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Air Conditioning Systems Market Size & Analysis, 2022

Status : Work in progress | Report Format: Electronic (PDF) | Publisher: Radiant Insights Inc.

The global air conditioning systems market size is estimated to grow at over 9%, with revenue expected to exceed USD 52 million by 2022. With regards to shipment the market is projected to grow at a CAGR of over 5% during 2015-2022.

Global warming, rising standards of living coupled with  demand for well-provisioned houses serves as a key driver for the industry. Proliferating significance for indoor air quality and increasing demand for cooling needs is also likely to drive growth. 

Declining air conditioning system prices accompanied by increasing number of data centres and server farms paired with intense industrialization is expected to aid industry evolution. Rising awareness regarding energy efficient and eco friendly solutions is expected to promote R&D spending, increasing focus on product innovation and presenting growth opportunities, especially in sustainable solutions, for market participants.

Increasing energy consumption and use of harmful refrigerant gases that are noxious in nature serve as a restraint for air conditioning system market. Immense usability of the air-conditioning system results in emission of CFC’s causing ozone layer depletion promoting global warming. However tough competition from Chinese markets poses as a key challenge. Technology improvisation and product innovations are estimated to resemble great potential in the air conditioning systems market.

The industry can be segmented by products including portable, window, split, single packaged, chillers and airside. Major applications include as industrial, residential and commercial. Split systems are estimated to account for the highest share in the market owing to its attributes such as effortless installation, low cost and low noise. Portable systems are expected to witness considerable growth owing to its portability. Airsides are estimated to reflect a substantial impact on the air conditioning systems market.

Asia Pacific air conditioning systems market is likely to witness substantial gains owing to high infrastructure spending and demographics in India, China, South Korea, Malaysia and Singapore. U.S is expected to be the largest market owing to its diverse weather conditions and sophisticated infrastructure. Other regions are anticipated to exhibit justifiable market growth due to distinct climatic conditions.

Daikin, LG, Carrier, Panasonic, Samsung, Ingersoll Rand, Videocon Hitachi, O general, whirlpool, Mitsubishi, Electrolux, GE, GD Midea, Trane and Toshiba account for a significant chunk of the global air conditioning systems market share.

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