Press release
Global Air-Conditioning Equipment Market to Reach $281.98 Billion by 2029, Growing at 5.5% CAGR
Air-Conditioning Equipment Market Size
The projected rise in urbanization and industrialization is assumed to amplify the need for air-conditioning equipment during the forecast timeframe. The swell in urban populace coupled with an increase in industrial tasks are anticipated to result in a soaring demand for HVAC devices, which includes air-conditioning equipment. As per a report by Our World In Data, an estimation of approximately 7 billion individuals are expected to inhabit urban areas across the globe by the culmination of 2050. In addition, as per the World Cities Report 2022 by United Nations-Habitat, the urban population is speculated to rise to 675 million in 2035, succeeding only China's 1 billion urban population, making it the second largest globally. Hence, accelerated urbanization is propelling the expansion of the air-conditioning equipment market.
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What is the future CAGR of the air-conditioning equipment market, and how will it impact industry expansion?
The market size for air-conditioning equipment has experienced significant growth over the last few years. It is projected to increase from a value of $213.02 billion in 2024 to a value of $227.6 billion in 2025, growing at a compound annual growth rate (CAGR) of 6.8%. Contributing factors to the growth observed in the historical period include the expansion of the construction industry, growing urbanization, increased demand for air conditioners, and a rise in disposable income.
The market size for air-conditioning equipment is predicted to experience robust growth in the upcoming years, escalating to $281.98 billion by 2029 with a compound annual growth rate (CAGR) of 5.5%. This projected growth for the set period can be associated with the escalating global temperatures, the growing necessity for energy-efficient solutions, and the introduction of government rules and initiatives. The anticipated period also foresees major trends such as the emphasis on wind-free technology, intelligent and interconnected technologies, eco-friendly refrigerants, along with mergers and acquisitions.
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What are the most significant trends transforming the air-conditioning equipment market today?
The trend towards sustainable systems is dominating the air-conditioning equipment market. Systems powered by renewable energy, such as solar air-conditioning equipment, are gaining traction as individuals seek to lower their environmental impact. Leaders in the market are heavily investing in innovating these systems. Take for example, iAIRE, LLC, a US-based manufacturer of HVAC equipment. In October 2022, they introduced their solar HVAC for residential and commercial use in all sectors across the USA. This was to ensure Americans could avail themselves of high-quality, energy-efficient solutions. This system is not only more cost-effective in terms of equipment and installation but also operates up to 50% more efficiently than other systems.
Which key market segments comprise the air-conditioning equipment market and drive its revenue growth?
The air-conditioning equipment market covered in this report is segmented -
1) By Product Type: Unitary Air Conditioners, Room Air Conditioners, Packaged Terminal Air Conditioners, Other Product Types
2) By Components: Refrigerant, Compressor, Condenser Coil, Expansion Valve, Evaporator Coil
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Unitary Air Conditioners: Central Air Conditioning Systems, Ductless Mini-Split Systems, Rooftop Units
2) By Room Air Conditioners: Window Air Conditioners, Portable Air Conditioners, Through-The-Wall Air Conditioners
3) By Packaged Terminal Air Conditioners (PTAC): Self-Contained PTAC Units, Hotel Room Air Conditioners
4) By Other Product Types: Chillers, Variable Refrigerant Flow (VRF) Systems, Evaporative Coolers, Heat Pumps
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What regions are at the forefront of air-conditioning equipment market expansion?
Asia-Pacific was the largest region in the air-conditioning equipment market in 2024. North America was the second largest region in the global air-conditioning equipment market share. The regions covered in the air-conditioning equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the air-conditioning equipment market?
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
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What Is Covered In The Air-Conditioning Equipment Global Market Report?
•Market Size Forecast: Examine the air-conditioning equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the air-conditioning equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the air-conditioning equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the air-conditioning equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the air-conditioning equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the air-conditioning equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the air-conditioning equipment market.
•Competitive Landscape: Review strategic developments in the air-conditioning equipment market, including expansions, agreements, and new product launches.
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