Feb, 2023 - By CMI
Throughout the forecast period, a rising demand for energy efficiency is anticipated to fuel market expansion for air conditioning systems globally. The demand for air conditioning systems has increased as a result of rising consumer awareness of energy efficiency. In both home and industrial settings, energy efficiency has grown to be a major concern, particularly in industrialised nations like North America and Europe. Due to the significant amount of electricity that air conditioning systems use, consumers are looking for models that are energy-efficient in order to save money on their electricity bill. This forces the producers to create effective processes in order to maintain the expansion.
The global Air Conditioning System Market is estimated to be valued at US$ 240,763.0 million in 2021 and is expected to exhibit a CAGR of 10.5 % over the forecast period (2021-2028).
Prominent Players in the Air Conditioning System Industry:
1. Daikin Industries, Ltd.
Daikin Industries, Ltd. manufactures, distributes, and sells air-conditioning and refrigeration equipment, and chemical products. Daikin Industries, Ltd. was founded in 1924 and is headquartered in Osaka, Japan.
2. Sharp Corporation
Sharp Corporation manufactures and sells telecommunication equipment, electric and electronic application equipment, and electronic components in Japan, China, and internationally. Sharp Corporation was founded in 1912 and is headquartered in Sakai, Japan. In January, 2023 Sharp Corporation has acquired a "AA" rating in the "MSCI ESG Ratings," an ESG rating of companies around the world by MSCI* of the United States.
3. Mitsubishi Corporation
Mitsubishi Corporation engages in the natural gas, industrial materials, petroleum and chemicals, mineral resources, industrial infrastructure, automotive and mobility, food and consumer industry, power solution, and urban development businesses worldwide. The company was incorporated in 1950 and is headquartered in Tokyo, Japan. In January, 2023 Mitsubishi Corporation and ENEOS Corporation announced agreement to establish a joint-venture company aimed at optimizing delivery operations by leveraging gas stations.
4. Hitachi Ltd.
Hitachi Ltd. advances into domestic production of automotive electric parts since 1930. Headquarters in Tokyo, Japan.
5. LG Electronics Inc.
LG Electronics Inc., together with its subsidiaries, manufactures and sells consumer electronics, mobile communications, and home appliances worldwide. LG Electronics Inc. was founded in 1958 and is headquartered in Seoul, South Korea. In January, 2023 LG Electronics (LG) is unveiling its Smart Cam Pro (model AN-VC22PR), a 4K video camera designed for use in hospitals and healthcare centers.
6. Haier Electronics Group Co., Ltd.
Established in 1984, Haier Group is a world-leading provider of a better life and digital transformation solutions. The company has headquarters situated in Qingdao, Shandong.
Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide. The company was incorporated in 2019 and is headquartered in Palm Beach Gardens, Florida.
8. Samsung Electronics
Samsung Electronics Co., Ltd. engages in the consumer electronics, information technology and mobile communications, and device solutions businesses worldwide. Samsung Electronics Co., Ltd. was founded in 1938 and is based in Suwon-si, South Korea. In February, 2023 Samsung, India’s largest consumer electronics brand, has launched the latest range of Odyssey Gaming monitors for Indian consumers.
Panasonic Holdings Corporation, together with its subsidiaries, develops, manufactures, sells, and services various electrical and electronic products worldwide. Panasonic Holdings Corporation was founded in 1918 and is headquartered in Kadoma, Japan. In November 2022: Panasonic Life Solutions India - a leading diversified technology company, today unveiled its new brand action slogan ‘Create Today. Enrich Tomorrow’.
10. Electrolux AB
AB Electrolux (publ), together with its subsidiaries, manufactures and sells household appliances. AB Electrolux (publ) was founded in 1901 and is headquartered in Stockholm, Sweden.
*Definition- By extracting heat from a space and transferring it to an exterior location, air conditioning works to cool it down. After then, ventilation can be used to distribute the cool air around a building.