Air Conditioning Systems Market Size Is Expected To Reach USD 175.15 Billion By 2028

 Air Conditioning Systems Industry Overview

The global air conditioning systems market size was valued at USD 106.60 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028. The spread of the COVID-19 pandemic negatively impacted the demand for air conditioners in 2020 owing to decreased consumer spending. However, the market is expected to revive in 2021 and record a stable growth aided by the changing climate conditions and rising demand for commercial construction. Additionally, consumers’ growing inclination toward convenience and comfort is expected to upkeep the demand for air conditioners over the forecast period.

Air conditioning systems are ubiquitous with applications ranging from homes, shopping centers, and commercial spaces to entertainment centers. In developing nations, AC is still a sought-after product; however, the affordability of environmentally optimized products is still a huge challenge. Air conditioning systems have played a pivotal role in transforming the indoor environment, particularly in hot and arid areas becoming an important part of the infrastructure that supports modern spaces. Further, as economic growth in emerging markets continues to surge, the demand for AC is anticipated to witness bullish growth over the next few years.

Gather more insights about the market drivers, restrains and growth of the Global Air Conditioning Systems market

The market is also expected to be driven by factors such as the promising growth of the construction and tourism industries. The increasing disposable incomes of individuals across the globe are also expected to encourage the uptake of a variety of air conditioning systems over the forecast period. Additionally, factors like the rising inclination of consumers toward energy-efficient systems and the growing popularity of portable systems are also expected to positively impact the air conditioning systems market growth.

The rising population, which is anticipated to positively influence the residential and commercial constructions is also expected to increase demand for air conditioning systems. For instance, the rising population in Gulf countries is anticipated to contribute significantly to construction spending in GCC countries. The regional population is estimated to reach over 600 million by 2050 from 350 million in 2015. This is likely to propel growth in construction activities in the infrastructure and building sector, particularly education, housing, and healthcare infrastructure, to support communities.

Governments of various countries are focusing on efficient air conditioning. For instance, in February 2019, Energy Efficiency Services Limited (EESL), a joint venture of four Public Sector Enterprises under the administrative control of the Ministry of Power, Government of India, announced the launch of the Super-Efficient Air Conditioning program. The program is aimed at promoting the use of energy-efficient technologies and bringing about a reduction in energy consumption. Through this program, the Ministry of Power in India also aims to address India’s Hydrochlorofluro carbons Phase-out Management Plan and Cooling Action Plan by 2032.


Browse through Grand View Research's HVAC & Construction Industry Research Reports.

  • Construction Equipment Rental Market - The global construction equipment rental market size was estimated at USD 73.44 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 3.9% from 2022 to 2030. The increase in governments’ spending on the development of public infrastructure has catalyzed the construction and mining activities in emerging economies of the world.

 

  • Lawn Mowers Market - The global lawn mowers market size reached USD 30.4 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. COVID-19 in 2020 led to a slight decline in market growth due to supply chain disruptions; however, over the forecast period, the market growth will be reasonably modest considering added consumer interest in home gardening activities.

 

Air Conditioning Systems Market Segmentation

Grand View Research has segmented the global air conditioning systems market based on type, technology, end-use, and region:

Air Conditioning Systems Type Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2028)

  • Unitary
  • Rooftop
  • PTAC

 

Air Conditioning Systems Technology Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2028)

  • Inverter
  • Non-Inverter

 

Air Conditioning Systems End-use Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2028)

  • Residential
  • Commercial
  • Industrial

 

Air Conditioning Systems Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies profiled:

Some prominent players in the global Air Conditioning Systems market include

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

 

Order a free sample PDF of the Air Conditioning Systems Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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