The global air conditioning systems market size is anticipated to reach USD 195.65 billion by 2025. It is also expected to register a 9.9% CAGR during the forecasted period, 2019 to 2025. The rising need for good quality of air for breathing and ventilation is driving the market demand for such systems.
The technology segment of the inverter held the largest share across the global market in 2018 due to the rapidly increasing demand for energy-efficient systems and the ability of new systems to replace conventional ones. The non-inverter technology segment is anticipated to witness moderate growth from 2019 to 2025.
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North America accounted for a share of 15% across the global market in 2018 due to the increasing adoption of such systems for air ventilation at homes and commercial buildings. While the Asia Pacific region held the largest share of more than 50% owing to surging usage of such systems across countries like India and China. Also, hot and humid climate prevailing across this region is further expected to create demand for such systems.
The air conditioning system market includes key players such as Carrier Corporation, Electrolux, Haier, Inc., ALFA LAVAL, and Ingersoll-Rand plc. These players are investing hugely in R&Ds to gain a competitive advantage over other players. They are also adopting several strategies like mergers, acquisitions, and joint ventures to widen their product reach and to expand their product portfolio.
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Further key findings from the report suggest:
• The rooftop type segment held a share of around 30.0% across the global market.
• In 2018, the commercial end use segment accounted for a share of 20.0% across the globe and is projected to register CAGR exceeding 6.0% from 2019 to 2025.
• Asia Pacific held the largest share of around 50.0% across the global market in 2018.
• The key players in this market are Carrier Corporation, Electrolux, Haier, Inc., ALFA LAVAL, Ingersoll-Rand plc and Hitachi Ltd.
Million Insights has segmented the global air conditioning systems market on the basis of type, technology, end use, and region:
Air Conditioning Systems Type Outlook (Revenue, USD Billion; Volume, Thousand Units, 2014 – 2025)
Air Conditioning Systems Technology Outlook (Revenue, USD Billion; Volume, Thousand Units, 2014 – 2025)
Air Conditioning Systems End-Use Outlook (Revenue, USD Billion; Volume, Thousand Units, 2014 – 2025)
Air Conditioning Systems Regional Outlook Revenue, USD Billion; Volume, Thousand Units, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East &Africa
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