The global air conditioning equipment market was valued at $89.9 billion in 2022, and is projected to reach $144.3 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032.
An air conditioning system is an electrical device which is install for the removal of heat and moisture from the interior of an occupied space. An air conditioning system is also used to cool and dehumidify rooms that contain heat-producing electronic devices, such as computer servers, and power amplifiers.
Domestic production of mini-split systems shows significant growth in Argentina. Meanwhile Brazil recorded increased interest in high wall and mini-split technologies, potentially as a result of regulatory changes. The country saw growth in the market for centrifugal chillers that was linked to investments in data centres. In Mexico, BSRIA consultancy organisation said there was a notable increase in sales of residential air conditioning. In December 2021, Mitsubishi introduced a ductless mini-split system that offers air conditioning using boilers. Mitsubishi produces ductless heat pumps, essentially air conditioners that can operate in reverse, providing both heating and cooling.
Based on type, the split air conditioner segment, accounting for more than two-fifths of the global air conditioning equipment market share in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the advancement in air conditioning technology, the energy efficiency of the split air conditioners is spurring in recent years. Moreover, increase in number of middle-class populations in developing economies including India, China, Brazil coupled with the rising disposable income has become one of the prime factors for growing adoption of a split air conditioning system in the market during the forecast year.
Based on application, residential segment, accounting for more than two-fifths of the global air conditioning equipment market size in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Growing trend of urbanization has led to more people living in compact apartments and homes, leads to a need for smaller and efficient air conditioning solutions.
As per International Energy Agency (IEA), the global stock of air conditioners in buildings will grow to 5.6 billion by 2050, up from 1.6 billion in 2020. The North America market expected to witness growth primarily powered by replacement sales of air conditioners, during the air conditioning equipment forecast. Additionally, rising promotional activities from the government to increase the adoption of energy-efficient air conditioning systems to reduce energy consumption is also expected to fuel the air conditioning equipment market growth.
The air conditioning equipment market scope is segmented on the basis of type, application, and region. On the basis of type, it is classified split air conditioner, window air conditioner, chiller air conditioner, and packaged air conditioner. On the basis of application, it is divided into residential, commercial, and industrial. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The report outlines growing drivers, restraints, and opportunities to better understand market dynamics. This report further highlights key areas of investment. In addition, it includes analysis of Porter’s five forces to understand the application competitive scenario and role of each stakeholder.
The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the application. Hitachi Ltd, Mitsubishi Electric, Panasonic Corporation, Midea Group Co., Ltd., Samsung Electronics, Sharp Corporation, Electrolux AB, LG Electronics, Johnson Controls, and Daikin Industries, Ltd. are some of the major players discussed in the report. The report explains drivers, restraints, and opportunities in air conditioning equipment industry are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
An air conditioning system is an electrical device which is install for the removal of heat and moisture from the interior of an occupied space. An air conditioning system is also used to cool and dehumidify rooms that contain heat-producing electronic devices, such as computer servers, and power amplifiers.
Domestic production of mini-split systems shows significant growth in Argentina. Meanwhile Brazil recorded increased interest in high wall and mini-split technologies, potentially as a result of regulatory changes. The country saw growth in the market for centrifugal chillers that was linked to investments in data centres. In Mexico, BSRIA consultancy organisation said there was a notable increase in sales of residential air conditioning. In December 2021, Mitsubishi introduced a ductless mini-split system that offers air conditioning using boilers. Mitsubishi produces ductless heat pumps, essentially air conditioners that can operate in reverse, providing both heating and cooling.
Based on type, the split air conditioner segment, accounting for more than two-fifths of the global air conditioning equipment market share in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the advancement in air conditioning technology, the energy efficiency of the split air conditioners is spurring in recent years. Moreover, increase in number of middle-class populations in developing economies including India, China, Brazil coupled with the rising disposable income has become one of the prime factors for growing adoption of a split air conditioning system in the market during the forecast year.
Based on application, residential segment, accounting for more than two-fifths of the global air conditioning equipment market size in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Growing trend of urbanization has led to more people living in compact apartments and homes, leads to a need for smaller and efficient air conditioning solutions.
As per International Energy Agency (IEA), the global stock of air conditioners in buildings will grow to 5.6 billion by 2050, up from 1.6 billion in 2020. The North America market expected to witness growth primarily powered by replacement sales of air conditioners, during the air conditioning equipment forecast. Additionally, rising promotional activities from the government to increase the adoption of energy-efficient air conditioning systems to reduce energy consumption is also expected to fuel the air conditioning equipment market growth.
The air conditioning equipment market scope is segmented on the basis of type, application, and region. On the basis of type, it is classified split air conditioner, window air conditioner, chiller air conditioner, and packaged air conditioner. On the basis of application, it is divided into residential, commercial, and industrial. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The report outlines growing drivers, restraints, and opportunities to better understand market dynamics. This report further highlights key areas of investment. In addition, it includes analysis of Porter’s five forces to understand the application competitive scenario and role of each stakeholder.
