The Global Air Conditioning Systems Market size is expected to reach $154 billion by 2027, rising at a market growth of 6. 2% CAGR during the forecast period. Air conditioning is a method which enables heating, cooling, and ventilation of the indoor atmosphere.
New York, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Air Conditioning Systems Market By Type, By Technology, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06193291/?utm_source=GNW
However, the air conditioning systems are majorly related to the cooling process of the indoor environment. The major functions of air conditioning systems are humidity control and air cleaning. In addition, air-conditioning involves distributing and conditioning air to the required space. Further, air conditioners (ACs) help in monitoring and controlling humidity, temperature, and air movement in a certain area. The growth of the air conditioning systems market is attributed to the factors like growing urbanization, better economic conditions in emerging nations, and increasing per capita income.
The Unitary market dominated the Global Air Conditioning Systems Market by Type 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $64,801.6 million by 2027. The PTAC market is expected to witness a CAGR of 6.8% during (2021 - 2027).
The Residential market dominated the Global Air Conditioning Systems Market by End Use 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $55,177.5 million by 2027. The Commercial market is expected to witness a CAGR of 6.4% during (2021 - 2027).
Moreover, the growth of the air conditioning systems market would be driven due to the fluctuation in the global temperatures, pollution, smog, and vehicle fumes. Such conditions are prevalent in many countries across the globe, which would fuel the demand for air conditioning systems in the coming years.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has disrupted the global demand and supply chain. The imposition of complete or partial lockdown across various developing nations in the world, especially China has negatively impacted the growth of various consumer electronics. It is due to the fact that China is among the biggest consumers and producers of air conditioner systems, and it also exports a broad range of ACs to numerous nations.
Further, the reduced consumer spending on various luxurious products due to the pandemic would also hamper the growth of the air conditioning systems market. Although, it is estimated that the market would get back to normal in the coming years, which would contribute to the stable growth of the market due to the changing climate conditions and growing commercial construction activities. In addition, the shifting inclination of the consumers toward comfort and convenience is anticipated to surge the demand for the air conditioners systems market during the forecast period.
Market Growth Factors
Changing climatic conditions
The constantly changing environmental conditions due to various human activities like pollutions is one of the major reasons contributing to the rising demand for air conditioning systems. It is because of the greenhouse effects that increase the overall temperature of the earth and thus, people demand ACs to cope up with the rising temperature.
The increasing air pollution due to the emission of harmful gases from manufacturing units, factories, and vehicles has increased the temperature of the earth, and hence, several regions face extreme weather conditions. Such changes in the climatic conditions would accelerate the growth of the air conditioning systems market over the forecast period.
Introduction of various advanced technologies in the air conditioning systems market
Several market players are increasingly investing in upgrading the technologies of their products to fulfill the emerging needs of the customers. The increasing prices of electricity in various nations are motivating consumers to opt for appliances that reduce their electricity bills and save energy.
On the other hand, the reducing level of fuel and energy is encouraging consumers to go with energy-efficient and energy-saving appliances, which would augment the demand for air conditioning systems across the world.
Market Restraining Factors
High cost of the AC systems
The prices of air conditioning systems are quite high than other electronic items, which restrict many consumers to opt for these AC systems, thereby hindering the growth of the air conditioning systems market.
Moreover, the high technical support and advanced technologies used in the manufacturing of these appliances would lead to the high cost of AC systems, which may impede market growth. Along with that, factor like fluctuating prices of AC systems is also estimated to hamper the growth of the air conditioning systems market during the forecast period.
On the basis of type, the air conditioning systems market is classified into Unitary, Rooftop, and PTAC. Among these, the Unitary AC segment garnered the highest revenue share in the market in 2020 and is estimated to exhibit the highest growth rate during the forecast period. These unitary air conditioners are majorly utilized in households.
Based on technology, the air conditioning systems market is bifurcated into inverter and non-inverter. Among these, the inverter segment is estimated to showcase a promising growth rate during the forecast period. It is due to the fact that inverter AC can manage the speed of the compressor motor that assists in constant regulation of temperature. Further, it also aids in saving power and energy by using a variable speed compressor.
Based on end-use, the air conditioning systems market is fragmented into residential, commercial, and industrial. The commercial segment is estimated to showcase a substantial growth rate during the forecast period. Factors like swift urbanization and the growing demand for commercial space are responsible for the growth of this segment.
Region-wise, the air conditioning systems market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America emerged as one of the leading regions in the air conditioning systems market in 2020. This growth is attributed to the increasing promotional initiatives by the governments to boost the adoption of energy-efficient air conditioning systems for minimizing the consumption of energy and the increasing replacement sales across this region.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Hitachi, Ltd. is the major forerunners in the Air Conditioning Systems Market. Companies such as Whirlpool Corporation, Mitsubishi Electric Corporation, Trane Technologies PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Hitachi, Ltd., Haier Smart Home Co., Ltd. (Haier Group Corporation), Whirlpool Corporation, Mitsubishi Electric Corporation, Trane Technologies PLC, Daikin Industries, Ltd., BSH Hausgeräte GmbH (Robert Bosch Group), Alfa Laval AB, and Electrolux AB.
Recent Strategies Deployed in Air Conditioning Systems Market
Partnerships, Collaborations, and Agreements:
May-2021: Mitsubishi Electric came into a partnership with Kinlochs and Son, provider of the best air conditioning & refrigeration services. This partnership aimed to enable Kinlochs and Son to provide the best possible quality of air conditioning systems to their customers.
