This report describes and explains the air-conditioning equipment market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global air-conditioning equipment market reached a value of nearly $220,734.60 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.6% since 2017. The market is expected to grow from $220,734.60 million in 2022 to $278,135.51 million in 2027 at a rate of 4.7%. The market is then expected to grow at a CAGR of 5.7% from 2027 and reach $366,849.98 million in 2032.
Growth in the historic period resulted from the expanding construction industry, the rising urbanization, the rise in demand for air conditioners and the rising disposable income.
Going forward, the rising global temperatures, the increasing demand for energy-efficient solutions and government regulations and initiatives will drive the market. Factors that could hinder the growth of the air-conditioning equipment market in the future include the impact of the Russia-Ukraine War and the economic instability globally.
The air-conditioning equipment market is segmented by product type into unitary air conditioners, room air conditioners, packaged terminal air conditioners, and other product types. The unitary air conditioners market was the largest segment of the air-conditioning equipment market segmented by product type accounting for 40.0% of the total in 2022. Going forward, the unitary air conditioners market is expected to be the fastest growing segment in the air-conditioning equipment market segmented by product type, at a CAGR of 5.0% during 2022-2027.
The air-conditioning equipment market is segmented by components into refrigerant, compressor, condenser coil, expansion valve, and evaporator coil. The compressor market was the largest segment of the air-conditioning equipment market segmented by components accounting for 36.3% of the total in 2022. Going forward, the refrigerant market is expected to be the fastest growing segment in the air-conditioning equipment market segmented by components, at a CAGR of 4.8% during 2022-2027.
The air-conditioning equipment market is segmented by application into residential, commercial, and industrial. The residential market was the largest segment of the air-conditioning equipment market segmented by application accounting for 38.2% of the total in 2022. Going forward, the residential market is expected to be the fastest growing segment in the air-conditioning equipment market segmented by application, at a CAGR of 5.1% during 2022-2027.
Asia Pacific was the largest region in the air-conditioning equipment market, accounting for 52.7% of the total in 2022. It was followed by North America then the other regions. Going forward, the fastest-growing regions in the air-conditioning equipment market will be the Middle East and Eastern Europe where growth will be at CAGRs of 3.7% and 3.5% respectively. These will be followed by South America and Africa where the markets are expected to grow at CAGRs of 3.1% and 2.6% respectively.
The air-conditioning equipment market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 17.65% of the total market in 2021. Daikin Industries Ltd was the largest competitor with 4.55% of the market, followed by Midea Group Co. Ltd. with 2.54%, Haier Group with 2.47%, Carrier Global Corporation with 2.03%, Hitachi Ltd with 1.33%, Samsung Electronics with 1.15%, Mitsubishi Electric Corporation with 1.05%, LG Electronics with 1.00%, Fujitsu General Ltd. with 0.78% and Electrolux AB with 0.73%.
The top opportunities in the air-conditioning equipment market segmented by product type will arise in the unitary air conditioners segment, which will gain $24,530.1 million of global annual sales by 2027. The top opportunities in segment by components will arise in compressor segment, which will gain $21,220.0 million of global annual sales by 2027. The top opportunities in segment by application will arise in the residential segment, which will gain $23,563.1 million of global annual sales by 2027. The air-conditioning equipment market size will gain the most in the USA at $7,433.7 million.
Market-trend-based strategies for the air-conditioning equipment market include focus on wind-free technology, smart and connected technologies, sustainable refrigerants and mergers and acquisitions.
Player-adopted strategies in the air-conditioning equipment market include focus on expanding business capabilities through strategic acquisitions, strengthening operational capabilities through business expansion by acquiring companies with the same business, enhancing operational capabilities through technological advancements to offer better services and strengthening business capabilities through product portfolio expansion.
To take advantage of the opportunities, the publisher recommends the air-conditioning equipment companies to focus on advanced technologies, focus on smart and connected systems, focus on sustainable refrigerants, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to focus on fast-growing applications, and focus on urban population.
The global air-conditioning equipment market reached a value of nearly $220,734.60 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.6% since 2017. The market is expected to grow from $220,734.60 million in 2022 to $278,135.51 million in 2027 at a rate of 4.7%. The market is then expected to grow at a CAGR of 5.7% from 2027 and reach $366,849.98 million in 2032.
Growth in the historic period resulted from the expanding construction industry, the rising urbanization, the rise in demand for air conditioners and the rising disposable income.
Going forward, the rising global temperatures, the increasing demand for energy-efficient solutions and government regulations and initiatives will drive the market. Factors that could hinder the growth of the air-conditioning equipment market in the future include the impact of the Russia-Ukraine War and the economic instability globally.
