Press release
Booming Air-Conditioning Equipment Market: An Outlook on Market Size, Growth Drivers, Key Players, and Future Trends
Air-Conditioning Equipment Market Size
What Is The Projected Market Size Of The Global Air-Conditioning Equipment Market And Its Growth Rate?
The air-conditioning equipment market has exhibited robust growth recently. Key statistics:
- The market size stood at $213.02 billion in 2024.
- It is projected to grow to $227.6 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%.
- By 2029, the market size is predicted to reach $281.98 billion, growing at a CAGR of 5.5%.
The market growth in both the historic and forecast periods can be attributed to factors such as growing construction industry, rising urbanization, increasing demand for air conditioners, escalating disposable income, rising global temperatures, high demand for energy-efficient solutions, and government regulations and initiatives.
What Is Driving The Growth In The Air-Conditioning Equipment Market?
The surge in urban population and the growing number of industrial activities are significantly fueling the demand for air-conditioning equipment. Rapid urbanization is projected to create a high requirement for HVAC equipment, including air-conditioning equipment. As per Our World In Data, about 7 billion people worldwide are expected to inhabit urban areas by the end of 2050. Furthermore, according to United Nations-Habitat's World Cities Report 2022, the urban population is forecasted to surge to 675 million in 2035, standing second only to China's 1 billion urban populace. Therefore, swift urbanization is a major driving force for the air-conditioning equipment market.
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Who Are the Key Players Driving Air-Conditioning Equipment Market Growth?
The major companies operating in the air-conditioning equipment market include:
- Daikin Industries Ltd
- Midea Group Co. Ltd
- Haier Group
- Carrier Global Corporation
- Hitachi Ltd
- Samsung Electronics
- Mitsubishi Electric Corporation
- LG Electronics
- Fujitsu General Ltd.
- Electrolux AB
- LEEL Electricals Ltd (Lloyd)
- Johnson Controls-Hitachi Air Condition India Ltd
- Amber Enterprises India Ltd
- Blue Star Ltd
- Voltas Ltd
- AUX Group
- Gree Electric Appliances, Inc
- Abionik Group
- Accruent
- Actron Engineering Pty Ltd
- WAECO
- Stefani Spa
- OAG Industries
- ERRECINQUE S.R.L
- VULKAN Group
- KLIMA-THERM Group
- Frapol
- Autoclima
- CPS
- Aquatherm
- MDV
- KOMFOVENT
- CaptiveAire Systems
- Greenheck Fan Corporation
- Twin City Fan Companies Ltd
- Honeywell International Inc
- Nortek Air Solutions
- Carrier Airconditioning & Refrigeration Limited
- MW Solutions
- Nomad Go
- Maxell Trading LLC
- Daikool Industries Limited
- Geo Electrical Contracting Trading Company LLC
- SilkAir International LLC
- Temperature Control Company LLC
- Tecnalco Aluminum Technical Engineering Company
- Aaf-Mcquay (L.L.C)
- Arshi Air Conditioning & Refrigeration Co
- Air Group
- Ebair Condition
- Miraco
- Airmaster Emirates
- Van Tech
- Airco
- HVAC Distributors
- ITD Group
What Are The Key Trends In The Air-Conditioning Equipment Market?
Key trends in the air-conditioning equipment market include:
- Shift towards wind-free technology
- Increasing adoption of smart and connected technologies
- Development of sustainable refrigerants
- Mergers and acquisitions
What Are The Segments Of The Global Air-Conditioning Equipment Market?
The global air-conditioning equipment market is segmented as follows:
- Product Type: Unitary Air Conditioners, Room Air Conditioners, Packaged Terminal Air Conditioners, Other Product Types
- Components: Refrigerant, Compressor, Condenser Coil, Expansion Valve, Evaporator Coil
- Application: Residential, Commercial, Industrial
Which Region Leads The Air-Conditioning Equipment Market?
Asia-Pacific dominated the air-conditioning equipment market in 2024, followed by North America. The regions analyzed in the air-conditioning equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Air-Conditioning Equipment Market Global Market Report?
- Market Size Analysis: Analyze the Air-Conditioning Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Air-Conditioning Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Air-Conditioning Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Air-Conditioning Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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