Air Condition (AC) Market Forecast
Air conditioning means the process of conditioning and impacting the air quality of a space to make the environment comfortable for the occupants. This process essentially works by removing excess moisture and heat from closed environments so that extreme natural environments can be adjusted to an individual’s preferred ones in the privacy of their homes. Air conditioning market globally comprises of residential and commercial sector and is also an extremely integral part of the automotive industry. The air conditioning market industry is a large and growing industry that has seen tremendous growth over the past several decades. This growth has been driven by advances in technology, increasing demand for energy efficiency, and an increasing awareness of the need to conserve energy. The global air conditioning market is estimated to be worth over $100 billion in 2020, and this figure is expected to increase over the next five years.
Air conditioners provide cooling and heating services in residential, commercial, and industrial buildings. In residential buildings, air conditioners are used to create a comfortable living environment, while in commercial and industrial buildings, air conditioners are used to maintain the temperature of the building for optimal productivity. Air conditioners are also used in vehicles to keep the interior temperature comfortable.
Air Condition (AC) Market is expected to grow at Significant CAGR 8.2 % from 2020 to 2030
The impact of automotive Air Conditioner Market Report systems and the auto air condition market on the overall global AC market is also highly significant as both passenger and commercial vehicles are being increasingly equipped with AC systems to suit the requirements of the specific region — AC systems are also called heating and air condition systems because they can also be customised to provide heat during cold weather conditions. With the automotive industry on a steady growth path — again powered by increasing population and a high rate of urbanisation — the AC market stays on a sustained upward trend.
Based on region, the global air condition AC market report covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. The conventional commercial and residential markets of Canada & the US are the key customers of the air condition AC market. Besides, increasing promotional activities, especially from the government to increase the adoption of AC systems that are energy-efficient to cut down energy consumption, is also adding to market growth. The US is the key contributor to the region.
In the APAC region, the global moveable air conditioner market is predicted to have significant growth over the forecast period of a huge shift toward energy-saving cooling solutions and the latest technologies. Rapid population growth in India & China, higher disposable income, and changing lifestyles are also adding to market growth. Air conditioners have turned into a basic need in the commercial and residential sectors for the humid and scorching environment in the region.
An increasing number of commercial buildings in China & India are also adding to market growth.
The global air condition AC market in Europe is predicted to have a notable growth over the forecast period for varying weather conditions, rise in infrastructure development, burgeoning demand from end-user sectors, technological development, demand for products that are energy-efficient, and diverse weather conditions. Besides, increasing adoption of inverter air conditioners and smart thermostats are also adding to market growth.
The global air condition AC market in the MEA will have a sound growth over the forecast period of the rising adoption of smart AC systems in Israel, Turkey, Saudi Arabia, and the UAE.
COVID-19 on the global AC market growth:
All industries across the globe suffered the consequences of the COVID-19 pandemic and experienced a slowdown unlike any other. Even the global construction industry was drastically hit owing to the suspension of all activities in the wake of the recent pandemic. This has led to a slowdown in the global air conditioner market.
The Heating, Ventilation, And Air Conditioning (HVAC) industry was also severely hit because of the large-scale shutdown of manufacturing units across the Asia Pacific regions which are considered market leaders in the air conditioner industry, and the US and several European countries. The HVAC industry has also been doubly hit by a significant dip in consumer demand globally. The report also looks at the COVID-19 impact at great lengths.
The Market Research Future Report provides an inclusive segmental analysis of the global air condition AC market based on application, duct type, and types.
By type, the global air condition AC market is segmented into the indoor packaged air conditioner, rooftop air conditioners, split air conditioners, and others. Of these, the split air conditioner segment will dominate the market over the forecast period for the different benefits that it offers, such as ease of installation, low initial cost, and less noise.
By duct types, the global air condition AC Market Outlook is segmented into ducted and ductless.
By application, the global smart air conditioning market is segmented into industrial, institutional, residential, commercial, and others. Of these, the commercial segment will have a major share in the market over the forecast period for its increasing use in healthcare, clinics, hospitals, hotel and tourism, and others.
Notable players profiled in the global air condition AC Market Research Players growth report include Siemens AC, Petra Engineering Industries Co, Panasonic Corporation, Lennox, International, Johnson Controls, Videocon, Samsung Ac, LG, Daikin Industries Ltd, and Carrier Corporation.
What is are the major players of the air condition (AC) market?
AB Electrolux (Sweden), Carrier Corporation (USA), Daikin Industries, Ltd. (Japan), Daikin Airconditioning India Pvt. Ltd. (India), Daikin Air Conditioning Saudi Arabia LLC (Saudi Arabia), GE Appliances (USA), Gree Electric Appliances Inc. (China), Johnson Controls-Hitachi Air Conditioning (Japan), LG Electronics (South Korea), Midea Group (China), Mitsubishi Heavy Industries Ltd. (Japan), Panasonic Corporation (Japan), Samsung Electronics Co. Ltd. (South Korea), Toshiba Carrier Corporation (Japan), Trane Inc. (USA), Whirlpool Corporation (USA) are the major players of the air condition (AC) market.
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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