Air Conditioners Market to Grow by Over 5% CAGR During the Forecast Period
The
Global Air Conditioners Market is anticipated to grow during the forecasted
period due to prolonged heatwaves, rising disposable income and, rapid
urbanization.
According to TechSci
Research report, “Air Conditioner Market - Global Industry Size, Share,
Trends, Competition, Opportunity and Forecast, 2018-2028F”,
the global air conditioner
market is expected to be around
more than USD107.20 billion by 2022. During the forecasted period, the air
conditioner market is expected to witness an increase in sales due to the rise in
the investment of residential and commercial buildings’ construction. However,
the growth in the market was impacted due to the rise in temperature with
greenhouse gas emissions, where countries such as India, Australia and France
touched 46.2, 45.9 and 49.5 degree Celsius, respectively in 2020.
Particularly, the market for
smart air conditioners, along with many other air conditioner industry
segments, may grow in the upcoming years. The market for smart air conditioners
is projected to be driven by the growing popularity of smart devices that can
transform traditional remote-controlled air conditioners into smart gadgets.
Room air conditioner demand is rising with the rise in housing standards. In
contrast, packaged air conditioner demand is predicted to grow somewhat as more
malls, offices, and factories are permitted to be built.
Government regulations on
refrigerants are pushing businesses to create goods that are both eco-friendly
and energy-efficient. Due to the phase-out of important refrigerants, the
market has witnessed several technological advancements. In the coming years,
CFCs, which were once the most used refrigerants, are likely to be entirely
replaced by alternative refrigerants such as R-410A refrigerant as it is more
energy efficient, it is able to absorb and release heat better than other refrigerants.
China is a major supplier
for equipment to every industry player, globally. However, China stopped their
manufacturing operations due to the breakdown of supply chain, in 2020. This
led to the shortage of air-conditioning components. The heart of the COVID-19
outbreak in central China was in Wuhan, Hubei Province, which also acts as a
hub for US, European, and Japanese technology vendors.
Browse xx Figures spread through xx Pages and an in-depth TOC on
"Air Conditioners Market"
The market for air
conditioners is divided into four categories: product type, light commercial
air conditioners, region, and by company. The market can be divided into
Chillers, VRFs, Ductable Splits, Light Commercial Air Conditioners, and Others
based on product typeAmong all, the light commercial air conditioners market
had registered the highest market share of around more than 75% among all air conditioners
in 2022. Hence, the easy availability and installation of the product are
significantly driving the demand for light commercial air conditioners.
Due to their efficient use
as well as fact that they don't require any additional space or window space
for installation, they also provide complete control over the room's
temperature, the high-wall splits hold the majority of the market share in
the market for light commercial air conditioners.. The high-wall split air
conditioners are designed to blend in with different room décor types.
Moreover, high-wall split air conditioners are becoming increasingly technologically
advanced. For example, new air conditioners with inverter technology adjust the
compressor's speed to operate continuously at maximum efficiency, maintaining
the desired temperature in the room with a minimum amount of temperature
variation.
Some of the market players, dominating
the global air conditioner market are
- Daikin
Industries, Ltd.
- Gree Electric Appliances
Inc.
- Carrier Global Corporation
- Midea Group Co., Ltd.
- Samsung Electronics Co., Ltd
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In terms of regional analysis, the
global air conditioners market is segment into Asia-Pacific, Europe, North
America, South America and Middle East & Africa. Among these, the
Asia-Pacific region is dominating the global air conditioners market followed
by North America in 2020. Due
to rapid population expansion, growing urbanization, and rising temperatures
brought on by global warming, there is an unprecedented increase in the need
for air conditioners. Furthermore, the government's environmental regulations,
such as China's Green Building Evaluation Label (GBEL) and India's Bureau of
Energy Efficiency Standards and Labeling Program, are pushing air conditioner
manufacturers to create energy-efficient products, which is in-turn increasing the
demand for air conditioners in the APAC region.
“During
the forecast period, it is anticipated that the global air conditioners market will
rise strongly. Global demand for air conditioners is expanding due to factors
like the emerging economies' rapid economic growth, the rise of the smart home
market, easier financing options, the introduction of new payment options, and
the use of solar hybrid air conditioners.”. said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Global
Air Conditioners Market By Product Type (Chillers, VRFs, Ductable Splits, Light
Commercial Air Conditioners and Others), By Light Commercial Air Conditioners (High
Wall Splits, Window Air Conditioners, Cassettes and Concealed Ductable Splits),
By Region, Competition, Forecast Opportunities, 2028F”, has
evaluated the future growth potential of air conditioners in global market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended 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 present in the global air conditioners
market.
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