Air Condition (AC) Market is expected to grow at Significant CAGR 8.2 % from 2020 to 2030
Air Condition
(AC) Market
Outlook:
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.
Air conditioners, once considered luxury, are now transforming into
necessities worldwide. Still the demand for heating and air condition systems
is considered as a measure of the economic wealth of a nation.
Air Condition (AC) Market is expected to grow at Significant CAGR 8.2 % from
2020 to 2030
The impact of automotive Air Conditioner Market Share 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.
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.
Market
Segmentation
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 share 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.
Key Players
Notable players
profiled in the global key
air condition AC Market 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.
Regional
Analysis
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.
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.
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