Press release
Air Conditioners Market to Exceed $231.3 Billion by 2029
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Air conditioners, essential systems designed to cool spaces by extracting heat and expelling it outside, have become integral to maintaining desired temperatures and humidity levels in residential, commercial, and industrial settings. The market's trajectory is propelled by increasing global temperatures, a growing preference for convenience and comfort, and a surge in demand for energy-efficient air conditioning solutions. Despite these driving factors, the market contends with challenges such as the high costs of air conditioners and energy consumption concerns. Notably, the adoption of inverter technology and air purification features, coupled with advancements in HVAC systems, presents substantial growth opportunities. Furthermore, emerging trends include the integration of connected air conditioners and the rise of solar photovoltaic and solar thermal-assisted air conditioning systems.
Impact of COVID-19 on the Air Conditioners Market:
The COVID-19 pandemic significantly disrupted global economies, including the Heating, Ventilation, and Air Conditioning (HVAC) industry. Lockdowns and quarantine measures led to fluctuations in demand, with contractors facing challenges in sales and installations due to social distancing guidelines. According to HARDI (Heating Air-conditioning & Refrigeration Distributors International) in the U.S., distributors reported a 19% decline in sales between April 2019 and April 2020. Businesses were hesitant to invest in HVAC projects during the lockdown, and supply chain disruptions affected contracting, distribution, warehousing, and manufacturing.
Despite these challenges, the air conditioners market rebounded in 2021 as major end-use industries recovered. Market players strategically navigated the crisis, seizing opportunities for restructuring and portfolio development. For instance, Mitsubishi Electric Corporation (Japan) expanded its presence in the Swedish market through the acquisition of AQS Produkter AB in 2020. Additionally, Voltas Limited (India) collaborated with Tata Power Delhi Distribution Limited (TPDDL) to promote energy-efficient ACs in 2020.
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Consumer Inclination Toward Convenience & Comfort Driving Market Growth:
Air conditioners have become synonymous with comfort, offering users control over ambient temperature and humidity levels. The devices contribute to improved indoor air quality, better sleep quality, and increased overall well-being. Leading manufacturers continue to enhance user experiences by developing innovative products. In 2022, Mitsubishi Electric Corporation introduced airflow-control technology to optimize room-wide comfort, while Samsung Electronics Co., Ltd. launched a convertible inverter AC with high durability, energy efficiency, and affordability in 2020. Smart IoT solutions, enabling remote management of ACs and energy savings, further enhance user convenience.
Meticulous Research® has meticulously segmented the air conditioners market based on type, tonnage, technology, rating, end user, and geography, providing efficient analysis for stakeholders. Noteworthy segments include Window ACs, Split ACs, VRF (Variable Refrigerant Flow) Systems, Centralized/Ducted ACs, and others. The market is also classified by tonnage, technology (inverter and non-inverter), rating (1 Star to 5 Stars), and end user categories (residential, commercial, and industrial). Geographical analysis covers North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Key Findings:
• The 3 Star ACs segment is projected to dominate the market in 2022, accounting for the largest share, driven by affordability and high adoption in residential areas. It is expected to register the highest CAGR during the forecast period.
• The 5 Star ACs segment is anticipated to register the highest CAGR during the forecast period, propelled by the increasing demand for energy-efficient ACs, the need to reduce electricity consumption, and higher cooling capacity.
Regional Insights:
• Asia-Pacific is poised to lead the air conditioners market in 2022, driven by rapidly developing economies, investments by leading AC providers, and stringent environmental regulations for energy-efficient cooling systems. The region is expected to witness rapid growth during the forecast period, with factors such as increasing installations in emerging economies and rising
• demand in residential and commercial infrastructure contributing to market expansion.
Key Market Players: Key players in the air conditioners market include Daikin Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Hitachi-Johnson Controls Air Conditioning (Japan), Carrier Global Corporation (U.S.), Whirlpool Corporation (U.S.), Haier Smart Home Co. Ltd. (China), LG Electronics (South Korea), Voltas Limited (India), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Samsung Electronics Co., Ltd. (South Korea), Fujitsu Limited (Japan), Blue Star Ltd (India), Toshiba Corporation (Japan), Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd (China), and American Standard Companies Inc. (U.S.), among others.
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Scope of the Report: Air Conditioners Market by Type
• Window ACs
• Split ACs
• VRF (Variable Refrigerant Flow) Systems
• Centralized/Ducted ACs
• Other Conditioner Types
Air Conditioners Market, by Tonnage
• Up to 2 Ton
• 2 Ton to 5 Ton
• 5 Ton to 10 Ton
• More Than 10 Ton
Air Conditioners Market, by Technology
• Inverter ACs
• Non-Inverter ACs Air Conditioners Market, by Rating
• 1 Star ACs
• 2 Star ACs
• 3 Star ACs
• 4 Star ACs
• 5 Star ACs
Air Conditioners Market, by End User
• Residential End Users
• Commercial End Users
• Industrial End Users Air Conditioners Market, by
Geography
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Switzerland
• Sweden
• Belgium
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Indonesia
• South Korea
• Singapore
• Rest of Asia-Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
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APAC: +91 744-7780008
Email- sales@meticulousresearch.com
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