Press release
Air Conditioners Market Set to Surge to $231.3 Billion by 2029
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Cool Comfort with Air Conditioners: A Comprehensive Market Insight
Air conditioners play a pivotal role in creating comfort and healthier environments by efficiently removing heat and humidity from enclosed spaces. The myriad benefits include reduced humidity, alleviation of asthma and allergies, improved air quality, heightened concentration and mental well-being, enhanced security measures, fewer pests and parasites, and safeguarding of furniture and belongings in residential spaces. The market's growth is primarily attributed to the escalating demand for energy-efficient air conditioners, the burgeoning use of commercial air conditioning in the industrial sector, and consumers' growing affinity towards convenience and comfort. Moreover, the adoption of air conditioners featuring inverter and air purification technologies presents significant growth opportunities. However, the high costs of air conditioning units may pose temporary restraints. The market also witnesses trends such as connected air conditioners and the integration of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems.
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Strategic Transformations and Market Dynamics
Several leading players in the air conditioners market leveraged the health crisis as an opportunity for strategic restructuring and product portfolio enhancement. For instance, in 2020, Daikin Industries, Ltd. (Japan) partnered with WASSHA Inc. (Tanzania) to establish Baridi Baridi Inc., a company focused on air conditioner subscription services and service network development. Robert Bosch GmbH (Germany) launched the Air Flux series in 2020-a highly energy-efficient Variable Refrigerant Flow (VRF) system for indoor air conditioning and intelligent control units.
Segmentation and Growth Insights
The air conditioners market is meticulously segmented by type (window ACs, split ACs, VRF systems, centralized/ducted ACs, and other conditioner types), tonnage (up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10 ton), technology (inverter ACs and non-inverter ACs), rating (1 star ACs, 2 star ACs, 3 star ACs, 4 star ACs, and 5 star ACs), end user (residential, commercial, and industrial), and geography. Key insights include:
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The split ACs segment is expected to dominate the market in 2022, driven by growing demand for energy-saving units and reduced noise levels.
The up to 2 ton tonnage segment is projected to hold the largest market share in 2022, fueled by the demand for custom features in smaller spaces and emerging economies.
Inverter ACs are anticipated to capture the largest share in 2022, with a notable CAGR during the forecast period, attributed to their energy-efficiency properties and lower power consumption.
The 3 star ACs rating segment is expected to lead the market in 2022, favored for its affordability and higher energy efficiency in residential areas.
Residential end users are likely to contribute significantly to the market share in 2022, driven by the increasing acceptance of smart home technology and advanced features in residential air conditioners.
Regional Dominance and Growth Prospects
Asia-Pacific is poised to dominate the air conditioners market in 2022, exhibiting the highest CAGR during the forecast period. Factors contributing to this growth include increased emphasis on providing air conditioning systems for urban transportation, escalating construction activities in residential and commercial infrastructure, real estate projects, public-private investments, and evolving environmental regulations promoting energy-efficient cooling systems.
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Key Industry Players and Future Endeavours
The report provides a comprehensive assessment of key growth strategies adopted by leading market players between 2020 and 2022. Notable players in the air conditioners market include Daikin Industries, Ltd., Mitsubishi Electric Corporation, Hitachi-Johnson Controls Air Conditioning, Carrier Global Corporation, Whirlpool Corporation, Haier Smart Home Co. Ltd., LG Electronics, Voltas Limited, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Fujitsu Limited, Blue Star Ltd, Toshiba Corporation, Electrolux, Gree Electric Appliances Inc., Midea Group Co. Ltd, and American Standard Companies Inc.
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