Air Conditioning Systems Market Research, Insights 2023, Share, Trends, Competitive Landscape, Business Statistics and Forecast till 2030

Market Overview:

Air conditioning systems cool the air in residential and commercial spaces using refrigeration. They provide thermal comfort and indoor air quality in homes, offices, hospitals, and other buildings.

The global air conditioning system market is estimated to be valued at US$ 240,763.0 million in 2021 and is expected to exhibit a CAGR of 10.5 % over the forecast period (2021-2028).

Market Dynamics:

Rapid urbanization coupled with rising disposable incomes has been driving the demand for air conditioning systems globally. Urban population accounts for 55% of the total global population currently and is estimated to reach 68% by 2050. This rapid increase in urban dwellers has augmented the demand for residential and commercial cooling products across developing regions. Furthermore, increasing concerns regarding global warming and climate change are compelling governments and manufacturers to develop energy-efficient cooling technologies like variable refrigerant flow systems. New product launches integrating IoT capabilities for remote monitoring and control are also gaining traction.

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Growing temperatures across the globe is driving demand for air conditioning systems

Growing temperatures around the world due to climate change is one of the key drivers for the air conditioning systems market. As average temperatures continue to rise year over year, more regions are experiencing increased temperatures that make air conditioning a necessity rather than a luxury. Many parts of the world that did not traditionally need air conditioning are now installing systems to help residents cope with rising heat levels. Consumer demand for air conditioning is surging in areas like India, parts of Africa and the Middle East where cooling was not really needed even a decade ago. Manufacturers are seeing substantial growth in sales across emerging markets due to this change. Rising incomes in developing nations allow more consumers to purchase systems as well. The need for air conditioning is expected to increase considerably over the coming decades as the effects of climate change worsen if emissions are not curbed sufficiently. This sustained driver will ensure ongoing demand growth for companies in this industry.

Growing construction of commercial buildings boosting sales of commercial air conditioning systems

Another key growth driver for the air conditioning market is the booming commercial construction industry globally. As urbanization increases worldwide and economies develop, more office buildings, malls, hospitals, schools and other commercial structures are being built each year. This growing commercial construction provides a massive boost to sales of central air conditioning systems designed for large non-residential spaces. VRF (Variable Refrigerant Flow) systems, chillers, ducted split units and other commercial air conditioners targeted at the profitable commercial segment exhibit strong demand. Government initiatives in emerging nations to develop infrastructure and setting up of special economic zones further fuels this commercial construction driver. Companies catering to the commercial HVAC sector are poised to benefit greatly from increasing sales volumes driven by new commercial construction projects worldwide. This gives manufacturers visibility into steady future demand from their commercial customer base.

Top Key Players:

Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics.

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High costs of purchasing and operating air conditioners act as a restrain

While demand drivers are quite robust globally, one restrain faced by the air conditioning market is the high initial purchase cost and operating expenses involved, especially for consumers in lower-income countries and regions. Air conditioning systems, whether window units, split systems or central air, require sizable upfront investment that not all households can comfortably afford. The costs of purchase and installation put AC's out of reach for a substantial section in hotter developing countries. Additionally, the operating costs associated with regularly running air conditioners place a burden. High electricity bills discourage some from purchasing systems or lead them to limit usage. This financial barrier prevents greater penetration rates, particularly for residential customers with tighter budgets. Energy costs and electricity tariff hikes also impact operating expenses negatively over the long run usage of units. The industry needs to focus on developing more affordable solutions to help expand the addressable market by lowering costs.

Rising popularity of smart homes opens opportunity for smart air conditioning systems

The growing trend of smart homes presents a major opportunity for air conditioning manufacturers to integrate smart connectivity into their products. As consumers increasingly adopt smart devices and seek convenience, there lies a massive potential for positioning smart air conditioners. These WiFi-enabled units allow remote control and monitoring through mobile apps, voice assistants like Alexa etc. Advanced features like geofencing using internal sensors, automatic schedule based on user location and automating temperature based on outdoor weather provide value-added functionality. Manufacturers are designing units with Internet of Things (IoT) controls to capitalize on this consumer shift towards smart, automated appliances. The opportunity also lies in providing smart air conditioning as part of smart HVAC solutions for commercial and residential infrastructure. Growing dependency on convenience through technology ensures robust demand will exist for smart, WiFi-enabled cooling devices in the future as they replace conventional units over the upgrade cycle.

Rising popularity of inverter technology defines major market trend

One of the most significant trends affecting the air conditioning industry recently is the large-scale adoption of inverter technology globally. Inverter AC units that can adjust compressor speed based on cooling requirements have gained widespread popularity due to lower electricity consumption compared to conventional units. Split and window units now predominantly use the energy-saving inverter technology. Inverter-based units allow saving up to 30% on monthly bills, enabling faster paybacks to customers. This has also lowered operating costs to attract more consumers. Manufacturers are heavily promoting inverters due to rising environmental awareness on reducing carbon footprints.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Air Conditioning Systems Market over the forecast period?
What are the key trends expected to influence the Air Conditioning Systems Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Air Conditioning Systems Market?
What long-term impact will strategic advancements have on the Air Conditioning Systems Market?
Who are the key players and stakeholders in the Air Conditioning Systems Market?
What are the different segments and sub-segments considered in the Air Conditioning Systems Market research study?

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