Air Conditioners Market to Grow with a CAGR of 4.05% Globally through 2028
The global air conditioner market is experiencing
steady growth, driven by rising temperatures, urbanization, and a focus on
energy-efficient and eco-friendly solutions. Key players compete to innovate
and meet consumer demands.
According
to TechSci Research report, “Global Air Conditioners Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Air Conditioners Market stood at USD 105.33 Billion in 2022 and is
anticipated to grow with a CAGR of 4.05% in the forecast period, 2024-2028. The
Global Air Conditioners Market is driven by rising temperatures, urbanization,
and energy efficiency demands. Key trends include a focus on sustainability,
smart and connected systems, indoor air quality improvements, eco-friendly
refrigerants, multi-functionality, and sustainable building designs. Major
challenges involve refrigerant transitions, energy efficiency regulations,
seasonal demand fluctuations, affordability concerns, technological
disruptions, and supply chain issues. Amidst these dynamics, Europe emerges as
a growing segment due to diverse climates, stringent regulations, smart
technology adoption, construction growth, and IAQ awareness. The market is
poised for continued innovation and expansion in response to environmental and
consumer demands.
Browse over 140
market data Figures spread through 239 Pages and an in-depth TOC on
"Global Air Conditioners Market”
The
Global Air Conditioners Market is propelled by a confluence of significant
drivers that shape its dynamics and ongoing expansion. These drivers span
diverse factors, from climatic conditions and urbanization to technological
advancements and environmental concerns.
Climatic
conditions play a pivotal role as one of the primary drivers of the air
conditioner market. In regions characterized by soaring temperatures and
oppressive heat, air conditioners are not merely a luxury but a fundamental
necessity. Such areas, often found in parts of Asia, the Middle East, and
Southern United States, exhibit a consistent and substantial demand for cooling
solutions throughout the year, significantly driving the market's growth.
Furthermore, climate change is contributing to more extreme weather patterns
even in traditionally cooler regions, increasing the demand for effective
cooling systems.
Urbanization
and population growth constitute another compelling driver. As rural
populations migrate to urban centers, urbanization rates surge, leading to
expanding cities and growing urban populations. Urban environments tend to
experience higher temperatures due to the "urban heat island" effect,
caused by extensive concrete surfaces and diminished green spaces. This urban
heat makes air conditioning systems indispensable for maintaining comfort and
productivity, fostering a heightened demand for cooling solutions.
Technological
advancements represent a pivotal force in propelling the air conditioner market
forward. These innovations have led to the development of more
energy-efficient, eco-friendly, and smart air conditioning systems. Innovations
like inverter technology, variable refrigerant flow (VRF) systems, and the
utilization of eco-friendly refrigerants have significantly boosted the energy
efficiency of air conditioners, thereby reducing energy consumption and
operational costs. Additionally, the integration of smart technologies, such as
IoT (Internet of Things), mobile apps, and remote control capabilities, has
rendered air conditioning systems more user-friendly and energy-efficient. This
enhanced user experience aligns with sustainability efforts by curbing carbon
emissions.
Environmental
concerns and regulations exert a substantial influence on the air conditioner
market. The HVAC (Heating, Ventilation, and Air Conditioning) industry has
encountered heightened scrutiny owing to the environmental impact of the
refrigerants utilized in air conditioning systems. Many traditional
refrigerants, such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons
(HFCs), are potent greenhouse gases that contribute to global warming. To
combat this issue, international agreements like the Montreal Protocol and the
Kigali Amendment have been enacted to phase out the use of these harmful
refrigerants. In response, the industry has developed and adopted alternative
refrigerants with lower global warming potential, such as hydrofluoroolefins
(HFOs) and natural refrigerants like carbon dioxide (CO2) and ammonia.
Furthermore, regulatory bodies have established energy efficiency standards and
labeling programs to promote the adoption of energy-efficient air conditioning
systems, which has compelled manufacturers to innovate and produce more
efficient and eco-friendly units.
Consumer
preferences and lifestyle changes constitute an influential driver in the air
conditioner market. As incomes rise and living standards improve, consumers
increasingly invest in air conditioning for their homes, workplaces, and
vehicles. Additionally, an elevated focus on health and well-being has led
consumers to prioritize comfort and air quality, further fueling the demand for
air conditioners. Changing lifestyles, such as longer working hours and
increased urbanization, have also resulted in a greater reliance on air
conditioning to sustain comfort and productivity. Consumers now seek features
like air purification, humidity control, and quiet operation, prompting
manufacturers to incorporate these functionalities into their products to meet
evolving consumer preferences.
In
conclusion, the Global Air Conditioners Market is propelled by an intricate
interplay of drivers, including climatic conditions, urbanization,
technological advancements, environmental concerns, and shifting consumer
preferences. As the world confronts climate change and the need for sustainable
solutions, the air conditioner market is poised for continuous innovation and
growth in response to these multifaceted demands. Balancing environmental
responsibility, energy efficiency, and affordability while delivering effective
cooling solutions remains a multifaceted and ongoing challenge for the
industry.
Ductable
splits, also known as ducted split air conditioning systems, are rapidly
emerging as a burgeoning segment within the air conditioner market. Their
popularity is driven by their adaptability and efficiency. Ductable splits
consist of an indoor unit connected to a network of ducts and an outdoor
condenser unit. This design offers even and customizable cooling or heating
throughout larger spaces, making them suitable for settings where aesthetics or
space constraints are a concern. They are highly energy-efficient, as the centralized
system minimizes energy waste. As the demand for versatile, energy-efficient
cooling and heating solutions grows, ductable splits are poised for continued
expansion.
Major companies
operating in Global Air Conditioners Market are:
- Daikin
Industries, Ltd.
- Gree
Electric Appliances Inc.
- Midea Group
Co., Ltd.
- Carrier
Global Corporation
- Samsung
Electronics Co., Ltd.
- Panasonic
Corporation
- Mitsubishi
Electric Corporation
- Johnson
Controls-Hitachi Air Conditioning Limited
- Toshiba
Corporation
- Trane Technologies plc
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The Global Air
Conditioners Market is influenced by several key drivers. Climatic conditions,
urbanization, and the need for comfortable living spaces in hot regions propel
demand. Technological advancements enhance energy efficiency and user
convenience. Environmental concerns drive the adoption of eco-friendly
refrigerants and energy-efficient designs, spurred on by stringent regulations.
Evolving consumer preferences, driven by income growth and health
consciousness, promote innovative features like air purification and smart
controls. These multifaceted drivers collectively shape the market's growth,
fostering innovation and sustainability in the air conditioning industry.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Air
Conditioners Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Chillers,
VRFs, Ductable Splits, RAC/LCAC and Others), By Light Commercial Air
Conditioners (High Wall Splits, Window Air Conditioners, Cassettes and
Concealed Ductable Splits), By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global
Air Conditioners Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Air
Conditioners Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com