Driving Air-Conditioning Equipment Market Growth in 2025: The Role of Rapid Urbanization And Industrial Growth Propel Demand For Air-Conditioning Equipment

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Air-Conditioning Equipment Market Size Growth Forecast: What to Expect by 2025?
The market size for air conditioning equipment has seen robust growth in the past few years. It is projected to expand from $213.02 billion in 2024 to $227.6 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The growth during the historic period was driven by factors such as the growing construction industry, increased urbanization, a surge in demand for air conditioning systems, and an increase in disposable income.

How Will the Air-Conditioning Equipment Market Size Evolve and Grow by 2029?
In the years ahead, the air-conditioning equipment market is projected to experience robust growth, ballooning to $281.98 billion by 2029 at a compound annual growth rate (CAGR) of 5.5%. This surge in growth throughout the forecast period can be attributed to factors such as increasing worldwide temperatures, a heightened demand for energy-efficient solutions, as well as government regulations and related initiatives. Key trends for this forecast period involve emphasizing wind-free technology, intelligent and interconnected technologies, eco-friendly refrigerants, and strategic mergers and acquisitions.

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What Drivers Are Propelling the Growth of Air-Conditioning Equipment Market Forward?
The expected rise in urban and industrial areas is likely to fuel the need for air-conditioning equipment in the forecasted period. The increasing city-dwelling population and expanding industry activities are forecasted to create a significant demand for HVAC devices, including air-conditioning equipment. Our World In Data's publication projects that by the end of 2050, the global urban population would reach around 7 billion. Furthermore, the World Cities Report 2022 by United Nations-Habitat forecasts that urbanization will expand to 675 million in 2035, being the 2nd largest following China's 1 billion urban population. Hence, the accelerated process of urbanization contributes to the expansion of the air-conditioning equipment market.

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Which Emerging Trends Are Transforming the Air-Conditioning Equipment Market in 2025?
One significant trend in the air-conditioning equipment market is the rise of eco-friendly systems. These sustainable systems, such as solar-powered air-conditioning units, are gaining traction as individuals seek to lessen their environmental impact. Key players in this market are investing in developing these sorts of systems. For example, in October 2022, a leading US HVAC equipment manufacturer, iAIRE, LLC, rolled out its proprietary solar HVAC for residential and commercial use across multiple industries in the USA in a bid to offer Americans access to high-quality, energy-efficient solutions. This system offers cost savings on the gear, setup, and operations, and performs up to 50% more efficiently than other systems.

What Are the Key Segments in the Air-Conditioning Equipment Market?
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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Who Are the Key Players Shaping the Air-Conditioning Equipment Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Air-Conditioning Equipment Market?
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

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