- Revenue from Sales of Air Conditioning Systems to Skyrocket, Surpassing a US$ 175,000 Million by 2031: Fact.MR
- Fact.MR, a leading market and competitive intelligence provider, forecasts demand for air conditioning system to briskly increase through 2031. It offers in-depth market analysis in its latest study, covering growth prospects across segments in terms of product type and sales channel.
NEW YORK, July 29, 2021 /PRNewswire/ -- The global air conditioning system market is projected to expand at a CAGR of more than 6% over the forecast period 2021 to 2031, as per a study by Fact.MR. Due to the consistently increasing temperature and humidity levels across the globe, the sales of air conditioning systems are expected to exceed over 240,000 million units by 2031.
Air conditioning systems also have made their way into the automotive sector as integral components included in passenger vehicles. Almost all the vehicles manufactured these days are installed with these systems to offer comfort against temperature and humidity inside vehicles.
As a matter of fact, air conditioning systems have become a key features customers look for in their cars before finalizing their purchase decision. Considering this, increasing demand for passenger cars is estimated to create lucrative sales opportunities for the market.
Growing acceptance of air conditioning systems as a utility product is bolstering the market. The rising number of hotels, individual clinics, hospitals, multiplexes auditoriums across the globe is projected to accelerate the pace of growth.
North America is anticipated to remain the most remunerative region in the global market. In response to increasing demand from automobile, hospitality, and commercial industries, the market is estimated to surpass a valuation of US$ 60,000 by the end of 2031.
"With the growing emphasis on green technologies, manufacturers are replacing chemical refrigerants emitting greenhouse gasses such as HCFCs, CFCs, and HFCs with less hazardous green agents to prevent carbon footprint. Focus on innovations will therefore soar, creating opportunities for growth of the market," says the Fact.MR analyst.
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Key Takeaways from Air Conditioning System Market Study
- The U.S. is leading the air conditioning system market in North America, favored by high demand for passenger cars and high standard of living of individuals.
- Europe is anticipated to emerge as the second leading market globally owing rapid urbanization and increasing disposable income of consumers in the country.
- The Asia Pacific market is estimated to exhibit the fastest growth, due to the increasing consumption in countries such as China and India.
- The GCC countries will continue exhibiting impressive sales opportunities on the back of high demand for air conditioning systems due to the high temperature in the region.
- Commercial applications of air conditioning systems are expected to remain the most profitable segment driven by increasing investment in infrastructure development.
Key Drivers
- Increasing temperature and humidity levels across the globe are fueling the demand for air conditioning systems.
- Rising demand for passenger cars is spurring the sales of air conditioning systems.
- Suring investment in the construction domain is expected to create sales opportunities for the market.
- Growing number of hotels, multiplexes, and hospitals among others is bolstering the demand for air conditioning systems.
Key Restraints
- Increasing awareness regarding the adverse effects of air conditioners on the environment due to the use of chlorofluorocarbons (CFC) and hydro-chlorofluorocarbons (HCFC) is hampering the market growth.
- High cost of air conditioning systems is a factor impeding the market growth in underdeveloped countries.
- Rising number of government regulations is restraining the growth of the market.
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Competitive Landscape
The global air conditioning system market is highly consolidated and is characterized by high competition. The prominent player in the landscape are focusing on developing novel air conditioning systems with innovative technologies and engaging into strategic collaboration and acquisitions to strengthen their market footprint. For instance,
- In January 2018, Ingersoll-Rand plc an Irish company acquired ICS Group Holdings Limited. The acquisition assisted the Ingersoll-Rand plc company to commercialize Heating, Ventilation, and Air Conditioning (HVAC) business to serve a broad range of customers in the European market.
- In January 2021, Panasonic, Japanese multinational electronics company, aimed to multiply its AC business in the next 3 years in India by starting a domestic manufacturing facility in India.
Some of the prominent air conditioning system manufacturers profiled by Fact.MR are:
- Petra Engg Industies Co.
- Lennox International
- Honeywell International
- Gree Electric Appliances
- Samsung Electronics
- Daikin Industries Ltd.
- Midea Group Co. Ltd.
- Panasonic
More Valuable Insights on Air Conditioning System Market
Fact.MR, in its new report, offers an unbiased analysis of the global air conditioning system market, analyzing forecast statistics through 2019 and beyond. The survey reveals growth projections on in the air conditioning system market with detailed segmentation
Product Type
- Portable Air Conditioning Systems
- Window Air Conditioning Systems
- Split Air Conditioning Systems
- Cassette Air Conditioning Systems
- Single Packaged Air Conditioning Systems
- Chillers Air Conditioning Systems
- Airside Air Conditioning Systems
Sales Channel
- B2B
- Authorized Stores
- Independent Electronic Stores
- E-commerce
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Key Questions Covered in the Air Conditioning System Market Report
- The report offers insight into air conditioning system demand outlook for 2021-2031
- The market survey also highlights projected sales growth for the air conditioning system market between 2021 and 2031
- Air conditioning system market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Air conditioning system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Explore Fact.MR's Coverage on the Industrial Goods Domain
Fuel Conditioning System Market - The primary benefit of having a fuel conditioning system is that it integrates simple technology, a passive design, inexpensive maintenance, and requires less operator attention. The use of raw and heavy fuels in reciprocating engines affects the dynamics of engine performance, particularly for engines with higher horse power, fueling global demand for fuel conditioning systems. The growing emphasis on improving the efficiency of new ships is likely to drive demand for fuel conditioning systems over the forecast period.
Surface Conditioning Wheels Market - Manufacturers of surface conditioning wheels are focusing on identifying end-user requirements in order to develop appropriate features that will increase their sales across diverse industrial sectors. Furthermore, lubricant coolant, product hardness, and surface speed all have a significant impact on the conspicuous properties of surface conditioning wheels. Surface conditioning wheels are in high demand due to the growing emphasis on high-precision industrial applications.
Air Purifier Market - During the COVID-19 pandemic crisis, healthcare facilities increased spending on installing high-quality air purifiers to make the treatment area pathogen-free. Future development prospects are promising, with various new technologies, such as UV-based filtration, projected to gain traction. Air purifiers for COVID-19 prevention are also in in demand. As air pollution levels rise, governments around the world are spending cash to combat this growing threat, which bodes well for air purifier sales worldwide.
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