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.
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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Air Conditioning Market Segmentation
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
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Blue Star Ltd.
- Global Corp.
- Daikin Industries, Ltd.,
- Danfoss Global
- Electrolux AB
- Fujitsu General Ltd.
- Godrej & Boyce Manufacturing Co. Ltd.
- Gree Electric Appliances, Inc.
- Guangdong Chigo Air Conditioning Co., Ltd.
- Haier Electronics Group Co., Ltd.
- Hitachi, Ltd.
- LG Electronics Corp.
- Midea Group.
- Mitsubishi Electric Corp.
- Nortek Air Solutions, LLC
- Panasonic Corp.
- Samsung Group.
- Toshiba Corp.
- Trane Technologies Inc.
- United Technologies Corp.
- Voltas Ltd.
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