NEW YORK, May 12, 2021 /PRNewswire/ — The global air conditioning market by product (splits, chillers, airside, and others) and geography (APAC, Europe, North America, MEA, and South America) has been added to Technavio’s offering. The global air conditioning market is expected to grow by USD 19.60 billion, at a CAGR of about 3% during 2021-2025.
The rapid spread of COVID-19 forced governments across the world to impose nationwide lockdowns. This resulted in a decline in the number of construction projects, which negatively affected the demand for air conditioning systems. However, the market is expected to recover in 2021 with the lift of restrictions and resumption of business activities.
The market is expected to be driven by factors such as the rise in residential construction activity, product innovations leading to portfolio extension and product premiumization, and increasing demand for IoT sensor-based air conditioners.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Air Conditioning Market: Opportunities
Governments across the world are making significant investments in the residential and healthcare sectors. This has led to a rise in the number of real estate projects, which is increasing the demand for air purification and air conditioning systems. Besides, increasing income levels and rising standard of living of people, especially in developing regions are expected to offer several growth opportunities for vendors during the forecast period.
Air Conditioning Market: Segmentation by Deployment
Based on the segmentation by deployment, the market generated maximum revenue in the splits segment in 2020. The segment is driven by the increasing demand for inverter-based split air conditioners, owing to their efficiency. In addition, the incorporation of value-added features, such as air purification and lower maintenance costs are crucial in driving the growth of the segment.
Air Conditioning Market: Segmentation by Geography
APAC held the largest market share in 2020 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the increasing demand for expensive home appliances like air conditioners and refrigerators in countries such as India, China, and Vietnam. Also, the proliferation of smart cities is expected to contribute to the growth of the air conditioners market in APAC during the forecast period.
One of the fortune 500 companies had used the detailed research report on the air conditioning market and had decided to increase their market share in the APAC region which offers the highest market opportunities during the forecast period.
Explore more about market opportunities: Enquire about the report before purchasing
Air Conditioning Market: Major Vendors
The company offers air conditioners under the brand Frigidaire such as Frigidaire Gallery 12,000 BTU cool connect smart room air conditioner with Wi-Fi control.
Daikin Industries Ltd.
The company offers air conditioners such as packaged air conditioners for facilities and factories, Skyair (packaged air conditioners for shops and small offices), VRV (multi-split type air conditioners), and split/multi-split type air conditioners.
Haier Smart Home Co. Ltd.
The company offers various types of ACs such as Elegnate Cool, PuriCool Pro, FlexiCool Pro, CleanCool Smart, CleanCool XL, and others.
Johnson Controls International Plc
The company through its Johnson Controls-Hitachi Air Conditioning business division offers a range of air conditioning systems for residential, commercial, and industrial sectors.
Mitsubishi Electric Corp.
The company offers split ACs, City Multi VRF system, air curtain, ceiling cassette, and other air conditioning systems for residential, commercial, and industrial usage.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the air conditioning market report:
- Further breakdown of the market segmentation at requested regions.
Market Player Information
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the COVID-19 Recovery Phase.
Related Reports on Air Conditioning Market:
Global Commercial Air Conditioner Market – Download our free sample report to learn about major trends impacting the growth of the market over the next five years.
Global Industrial HVAC Market – Download our free sample report to learn about major trends impacting the growth of the market over the next five years.
Global Residential HVAC Market – Download our free sample report to learn about major trends impacting the growth of the market over the next five years.
Global Automotive Heating, Ventilation, and Air Conditioning (HVAC) Compressor Market – Download our free sample report to learn about major trends impacting the growth of the market over the next five years.
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 – 2025
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Splits – Market size and forecast 2020-2025
- Chillers – Market size and forecast 2020-2025
- Airside – Market size and forecast 2020-2025
- Others – Market size and forecast 2020-2025
- Market opportunity by Product
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2020-2025
- Europe – Market size and forecast 2020-2025
- North America – Market size and forecast 2020-2025
- MEA – Market size and forecast 2020-2025
- South America – Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- AB Electrolux
- Daikin Industries Ltd.
- Haier Smart Home Co. Ltd.
- Johnson Controls International Plc
- LG Electronics Inc.
- Mitsubishi Electric Corp.
- Panasonic Corp.
- Samsung Electronics Co. Ltd.
- Toshiba Corp.
- Whirlpool Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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