Press release
Air-Conditioning Equipment Market: Global Industry Analysis and Forecast - Insights 2024
Air-Conditioning Equipment Market
The air-conditioning equipment market size is expected to see strong growth in the next few years. It will grow to $275.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to the rising global temperatures, the increasing demand for energy-efficient solutions and government regulations and initiatives. Major trends in the forecast period include focus on wind-free technology, smart and connected technologies, sustainable refrigerants and mergers and acquisitions.
Market Overview -
The air-conditioning equipment refers to a device used to create and maintain fixed temperature, relative humidity, and air purity conditions in indoor spaces.
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Rapid Urbanization And Industrial Growth Propel Demand For Air-Conditioning Equipment
Increasing urbanization and industrialization are projected to boost the demand for air-conditioning equipment during the forecast period. The surge in urban population and the growing number of industrial activities are expected to generate a high requirement for HVAC equipment including air-conditioning equipment. According to the publication by Our World In Data, people living in urban areas worldwide are projected to reach about 7 billion people by the end of 2050. Moreover, according to United Nations-Habitat's World Cities Report 2022, the urbanization in is predicted to grow to 675 million in 2035, which is the 2nd highest behind China's 1 billion urban population. Therefore, rapid urbanization is driving the growth of the air-conditioning equipment market.
Competitive Landscape -
Major companies operating in the air-conditioning equipment market report are Daikin Industries Ltd, Midea Group Co. Ltd, Haier Group, Carrier Global Corporation, Hitachi Ltd, Samsung Electronics, Mitsubishi Electric Corporation, LG Electronics, Fujitsu General Ltd., Electrolux AB, LEEL Electricals Ltd (Lloyd), Johnson Controls-Hitachi Air Condition India Ltd, Amber Enterprises India Ltd, Blue Star Ltd , Voltas Ltd, AUX Group, Gree Electric Appliances, Inc, Abionik Group, Accruent, Actron Engineering Pty Ltd, WAECO, Stefani Spa, OAG Industries, ERRECINQUE S.R.L , VULKAN Group, KLIMA-THERM Group , Frapol, Autoclima, CPS, Aquatherm, MDV, KOMFOVENT, CaptiveAire Systems, Greenheck Fan Corporation, Twin City Fan Companies Ltd, Honeywell International Inc, Nortek Air Solutions , Carrier Airconditioning & Refrigeration Limited, MW Solutions, Nomad Go, Maxell Trading LLC, Daikool Industries Limited, Geo Electrical Contracting Trading Company LLC, SilkAir International LLC, Temperature Control Company LLC, Tecnalco Aluminum Technical Engineering Company, Aaf-Mcquay (L.L.C) , Arshi Air Conditioning & Refrigeration Co, Air Group, Ebair Condition, Miraco, Airmaster Emirates, Van Tech, Airco, HVAC Distributors, ITD Group
Advanced Sustainable Systems Drive Air-Conditioning Trends
The development of sustainable systems is a key trend in the air-conditioning equipment market. Sustainable systems such as solar-powered air-conditioning equipment are becoming more popular as people look for ways to reduce their carbon footprint. Major companies in the market are focusing on developing such systems. For instance, in October 2022, iAIRE, LLC, a US-based HVAC equipment manufacturer, launched its patented solar HVAC for homes and businesses across all industries in the USA in order to provide Americans access to high-quality and energy-saving resources. The system has cost savings on equipment, installation, and operations and also works up to 50% more effectively than other systems.
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Key Segments -
The air-conditioning equipment market covered in this report is segmented -
1) By Product Type: Unitary Air Conditioners, Room Air Conditioners, Packaged Terminal Air Conditioners, Other Product Types
2) By Components: Refrigerant, Compressor, Condenser Coil, Expansion Valve, Evaporator Coil
3) By Application: Residential, Commercial, Industrial
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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