NEW YORK, July 29, 2021 /PRNewswire/ — The global air conditioning systems market is expected to grow at a CAGR of over 6% over the forecast period 2021 to 2031, according to research by Fact.MR. Due to ever-increasing temperature and humidity levels across the world, sales of air conditioning systems are expected to surpass 240,000 million units by 2031.
Air conditioning systems have also made their way into the automotive sector as integrated components in passenger vehicles. Almost all vehicles manufactured nowadays are equipped with these systems to provide comfort against temperature and humidity inside vehicles.
In fact, air conditioning systems have become a key feature that customers look for in their car before finalizing their purchase decision. Considering this, the growing demand for passenger cars is estimated to create lucrative sales opportunities for the market.
The growing acceptance of air conditioning systems as a utility product is strengthening the market. The increasing number of hotels, individual clinics, hospitals and multiplex auditoriums around the world is expected to accelerate the pace of growth.
North America should remain the most profitable region of the world market. In response to growing demand from automotive, hospitality and commercial industries, the market is estimated to exceed a valuation of $60,000 by the end of 2031.
“With the growing emphasis on green technologies, manufacturers are replacing greenhouse gas-emitting chemical refrigerants such as HCFCs, CFCs and HFCs with less hazardous green agents to reduce the carbon footprint. placed on innovations will therefore skyrocket, creating opportunities for market growth,” says the Fact.MR analyst.
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Main takeaways from Air conditioning system Market research
- The United States dominates the market for air conditioning systems in North Americafavored by the strong demand for passenger cars and the high standard of living of individuals.
- Europe is expected to become the world’s second largest market due to rapid urbanization and increasing consumer disposable income in the country.
- the Asia Pacific the market is estimated to be showing the fastest growth, driven by increasing consumption in countries such as China and India.
- The GCC countries will continue to show impressive sales opportunities due to the high demand for air conditioning systems due to the high temperature in the region.
- Commercial applications of air conditioning systems are expected to remain the most profitable segment thanks to increased investment in infrastructure development.
Key factors
- Rising temperature and humidity levels across the globe are fueling the demand for air conditioning systems.
- Growing demand for passenger cars is driving sales of air conditioning systems.
- Sound investments in construction are expected to create selling opportunities for the market.
- The increasing number of hotels, multiplexes and hospitals, among others, is increasing the demand for air conditioning systems.
Key Constraints
- Rising awareness of the adverse effects of air conditioners on the environment due to the use of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) is hampering the growth of the market.
- The high cost of air conditioning systems is a factor hindering the growth of the market in underdeveloped countries.
- The growing number of government regulations is restraining the growth of the market.
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Competitive landscape
The global market for air conditioning systems is highly consolidated and is characterized by strong competition. The leading player in the landscape focuses on the development of new air conditioning systems with innovative technologies and engages in strategic collaboration and acquisitions to strengthen their footprint in the market. For example,
- In January 2018, Ingersoll-Rand plc, an Irish company, has acquired ICS Group Holdings Limited. The acquisition helped Ingersoll-Rand plc commercialize its heating, ventilation and air conditioning (HVAC) business to serve a wide range of customers in the European market.
- In January 2021Panasonic, a Japanese multinational electronics company, aimed to multiply its AC business over the next 3 years by India by starting a national manufacturing plant in India.
Some of the major manufacturers of air conditioning systems featured by Fact.MR are:
- Petra Engg Industries Co.
- Lennox International
- Honeywell International
- Gree electrical appliances
- Samsung Electronics
- Daikin Industries Ltd.
- Midea Group Co.Ltd.
- panasonic
More valuable information about Air conditioning system Marlet
Fact.MR, in its new report, offers an unbiased analysis of the global air conditioning systems market, analyzing forecast statistics up to 2019 and beyond. Survey Reveals Growth Projections in Air Conditioning Systems Market with Detailed Segmentation
type of product
- Portable air conditioning systems
- Window air conditioning systems
- Split air conditioning systems
- Cassette air conditioning systems
- Packaged air conditioning systems
- Chillers Air conditioning systems
- Airside air conditioning systems
Sales channel
- B2B
- Authorized stores
- Independent Electronic Stores
- E-commerce
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- AEM
Key questions addressed in the Air conditioning system Market report
- The report offers an overview of the demand outlook for air conditioning systems for 2021-2031
- The market study also highlights the forecasted sales growth for the air conditioning systems market between 2021 and 2031
- The Air Conditioning Systems Market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current and forecast market size and technological advancements within industry
- Air Conditioning Systems market share analysis of major companies in the industry and coverage of strategies such as mergers and acquisitions, collaborations or partnerships, etc.
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