Air Conditioning Systems Market is driven by Increasing Disposable Incomes of Individuals Across the Globe

Air Conditioning Systems Industry Overview

The global air conditioning systems market size is expected to reach USD 175.15 billion by 2028, registering a CAGR of 6.2% from 2021 to 2028 according to a study conducted by Grand View Research, Inc. Factors such as increasing international tourism, growing consumer spending on home improvement, and introduction of energy-efficient systems, coupled with the rising popularity of green cooling concepts, are expected to drive the market growth over the forecast period.

Global events usually pave the way for extensive construction projects, such as the establishment of new buildings and improvement of existing infrastructure. These projects aim at accommodating and catering to the needs of international tourists & visitors or working professionals and providing them enhanced facilities. For instance, the 2020 Summer Olympics event, expected to be held in Tokyo, is expected to drive the construction and development of ample commercial, residential, and lodging spaces in the city before the event commences. Similarly, in Dubai, the government is expected to make significant investments in infrastructure development to accommodate the large number of visitors expected to be attending the Expo 2020, a universal exposition. This, in turn, is creating an increased demand for air conditioners.

Air Conditioning Systems Market Segmentation

Grand View Research has segmented the global air conditioning systems market based on type, technology, end-use, and region:

Based on the Type Insights, the market is segmented into Unitary, Rooftop, and PTAC

• Unitary ACs accounted for the largest revenue share in 2020 at 39.3% and are expected to record the highest growth over the forecast period.
• The PTAC segment is expected to witness a healthy CAGR of 5.1% from 2021 to 2028.

Based on the Technology Insights, the market is segmented into Inverter and Non-Inverter

• The inverter segment is projected to expand at a CAGR of 7.7% from 2021 to 2028. This growth is attributable to inverter AC’s ability to control the speed of the compressor motor which helps in the continuous regulation of temperature.
• The non-inverter segment is expected to witness moderate growth as compared to its counterpart.

Based on the End-use Insights, the market is segmented into Residential, Commercial, and Industrial

• The commercial segment is anticipated to register a CAGR of 5.0% over the forecast period owing to rapid urbanization and rising demand for commercial space.
• The residential segment will continue to be the mainstay category for several vendors in the market, recording a CAGR of 8.5% in the next seven years.

Air Conditioning Systems Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is characterized by intense competition owing to the presence of several well-established global players.

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.