Air Conditioning Systems Market Expected to Show a Significant Growth During the Forecast Period 2022 – 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.

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.

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