Air Conditioning Equipment Market to Reach $144.3 Billion, Globally, by 2032 at 4.8% CAGR: Allied Market Research

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Nov 14, 2023, 10:20 ET

Increased use of split air conditioning systems in the Europe market has resulted from growing demand for energy-saving alternatives. The government encourages energy-efficient models to further accelerate the replacement of old systems with energy-saving alternatives. Increase in average global temperatures due to climate change, economic growth, and urbanization are expected to boost the demand for cooling.

WILMINGTON, Del., Nov. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Air Conditioning Equipment Market by Type (Split Air Conditioner, Window Air Conditioner, Chiller Air Conditioner, Packaged Air Conditioner), and Application (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report. The air conditioning equipment market was valued at $89.9 billion in 2022 and is estimated to reach $144.3 billion by 2032, exhibiting a CAGR of 4.8% from 2023 to 2032.

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Prime determinants of growth

The growth of the air conditioning systems market is primarily influenced by stringent government regulations, climate change concerns, technological advancements, rise in consumer demand, and resource scarcity. These factors collectively drive innovation and adoption of energy-efficient models to address environmental challenges and promote sustainability.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$89.9 Billion
Market Size in 2032	$144.3 Billion
CAGR	4.8 %
No. of Pages in Report	301
Segments covered	Type, Application, and Region
Drivers	Increase in Affordability.
Drivers	Increase in Popularity of Split ACs
Opportunities	The need for energy-efficient air conditioning systems
Restraints	High energy consumption of air conditioning systems

Impact Scenario

The impact of the Russia-Ukraine war on the air conditioning market may vary by region. Ukraine plays a significant role in the global supply chain for various raw materials, components, and electronic parts used in the manufacturing of air conditioning equipment.
Disruptions in the supply chain can lead to delays in production and potentially increase manufacturing costs. Supply disruptions and increased manufacturing costs may result in price volatility in the air conditioning equipment market. This can affect both manufacturers and consumers.
Russia is a major energy exporter, and any disruptions in the energy supply from the region can impact the cost of electricity and further impact the operation of air conditioning systems. Higher energy costs can encourage businesses and individuals to invest in more energy-efficient air conditioning systems.

The split air conditioner segment to maintain its dominance throughout the forecast period

By type, the split air conditioner segment held the highest market share in 2022, accounting for more than two-fifths of the global air conditioning equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period. The energy efficiency of split air conditioners has been spurring in recent years owing to the advancement in air conditioning technology. Moreover, increase in the middle-class population in developing economies including India, China, and Brazil coupled with rise in disposable income are expected to be the prime factors for the growth of the split air conditioning system market during the forecast period.

However, the package air conditioner segment is projected to witness a CAGR of 5.5% from 2023 to 2032, as growth in the adoption of R32 refrigerant in air conditioners will be one of the latest trends that will gain traction in the packaged air conditioner market during the forecast period.

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The residential application segment to maintain its leadership status throughout the forecast period

By application, the residential segment held the highest market share in 2022, accounting for more than two-fifths of the global air conditioning equipment market revenue, and is estimated to maintain its dominance throughout the forecast period. Growth in trend of urbanization has led more people living in compact apartments and homes to look for smaller and more efficient air conditioning solutions.

However, the industrial segment is projected to witness a CAGR of 4.9% from 2023 to 2032. Growth in the trend of modular construction and off-site fabrication is driving the demand for prefabricated air conditioning systems in the industrial sector.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global air conditioning equipment market revenue, and is expected to dominate the market during the forecast period. Furthermore, the Europe and LAMEA region are expected to witness the fastest CAGR of 4.9% from 2023 to 2032.

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Leading Market Players: -

Daikin Industries, Ltd.
Hitachi Ltd
Mitsubishi Electric
Panasonic Corporation
Midea Group Co., Ltd.
Samsung Electronics
Sharp Corporation
Electrolux AB
LG Electronics
Johnson Controls

The report provides a detailed analysis of these key players in the global air conditioning equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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