According to the most recent analysis by Emergent Research, the size of the global air conditioning market was USD 129.38 billion in 2021 and is anticipated to see a revenue CAGR of 5.9% during the projected period. The high use of air conditioning systems in homes and businesses due to rapid urbanization and rising global warming brought on by population growth are the main drivers driving market revenue growth. Manufacturers are constantly developing technologically advanced, energy-based air conditioning systems in response to consumer demand for effective and comfortable cooling systems.
Air conditioning systems are used everywhere, including in homes, retail establishments, offices, and entertainment venues. Even though ecologically friendly products are still very expensive, they are nevertheless in high demand in underdeveloped countries. Particularly in hot and arid regions, air conditioning systems have played a significant role in changing the indoor atmosphere, becoming a crucial component of the infrastructure that supports modern spaces. Furthermore, it is projected that over the coming few years, demand for AC will increase positively as economic growth in emerging nations continues to soar.
Some Key Highlights in the Report
- On October 25, 2021, Johnson Control gave its building managers the authority to monitor sustainability, health and wellness indicators, and waste, water, and energy use while lowering the carbon footprint of the facility as a whole.
- During the projected period, the wall-mounted sector is anticipated to have the quickest revenue CAGR. Rising levels of technological advancement in the manufacturing and construction sectors, paradigm shifts toward environmentally friendly and sustainable construction methods, growing acceptance of smart homes and smart buildings, and rising preferences for superior waterproofing are all expected to contribute to revenue growth. Wall air conditioners can be remotely managed and operated during the projected period using smart assistants or software on devices like smartphones, tablets, PCs, or standard remote controls. The market is expanding as a result of an increased focus on green building as well as plans for restoration and redevelopment, particularly in developing countries.
- Daikin Industries, Ltd., Emerson Electric Co., Midea Group, Johnson Controls-Hitachi Air Conditioning, Carrier, LG Electronics, Panasonic Holdings Corporation, Toshiba Corporation, Haier Group, Samsung, and Mitsubishi Electric Corporation are some of the major competitors in the industry.
Emergen Research has segmented the global air conditioning market based on product type, application, and region:
- Product Type Outlook (Revenue, USD Billion 2019-2030)
- Window-mounted
- Wall-mounted
- Celling/ Central-mounted
- Portable
- Others
- End-use Outlook (Revenue, USD Billion; 2019-2030)
- Commercial
- Residential
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- the U.S.
- Canada
- Mexico
- Europe
- Germany
- the UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- the Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of Middle East & Africa
- North America