Sep-2020: Bosch joined hands with Electra Consumer Products, a manufacturer, importer, exporter, marketer, and distributor of prestigious international and local brands. This collaboration aimed to set up a manufacturing facility and technological park for ventilation, heating, and air conditioning (HVAC) technologies in the Israeli southern town Ashkelon.
Aug-2020: Carrier teamed up with ServiceTitan, the world’s leading all-in-one software, and operating system. The collaboration aimed to offer residential contractors for Carrier and Bryant access to automated solutions, which simplify workflows and apply big data to assist in enhancing sales opportunities, boost profits, and fuel business growth.
Acquisitions and Mergers:
Oct-2021: Daikin Applied, a division of Daikin Industries acquired Dynamic Controls, designer and manufacturer of fluid and gas flow components. Through this acquisition, Daikin Applied would integrate Dynamic Controls to connect their HVAC technologies with other building systems, like security, life safety, and energy management.
Jun-2021: Carrier acquired a controlling stake of Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment. This acquisition aimed to expand Carrier’s geographic footprint and market position.
Jan-2021: Daikin Air-conditioning India took over the air handling business of Citizen Industries. This acquisition aimed to improve its product positioning in the commercial air-conditioning market. In addition, the company would also reinforce its presence in the fast-growing commercial air-conditioning market.
Jun-2020: Daikin Industries formed a joint venture with WASSHA, provider of the rental device and charging service using clean energy, under the name Baridi. This new company aims to conduct an air conditioner subscription business.
Apr-2020: Mitsubishi Electric Corporation took over AQS PRODUKTER, a comfort, process, and IT cooling and heat pump distributor in Sweden. This acquisition aimed to strengthen Mitsubishi’s commercial business in Sweden and also to expand its solutions capabilities by taking benefit of its new partner’s know-how.
Product Launches and Product Expansions:
Apr-2021: Haier released UVClean Pro, a new air conditioner. This AC removes all the airborne pollutants without any harmful chemical residuals. In addition, UV Clean Pro also offers a distinctive convertible feature, which enables the user to decrease the AC’s tonnage capacity from 1.5 tons to a minimum of 0.6 tons.
Apr-2021: Johnson Controls-Hitachi Air Conditioning India unveiled its all-new range of aesthetically appealing and energy-efficient room air conditioners. To offer more ease and comfort to its consumers, Hitachi also launched the airCloud Home app for its Wi-Fi-enabled ACs with smart fencing feature, voice command, and a variety of other advanced air conditioning products and technologies.
Dec-2020: Alfa Laval expanded its brazed plate heat exchanger portfolio by introducing Alfa Laval CB24. This new product is the market’s first dedicated condenser, which is specifically optimized to work with R290, with engineering that allows an unprecedently low refrigerant charge integrated with high thermal efficiency.
Jul-2020: Bosch introduced an energy-efficient and convenient Variable Refrigerant Flow (VRF) system. Owing to enhancements in the compressor, heat exchanger, and cooling cycle, the latest Air Flux series provides a seasonal energy efficiency ratio (SEER) of up to 7.6, which would also provide a wide outdoor ambient operation range at cooling and heating.
May-2020: Carrier introduced the Carrier Infinity 26 air conditioner and the Carrier Infinity 24 heat pump with Greenspeed Intelligence. These products provide heating and cooling capabilities, which would provide homeowners with enhanced features and benefits.
Mar-2020: Whirlpool released 3D Cool Inverter Air Conditioners that support voice and Wi-fi. The new air conditioners are embedded with comprehensive offerings like smart Google & Wi-fi connections, the revolutionary 3D cool technology, and overall aesthetic appeal connecting users to the future of cooling.
Sep-2021: Daikin Industries expanded its geographical reach by setting up its third manufacturing unit in India at Sri City, Andhra Pradesh. This unit would manufacture ACs and their components, through which Daikin would gain aggressive market growth in the AC exports in the coming years.
Jul-2021: Mitsubishi Electric released a new range of room air conditioners in India. This range includes the MSY JS series, Kirigamine series (MSY-RJS), and MS-GS series AC. This new range of ACs is embedded with advanced multistage air filters, Plasma Quad Connect.
Jun-2021: Mitsubishi Heavy Industries Thermal Systems, a Mitsubishi Heavy Industries (MHI) Group company unveiled its line of small-capacity, multiple air-conditioner outdoor units utilizing the R32(Note1) refrigerant into the New Zealand, Australian, and Asian markets. Through these launches, the company aimed to improve overseas sales of MHI Thermal Systems as an outstanding air-conditioner brand.
May-2021: Mitsubishi Electric Corporation announced the investment of approx. 18 million USD. This investment aimed to boost the production capacity at Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey (MACT), the company’s air-conditioner production base in Turkey.
May-2021: Carrier China expanded its geographical reach by opening the first Carrier Air Conditioning museum located in the North Asia region. The Carrier Air Conditioning Museum would explore the history and development of HVAC solutions and also Carrier’s importance in the industry’s transformation.
Mar-2021: Haier introduced the new CleanCool all-season air conditioner in India. This launch expanded the company’s home appliances portfolio in the country. The new AC is embedded with a Micro Dust Filter that eradicated bacteria, dust, and airborne virus from the air. In addition, CleanCool AC also offers Super Anti-Corrosion Protection that helps in keeping the AC rust-free.
Scope of the Study
Market Segments covered in the Report:
By End User
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Carrier Global Corporation
• Hitachi, Ltd.
• Haier Smart Home Co., Ltd. (Haier Group Corporation)
• Whirlpool Corporation
• Mitsubishi Electric Corporation
• Trane Technologies PLC
• Daikin Industries, Ltd.
• BSH Hausgeräte GmbH (Robert Bosch Group)
• Alfa Laval AB
• Electrolux AB
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