Global Air-Conditioning Equipment Market Size 2024, Forecast To 2033
11 Mar, 2024
The air-conditioning equipment market size has demonstrated robust growth, surging from $209.74 billion in 2023 to $220.94 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.3%. This growth in the historic period is attributed to the expanding construction industry, rising urbanization, increased demand for air conditioners, and a boost in disposable income. Looking ahead, the air-conditioning equipment market is poised for strong growth, reaching $275.47 billion in 2028 with a CAGR of 5.7%. Factors contributing to this projected growth include rising global temperatures, increasing demand for energy-efficient solutions, and government regulations and initiatives. Significant trends in the forecast period involve a focus on wind-free technology, the incorporation of smart and connected technologies, the utilization of sustainable refrigerants, and an uptick in mergers and acquisitions, shaping the future landscape of the air-conditioning equipment industry.
Global Air-Conditioning Equipment Market Key Driver
The demand for air-conditioning equipment is set to surge due to increasing urbanization and industrialization trends. The growing urban population and the rise in industrial activities are expected to create a substantial demand for HVAC equipment, including air-conditioning systems. Projections from Our World In Data estimate that the global urban population will reach about 7 billion people by the end of 2050. According to the United Nations-Habitat's World Cities Report 2022, urbanization in is predicted to grow to 675 million by 2035. This represents the second-highest urban population, following China's 1 billion urban residents. The rapid pace of urbanization is a key driving force behind the growth of the air-conditioning equipment market, anticipating a rise from $X billion in 2023 to $Y billion in 2024 at a compound annual growth rate (CAGR) of Z%. The forecast for 2028 indicates further growth, reaching $W billion.
Get A Free Sample Of The Global Air-Conditioning Equipment Market ReportGlobal Air-Conditioning Equipment Market 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
By Geography:The regions covered in the air-conditioning equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The Asia-Pacific was the largest region in the air-conditioning equipment market in 2023. North America was the second largest region in the global air-conditioning equipment market share. The regions covered in the air-conditioning equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Air-Conditioning Equipment Industry Players
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,
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Air-Conditioning Equipment 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.
Air-Conditioning Equipment Global Market Report 2023 provides data on the global air-conditioning equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The air-conditioning equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.