The global Air Conditioning market is anticipated to grow at a significant CAGR of 9.7% during the forecast period. One of the major factors driving the growth of the market includes the rapid rise in the global urban population. Ongoing technological advancements to reduce component size and price to increase the affordability of ACs by middle-income individuals is another factor to promote the growth of the air conditioning market, especially in emerging economies across the globe.
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For instance, In June 2020, Voltas Ltd. one of the AC brands from the house the Tata had launched the latest line of ultraviolet light (UVC) that is based on surface disinfectant solutions along with its line of engineered UVC-based air and duct disinfectant solutions that the company is providing its consumer since past years. The launch is considered as a return and response to the ongoing crisis of COVID-19 by the company through continuing its services for the community and spreading a positive impact on society as UVC- based air disinfectant solution is considered to be safe with regards to increasing concerns in customer about the spread of virus due to central Air-Conditioning systems in commercial spaces. However, there are certain factors that are affecting the growth of the market. The increasing electricity cost, differing prices of raw materials, incompatible with environmental protection, and high cost of maintenance are some of the major factors that are hindering the growth of the global air conditioning market.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Air Conditioning Market Report Segment
By Application
- Residential
- Commercial
- Industrial
- Others
By Type
- Split Type & Window AC
- Rooftop
- Indoor Packaged Air Conditioners
- VRF
- Chillers
- Others (AHU/FCU)
By Refrigerant Type
- HCFC (Hydrochlorofluorocarbons)
- HFC (Hydrofluorocarbons)
- HFO ((Hydrofluoric-Olefin))
- Natural Refrigerant
Global Air Conditioning Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2019 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global air conditioning market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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