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Air Conditioning Systems - Global Market Trajectory & Analytics

  • ID: 338682
  • Report
  • February 2022
  • Region: Global
  • 434 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • AB Electrolux
  • Carrier Corporation
  • Daikin Industries, Ltd.
  • GE Appliances
  • LG Electronics
  • Midea Group

Global Air Conditioning Systems Market to Reach 148.7 Million Units by 2026


Air conditioning is a process that allows cooling, heating, and ventilation of indoor atmosphere. Although the term `air conditioning` is predominantly associated with the cooling process, the process of Air Conditioning Systems also involves humidity control and air cleaning as its key functions. A major growth driver in the market is the growing consumer awareness over energy efficiency amid rising energy bills and climate change challenges. Energy efficient equipment will witness major gains in the coming years. Amid the COVID-19 crisis, the global market for Air Conditioning Systems estimated at 107.9 Million Units in the year 2020, is projected to reach a revised size of 148.7 Million Units by 2026, growing at a CAGR of 5.6% over the analysis period. Room Air Conditioners, one of the segments analyzed in the report, is projected to record 5.9% CAGR and reach 132.4 Million Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Air Conditioners segment is readjusted to a revised 3.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at 14.3 Million Units in 2021, While China is Forecast to Reach 65.9 Million Units by 2026


The Air Conditioning Systems market in the U.S. is estimated at 14.3 Million Units in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 65.9 Million Units by the 2026 trailing a CAGR of 6.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR. Research studies have shown that coronavirus could spread through shared air. As per a study conducted by the University of Oregon, coronavirus was found in about 25% of the HVAC systems of hospitals that were treating patients suffering from COVID-19. Thus, they established that sharing the same air space as coronavirus patients could lead to the spreading of the infection. As a result, air conditioning systems, ventilation, and heating systems are being upgraded prior to reopening of the buildings. Such expensive upgrades are leading to increased demand for portable filter machines and air monitoring systems.

Room Air Conditioners Segment to Reach 132.4 Million Units by 2026


Room air conditioners, often synonymously termed window air conditioners, are mostly used in residential sector. These are highly popular as maintenance and replacement costs are low. Global market for Room Air Conditioners segment is estimated at 94.3 Million Units in 2020, and is projected to reach 132.4 Million Units by 2026 reflecting a compounded annual growth rate of 5.9% over the analysis period. China constitutes the largest regional market for Room Air Conditioners segment, accounting for 45.3% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 6.8% over the analysis period, to reach 62.9 Million Units by the year 2026.

Select Competitors (Total 130 Featured) -

  • AB Electrolux
  • Carrier Corporation
  • Daikin Industries, Ltd.
  • Daikin Airconditioning India Pvt. Ltd.
  • Daikin Air Conditioning Saudi Arabia LLC
  • GE Appliances
  • Gree Electric Appliances Inc.
  • Johnson Controls-Hitachi Air Conditioning
  • LG Electronics
  • Midea Group
  • Mitsubishi Heavy Industries Ltd.
  • Panasonic Corporation
  • Samsung Electronics Co. Ltd.
  • Toshiba Carrier Corporation
  • Trane Inc.
  • Whirlpool Corporation
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • AB Electrolux
  • Carrier Corporation
  • Daikin Industries, Ltd.
  • GE Appliances
  • LG Electronics
  • Midea Group

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and a Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2019 to 2022
  • COVID-19 Pandemic Significantly Impacts Demand for Air Conditioners Worldwide
  • Pandemic Drives Efforts to Upgrade HVAC Systems
  • Air Conditioning Systems - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • An Introduction to Air Conditioning Systems
  • Air Conditioners by Equipment Type
  • Residential Air Conditioners
  • Packaged Air Conditioners
  • Compressors in Air Conditioning Systems
  • Parts & Accessories Used in Air Conditioning Systems
  • Air Conditioning Systems by End-Use
  • Air Conditioning Systems: Climate Change and Rising Temperatures Influence Market Growth
  • Room Air Conditioners: The Largest Category
  • % Penetration of Air Conditioning in Households for Select Countries
  • Commercial Air Conditioning Market on Growth Path
  • Developing Economies to Spearhead Long-term Growth
  • Competition
  • Global Residential Air Conditioners Market Breakdown of Value Sales (in %): 2020E
  • Influencer Market Insights
  • World Brands
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Residential and Commercial Construction Activity: An Important Indicator of Growth
  • Global Construction Industry Growth Outlook (in %) for years 2019 through 2025
  • Global Construction Market: Annual % Growth by Major Geographies for 2019-2025
  • Deployment of Environment-Friendly Refrigerants Increases in ACs
  • Green Refrigerants to Replace Hydro Fluorocarbons
  • Mandatory Guidelines Drive Focus onto Energy Efficient AC Systems
  • Rise in Adoption of DeVAP systems
  • Climate Change: An Important Driving Factor for Energy-efficient Air Conditioning Systems
  • Low-GWP A/C Systems Facilitate GHG Emissions Reduction
  • Inverter Air Conditioners Find Favor among Consumers
  • Split ACs and Mini-Splits Surge in Demand
  • Alternative Energy Sources Garner Attention in Air Conditioning Market
  • Solar Powered Air Conditioning Systems Gain Traction
  • Global Solar PV Capacity (in GW) for the Years 2017, 2019, 2021 and 2023
  • Growing Replacement and Refurbishment Demand for HVAC Systems
  • Drop in Hospitality Industry Hits Demand for Air Conditioning Systems
  • Global Hotels and Hospitality Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
  • Air Conditioning Systems: Innovation Trends
  • Start-ups Offer Innovative Solutions
  • Smart Air Conditioning On The Rise
  • Smartphone-Enabled AC Systems: A Key Innovation
  • AI Improves Energy Efficiency in Heating & Cooling Systems of Buildings
  • Cloud-Connected Air Conditioning Systems Enable Creation of Smart and Efficient Facilities
  • Energy Challenge Facing ACs Market
  • Online Sales Continue to Grab Market Share
  • Global e-Commerce Market Growth Outlook (In %) For Years 2019 Through 2025
  • Favorable Demographic Trends influence Market Prospects
  • Ballooning Global Population
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Rapid Pace of Urbanization
  • World Urban Population in Thousands: 1950-2050P
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Growing Middle Class Population
  • Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Rising Standards of Living
  • Market Challenges

