial)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Haier Group Corporation, LG Electronics Inc., Daikin Industries Ltd., United Technologies Corporation, Hitachi-Johnson Controls Air Conditioners Inc., Carrier Corporation, Mitsubishi Electric Corporation, Mahle GmbH, Denson Corporation, Calsonic Kansei Corporation, Sanden Holdings Corporation, Eberspaecher Holding GmbH & Co., Valeo SA, Keihin Corporation, Subros Limited.
Key Drivers •The interminable population development.
•Expanding per capita pay, rising discretionary cash flow.
RESTRAINTS •Power costs across the world.
•The rising creation costs.

Frequently Asked Questions

 Ans: The Air conditioning system Market size was valued at USD 126.02 Bn in 2023.

Ans: The Air Conditioning Systems Market is to grow at a CAGR of 6.87 % from 2024 to 2031.

 Ans: - The segments covered in the Air Conditioning Systems Market report for study are on the basis of type, technology, and end-use.

Ans: -   The Asia Pacific is assessed to hold the biggest Market share.

 Ans: - The primary growth tactics of Air Conditioning Systems market participants include merger and acquisition, business expansion, and product launch.

Table of Contents

1. Introduction

1.1 Market Definition 

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis 

6. Porter’s 5 forces model

7. PEST Analysis

8. Air Conditioning System Market Segmentation, Type

8.1 Unitary

8.2 Rooftop

8.3 PTAC

9 Air Conditioning System Market Segmentation, by Technology

9.1 Inverter

9.2 non-inverter

10. Air Conditioning System Market Segmentation, By End-use

10.1 Residential 

10.2 Commercial

10.3 Industrial

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

12. Company Profiles

12.1 Haier Group Corporation

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 LG Electronics Inc.

12.3 Daikin Industries Ltd.

12.4 United Technologies Corporation

12.5 Hitachi-Johnson Controls Air Conditioners Inc.

12.6 Carrier Corporation

12.7 Mitsubishi Electric Corporation

12.8 Mahle GmbH,Denson Corporation

12.9 Calsonic Kansei Corporation

12.10 Sanden Holdings Corporation

12.12Eberspaecher Holding GmbH & Co

12.12Valeo SA,Keihin Corporation

12.3 Subros Limited.

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share Analysis

13.3 Recent Developments

14. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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