The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the application. Hitachi Ltd, Mitsubishi Electric, Panasonic Corporation, Midea Group Co., Ltd., Samsung Electronics, Sharp Corporation, Electrolux AB, LG Electronics, Johnson Controls, and Daikin Industries, Ltd. are some of the major players discussed in the report. The report explains drivers, restraints, and opportunities in air conditioning equipment industry are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the air conditioning equipment market analysis from 2022 to 2032 to identify the prevailing air conditioning equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the air conditioning equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global air conditioning equipment market trends, key players, market segments, application areas, and market growth strategies.
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- Capital Investment breakdown
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- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- Market share analysis of players at global/region/country level
- Volume Market Size and Forecast
Key Market Segments
By Type
- Package Air Conditioner
- Split Air Conditioner
- Chiller Air Conditioner
- Window Air Conditioner
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Key Market Players
- Mitsubishi Electric
- Panasonic Corporation
- Midea Group Co., Ltd.
- Johnson Controls
- Hitachi Ltd
- Electrolux AB
- Daikin Industries, Ltd.
- LG Electronics
- Sharp Corporation
- Samsung Electronics
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AIR CONDITIONING EQUIPMENT MARKET, BY TYPE
CHAPTER 5: AIR CONDITIONING EQUIPMENT MARKET, BY APPLICATION
CHAPTER 6: AIR CONDITIONING EQUIPMENT MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the air conditioning equipment market was valued at $89.9 billion in 2022, and is estimated to reach $144.3 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032.Air conditioning equipment refers to a set of devices and systems designed to control and regulate the temperature and humidity within a closed space. Further, owing to economic growth in emerging markets continues to surge, the demand for air conditioners anticipated to witness growth during the forecast period.
The air conditioning equipment industry expected to be driven by trends such as the promising growth of the construction and tourism industries. Furthermore, increase in disposable incomes of individuals across the globe projected to encourage the uptake of a variety of air conditioning systems during the forecast period. Additionally, factors such as rising inclination of consumers toward energy-efficient systems and the growing popularity of portable air conditioning systems positively impact the air conditioning equipment market growth.
Rise in population, which is anticipated to positively influence the residential and commercial constructions expected to increase demand for air conditioning equipment market. For instance, rise in population in Gulf countries anticipated to contribute significantly to construction spending in GCC countries. The regional population is estimated to reach over 600 million by 2050. This is expected 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 focus on efficient air conditioning systems. For instance, in February 2020, 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. This program is aimed at promoting the use of energy-efficient technologies and reduce 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. The above mentioned factors will create air conditioning equipment market opportunities for the further development.
The air conditioning equipment market scope is segmented on the basis of type, application and region. On the basis of type, it is classified split air conditioner, window air conditioner, chiller air conditioner, and packaged air conditioner. On the basis of application, it is divided into residential, commercial, and industrial. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by Europe and North America.
Based on type, the split air conditioner segment held the highest market share in 2022, accounting for more than two-fifths of the global air conditioning equipment market size in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the advancement in air conditioning technology, the energy efficiency of the split air conditioners is spurring in recent years. Moreover, increase in number of middle-class populations in developing economies including India, China, Brazil coupled with the rising disposable income has become one of the prime factors for growing adoption of a split air conditioning system in the market during the forecast year.
Based on application, residential segment held the highest market share in 2022, accounting for more than two-fifths of the global air conditioning equipment market share in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Growing trend of urbanization has led to more people living in compact apartments and homes, leads to a need for smaller and efficient air conditioning equipment as per the analysis.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global air conditioning equipment market revenue, and is likely to dominate the market during the air conditioning equipment forecast period.
The major companies profiled in this report include Hitachi Ltd, Mitsubishi Electric, Panasonic Corporation, Midea Group Co., Ltd., Samsung Electronics, Sharp Corporation, Electrolux AB, LG Electronics, Johnson Controls, and Daikin Industries, Ltd.
Impact analysis:
The impact of the Russia-Ukraine war on the air conditioning market may vary by region. Ukraine plays a significant role in the global supply chain for various raw materials, components, and electronic parts used in the manufacturing of air conditioning equipment. Disruptions in the supply chain can lead to delays in production and potentially increase manufacturing costs. Supply disruptions and increased manufacturing costs may result in price volatility in the air conditioning equipment market. This can affect both manufacturers and consumers. Russia is a major energy exporter, and any disruptions in the energy supply from the region can impact the cost of electricity and further impact the operation of air conditioning systems. Higher energy costs can encourage businesses and individuals to invest in more energy-efficient air conditioning systems.Key findings of the study
On the basis of type, the split air conditioner segment accounts for more than two-fifths of the market share, in terms of revenue, in 2022.On the basis of application, the residential segments accounts for more than two-fifths of the market share, in terms of revenue, in 2022.
Region-wise, Asia-Pacific accounts for more than one-third of the market share, in terms of revenue, in 2022.
Companies Mentioned
- Mitsubishi Electric
- Panasonic Corporation
- Midea Group Co., Ltd.
- Johnson Controls
- Hitachi Ltd
- Electrolux AB
- Daikin Industries, Ltd.
- LG Electronics
- Sharp Corporation
- Samsung Electronics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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