Market Overview

Air conditioning is the process of adjusting a space's temperature and air quality to improve the comfort of its people. This procedure generally involves taking away extra heat and moisture from enclosed spaces so that severe climate settings can be changed to fit a person's preferences in the peace of their own homes. The global Air condition market includes the residential and commercial sectors as well as being a crucial component of the automotive industry.

By 2030, the Air Conditioner Market Growth is anticipated to reach USD 176.68 billion, growing at a CAGR of 8.2% between 2022 and 2030. This consistent increase in the worldwide air conditioner market share can indeed be due to aggressive construction work being done all over the world to accommodate the world's growing population, in addition to the widespread urbanization and constant rise in living standards. The commercial AC market is also experiencing expansion as the provision of clean air becomes a universal corporate duty.

However, The COVID-19 pandemic had an adverse effect on every industry in the world, and there was a slowdown like no other. Due to the stoppage of all activity in the wake of the recent outbreak, even the worldwide construction industry was severely impacted. The market for air conditioners worldwide has slowed down as a result.

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As a result of the widespread closure of manufacturing facilities throughout the Asia Pacific region, which is regarded as the market leader in the Air condition market, as well as the US and several European nations, the Heating, Ventilation, and Air Conditioning (HVAC) sector was also severely impacted.

Market segmentation

There are many different kinds of air-conditioning systems available today, and many more are continually being created. The Air condition market is entirety is divided into segments based on a number of factors, including type, technology, industry, end user, etc.

The AC market is divided into three types: unitary, rooftop, and PTAC.

Inverter and Non-inverter technologies are used to segment the AC market based on technology.

Residential, commercial, and industrial are the three main end-uses or applications for the AC market.

Regional classification

North America, Europe, South America, Asia-Pacific, the Middle East, and Africa are the regions of the market that are segmented geographically.

According to the report's analysis of the local Air condition market, APAC will likely dominate the global AC market. About 37% of the market for AC systems worldwide in 2020 was met by this region. There are two factors at play in this superiority.

First, the established advanced technologies of the APAC area in this market; second, the mild and temperate character of the main APAC nations; and third, the rapid industrialization and population increase in the region in recent years, a trend that is anticipated to last long into the projection period.

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Industry news

The Super-Efficient Air Conditioning program was started in February 2019 by the Indian government and Energy Efficiency Services Limited (EESL) to promote energy-efficient technology and lower the overall energy consumption of air conditioning systems.

To engage in domestic production in India, Panasonic set a goal to increase its AC business over the following three years in January 2021.

Frequently Asked Questions (FAQ):

What was the size of the global air conditioning market in 2030?

The Air Condition Market (AC) Size is projected to reach USD 176.68 billion by 2030, expanding at a CAGR of 8.2% between 2022 and 2030.

NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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