The air-conditioning equipment market is segmented by product type into unitary air conditioners, room air conditioners, packaged terminal air conditioners, and other product types. The unitary air conditioners market was the largest segment of the air-conditioning equipment market segmented by product type accounting for 40.0% of the total in 2022. Going forward, the unitary air conditioners market is expected to be the fastest growing segment in the air-conditioning equipment market segmented by product type, at a CAGR of 5.0% during 2022-2027.
The air-conditioning equipment market is segmented by components into refrigerant, compressor, condenser coil, expansion valve, and evaporator coil. The compressor market was the largest segment of the air-conditioning equipment market segmented by components accounting for 36.3% of the total in 2022. Going forward, the refrigerant market is expected to be the fastest growing segment in the air-conditioning equipment market segmented by components, at a CAGR of 4.8% during 2022-2027.
The air-conditioning equipment market is segmented by application into residential, commercial, and industrial. The residential market was the largest segment of the air-conditioning equipment market segmented by application accounting for 38.2% of the total in 2022. Going forward, the residential market is expected to be the fastest growing segment in the air-conditioning equipment market segmented by application, at a CAGR of 5.1% during 2022-2027.
Asia Pacific was the largest region in the air-conditioning equipment market, accounting for 52.7% of the total in 2022. It was followed by North America then the other regions. Going forward, the fastest-growing regions in the air-conditioning equipment market will be the Middle East and Eastern Europe where growth will be at CAGRs of 3.7% and 3.5% respectively. These will be followed by South America and Africa where the markets are expected to grow at CAGRs of 3.1% and 2.6% respectively.
The air-conditioning equipment market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 17.65% of the total market in 2021. Daikin Industries Ltd was the largest competitor with 4.55% of the market, followed by Midea Group Co. Ltd. with 2.54%, Haier Group with 2.47%, Carrier Global Corporation with 2.03%, Hitachi Ltd with 1.33%, Samsung Electronics with 1.15%, Mitsubishi Electric Corporation with 1.05%, LG Electronics with 1.00%, Fujitsu General Ltd. with 0.78% and Electrolux AB with 0.73%.
The top opportunities in the air-conditioning equipment market segmented by product type will arise in the unitary air conditioners segment, which will gain $24,530.1 million of global annual sales by 2027. The top opportunities in segment by components will arise in compressor segment, which will gain $21,220.0 million of global annual sales by 2027. The top opportunities in segment by application will arise in the residential segment, which will gain $23,563.1 million of global annual sales by 2027. The air-conditioning equipment market size will gain the most in the USA at $7,433.7 million.
Market-trend-based strategies for the air-conditioning equipment market include focus on wind-free technology, smart and connected technologies, sustainable refrigerants and mergers and acquisitions.
Player-adopted strategies in the air-conditioning equipment market include focus on expanding business capabilities through strategic acquisitions, strengthening operational capabilities through business expansion by acquiring companies with the same business, enhancing operational capabilities through technological advancements to offer better services and strengthening business capabilities through product portfolio expansion.
To take advantage of the opportunities, the publisher recommends the air-conditioning equipment companies to focus on advanced technologies, focus on smart and connected systems, focus on sustainable refrigerants, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to focus on fast-growing applications, and focus on urban population.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure
6. Introduction and Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global Air-Conditioning Equipment Market Segmentation
10. Air-Conditioning Equipment Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Air-Conditioning Equipment Market, Conclusions And Recommendations
22. Appendix
Executive Summary
Air-Conditioning Equipment Global Market Opportunities and Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global air-conditioning equipment market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest-growing market for air-conditioning equipment? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The air-conditioning equipment market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider air-conditioning equipment market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions, and explanations about the air-conditioning equipment market.
- Key Trends - Highlights the major trends shaping the global air-conditioning equipment market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027,2032F) market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2032) forecast (2022-2027,2032) and analysis for each segment by product type, by components and by application in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027,2032F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - Includes recommendations for air-conditioning equipment providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Product Type: Unitary Air Conditioners; Room Air Conditioners; Packaged Terminal Air Conditioners; Other Product Types2) By Components: Refrigerant; Compressor; Condenser Coil; Expansion Valve; Evaporator Coil
3) By Application: Residential; Commercial; Industrial
Companies Mentioned: Daikin Industries Ltd; Midea Group Co. Ltd; Haier Group; Carrier Global Corporation; Hitachi Ltd
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; air-conditioning equipment indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Daikin Industries Ltd
- Midea Group Co. Ltd
- Haier Group
- Carrier Global Corporation
- Hitachi Ltd
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 296 |
| Published | August 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 220734.6 Million |
| Forecasted Market Value ( USD | $ 366850 Million |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
