The market is anticipated to expand steadily, driven by the shifting climatic conditions and increasing need for commercial buildings. Additionally, it is anticipated that over the forecast period, consumers’ increased preference for comfort and convenience will support demand for air conditioners.

Furthermore, it is projected that over the coming few years, demand for AC will increase positively as economic growth in emerging nations continues to soar.

According to a report by Market.us, “The size of the global market for air conditioning systems was estimated at USD 114.17 billion in 2021, and it is anticipated to increase at a 7.1% CAGR from 2022 to 2032. In the projected time frame, it is anticipated to reach USD 242.79 billion.”

Air Conditioning Systems Market Growth

Anurag Sharma, a senior research analyst at Market.us, said, “The market for air conditioning systems, particularly in the Asia Pacific, will continue to offer attractive prospects for participants due to the expansion of industrial activity and rising consumer disposable income.”

The industry is also anticipated to be fuelled by elements like the tourist and construction industries’ optimistic expansion. Over the projected period, it is also anticipated that rising disposable incomes will promote the use of a range of air conditioning systems.

Additionally, elements like the rising customer preference for energy-efficient systems and the expanding use of portable systems are anticipated to favorably affect the expansion of the air conditioning systems market.

Efficiency in air conditioning is a concern for many governments. For instance, the Super-Efficient Air Conditioning program was announced to be launched in February 2019 by Energy Efficiency Services Limited (EESL). The initiative aims to encourage the use of energy-efficient technologies and result in a decrease in energy usage. The Indian Ministry of Power hopes to meet the country’s Cooling Action Plan and Hydrochlorofluorocarbon Phase-out Management Plan by 2032 with this program.

Due to the quickening rate of urbanization and the growing need for commercial space, the commercial segment is predicted to grow at a CAGR of 5.5% over the projection period. Commercial air conditioning systems are enormous and often located on the rooftops of buildings like hotels, shopping centers, theatres, sizable restaurants, and offices because this is where energy consumption is at its maximum. Therefore, it is projected that replacing and retrofitting these units in order to save energy will lead to an increase in the use of AC throughout the commercial market.

With a CAGR of 8.0% over the following seven years, the residential segment will remain a pillar for many market suppliers. A lot of countries have experienced an increase in the temperature in recent years as a result of changing climate. 

Due to the rising temperatures, air conditioning systems are now more of a need than a luxury. Because of this, people all over the globe are placing air conditioning installations in their residences, and it is projected that this trend will continue as the world’s temperatures rise. Residential air conditioner sales are anticipated to expand strongly throughout the projection period as a result of the shifting climatic conditions.

In 2021, North America accounted for more than 25% of the market’s total revenue share. It is anticipated that replacement sales will drive development in the North American market as well as other developed markets worldwide. The government’s increasing promotional efforts to promote the use of energy-efficient air conditioning systems and lower energy consumption are also anticipated to support the expansion of the regional market.

The COVID-19 pandemic had the greatest effect on the Middle East and Africa, where demand for air conditioning equipment fell by more than 12% in 2020. However, the region has recovered owing to significant international events like the 2022 FIFA World Cup in Qatar, which encouraged new construction.

Nikhil Randhe

I am Nikhil, working as a Digital Marketing Associate at Prudour Pvt Ltd. I did a Master's in Digital Marketing and worked in a Core SEO team. I an passionate about Digital Marketing with skills such as Search Engine Optimisation, Search Engine Marketing, Google Analytics, etc.


Tags:
Air Conditioning Systems MarketAir Conditioning Systems Market Growth in FutureLatest trends in Air Conditioning SystemOpportunities in Air Conditioning Systems Market