Market Overview:
Air conditioning systems provide cooling and dehumidification to the indoor environment. They help to maintain optimal temperature and humidity levels for human comfort and better health. With rising temperatures due to global warming, demand for air conditioning systems is increasing rapidly across residential and commercial sectors.
The global Air Conditioning Systems Market Demand is estimated to be valued at US$ 293977.64 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the air conditioning systems market is the increasing adoption of smart and connected technologies. Manufacturers are increasingly integrating IoT and AI capabilities in their products to offer enhanced functionalities. This allows remote monitoring and control of air conditioners using smartphones. Connected air conditioners provide features like setting schedules, monitoring energy consumption, adjusting temperature and more from any location. The trend towards development of energy efficient and eco-friendly air conditioning systems is also gaining traction in light of rising concerns about environmental impact.
Segment Analysis
The global air conditioning systems market is segmented by type, component, usage, capacity, distribution channel, end use, and geography. Based on type, the market is segmented into unitary air conditioners, room air conditioners, packaged air conditioners, chillers, and others. Among these, the unitary air conditioners segment dominated the market in 2022, accounting for highest market share. Unitary air conditioners are highly efficient and provide centralized cooling across multiple rooms and areas, which has increased their adoption rates globally.
Key Takeaways
The global air conditioning systems market size was valued at US$ 293977.64 Mn in 2023 and is expected to reach US$ 634456.23 Mn by 2030, expanding at a CAGR of 10% during the forecast period. Increasing urbanization and rising spending on HVAC systems have been primarily driving the demand for air conditioning systems.
Regional analysis - Asia Pacific dominated the global market in 2023 with a share of around 35%, followed by North America and Europe. The region is projected to continue its dominance during the forecast period, owing to the hot climatic conditions and rising disposable incomes in developing countries such as China and India.
Key players - Key players operating in the air conditioning systems market are Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics. Daikin Industries Ltd is the global market leader with highest market share, supported by its wide distribution network and innovative product portfolio.
