Air Conditioning (AC) System Market Growth, Key Players and Forecast 2023-2028
IMARC Group’s latest research report, titled “Air Conditioning System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global air conditioning system market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global air conditioning system market size reached US$ 111.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 160.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.24% during 2023-2028.
Air Conditioning System Market Overview:
Air conditioning (AC) systems refer to equipment that maintains the temperature, relative humidity, and air quality in indoor spaces. It includes the window, split, portable, packaged, chillers, variable refrigerant flow (VRF), and ducted air conditioning systems. These systems generally consist of a compressor, condenser coil, thermostat, evaporator, air handler, and blowing unit. AC system creates a comfortable environment, reduces high humidity, prevents the risk of dehydration and heat stroke, and enhances air quality by eliminating odor, fumes, and dust mites. They also help to uplift mood, lower stress, reduce asthma attacks, and prevent insect infestations and mold growth. As a result, AC systems are widely installed in homes, hotels, restaurants, processing facilities, laboratories, malls, and supermarkets.
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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 Trends:
The rapid infrastructural development activity is one of the primary factors driving the market growth. Air conditioning system is widely used in homes, offices, shopping centers, educational facilities, stadiums, hospitals, multiplexes, hotels, and auditoriums to create a comfortable indoor climate for humans, purify the air, control humidity, enhance productivity, improve health, and prevent allergies. In addition to this, rising investment in the construction of new residential and commercial buildings is acting as another growth-inducing factor.
Furthermore, the widespread product utilization in various industries, such as manufacturing, pharmaceutical, and food processing, to enhance the comfort of workers, improve the efficiency of processes, ensure the optimum working of machinery, maintain the freshness of food products, reduce damage to materials, and prevent spoilage and bacterial growth is providing an impetus to the market growth. Additionally, the recent development of solar-powered air conditioning system that offer eco-friendly cooling, reduces energy costs, eliminates noise pollution, and minimizes the buildings’ carbon footprint, is positively influencing the market growth. Apart from this, the introduction of smart air conditioning systems that are highly efficient, save electricity, enhance convenience, reduce maintenance, and provide usage details is propelling the market growth.
Moreover, increasing product utilization in automobiles to control the humidity and temperature inside vehicles and enhance passenger comfort during long journeys is favoring the market. Other factors, including rapid industrialization, rising expenditure capacities of consumers, easy product availability across e-commerce platforms, integration of artificial intelligence (AI), and increasing product utilization in data centers to prevent overheating of computer equipment, are anticipated to drive the market growth.
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Key Market Segmentation:
Market Breakup by Technology:
Market Breakup by Product Type:
Market Breakup by End-User:
Market Breakup by Distribution Channel:
- Specialty Stores
- Supermarkets and Hypermarkets
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)
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