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Overview
  • COVID-19 Pandemic Impacts Market Growth
  • Recovery in Construction Activity Benefit Demand in Residential and Non-Residential Applications
  • Housing Starts in US in Thousands: 2015-2019
  • Housing Starts in the US: Jan-Oct 2020
  • Commercial Construction Sector
  • Total Construction Starts % Change in the US (Jan-July): 2019 Vs 2020
  • US Non-Residential Buildings % Change: 2019 & 2020
  • Ductless Systems Find Favor in the US
  • Demand for Energy Efficient Products on the Rise

CANADA

JAPAN

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Overview
  • AC Industry Focuses on Efforts toward Energy Conservation
  • Domestic Players Lead Japanese Room AC Market

CHINA

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
  • China: The Global Manufacturing Hub
  • Demand Rises for Eco-Friendly Appliances in China
  • Efforts to Phase Out Usage of ODSs in Air Conditioners
  • R290 to Replace HCFC-22 as Refrigerant in RACs
  • E-Commerce: An Emerging Trend in the Market
  • Competition
  • Chinese Residential Air Conditioners Market Breakdown by Leading Competitors (in %): 2020E

EUROPE

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Regulatory Initiatives Drive Demand for Energy Efficient Appliances
  • Split ACs Continue to Dominate
  • Central and Eastern Europe: The New Focus Area for Market Growth
  • Phase Out of R22 Calls for Alternate Refrigerants

FRANCE

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
  • Market Overview

GERMANY

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
  • Market Overview

ITALY

  • Market Overview

UNITED KINGDOM

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
  • Market Overview

SPAIN

  • Market Overview

RUSSIA

  • TURKEY

REST OF EUROPE

ASIA-PACIFIC

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
  • Market Overview

INDIA

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Market Overview
  • Indian Room Air Conditioner Market Breakdown of Unit Sales by Region (in %) for 2020E
  • Residential Air Conditioners Market: Poised for Growth
  • Indian Air Conditioners Market by Type (in %) for 2020E
  • Energy-Efficient Products Foray into the Market
  • Competitive Landscape
  • Indian Room Air Conditioners Market Breakdown of Leading Competitors (in %): 2020E

INDONESIA


MALAYSIA


PHILIPPINES


SOUTH KOREA


TAIWAN


THAILAND


VIETNAM


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA

BRAZIL

  • Market Overview

MEXICO

  • Market Overview

REST OF LATIN AMERICA

MIDDLE EAST

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
  • Market Overview

IRAN


ISRAEL

SAUDI ARABIA

  • Market Overview

UNITED ARAB EMIRATES

  • Market Overview
  • Environment Friendly Air Conditioning Witnessing Growth

REST OF MIDDLE EAST

AFRICA

  • Air Conditioning Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 130
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • AB Electrolux
  • Carrier Corporation
  • Daikin Industries, Ltd.
  • Daikin Airconditioning India Pvt. Ltd.
  • Daikin Air Conditioning Saudi Arabia LLC
  • GE Appliances
  • Gree Electric Appliances Inc.
  • Johnson Controls-Hitachi Air Conditioning
  • LG Electronics
  • Midea Group
  • Mitsubishi Heavy Industries Ltd.
  • Panasonic Corporation
  • Samsung Electronics Co. Ltd.
  • Toshiba Carrier Corporation
  • Trane Inc.
  • Whirlpool Corporation
Note: Product cover images may vary from those shown