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.
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.
AB Electrolux 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.
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 positioning of vendors
Daikin Industries Ltd.
Haier Smart Home Co. Ltd.
Johnson Controls International Plc
LG Electronics Inc.
Mitsubishi Electric Corp.
Samsung Electronics Co. Ltd.
Scope of the report
Currency conversion rates for US$
List of abbreviations
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