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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Air conditioning is a system used to cool down space by removing heat and moving it to some outside area. The cool air can be thereafter moved throughout a building through ventilation. Air conditioning systems are used in domestic, commercial, and industrial settings. The Industrial air conditioning system is usually centralized cooling systems with a sophisticated ducting system that allows cold air to be distributed. Generally, an industrial air conditioning system requires better accuracy in terms of temperature and humidity control.

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).

Recent Developments:

In August 2021, Johnson Controls-Hitachi Air Conditioning India, a manufacturer of air conditioners is planning to open Hitachi Brand Shop for customers to capture larger market share.

 In August 2021, Daikin Romania, a air condition manufacturer have opened online platform to sell and deliver the air conditioners.

In September 2021, Xiomi announced that it is going to open 100 retail stores to enhance its geographical reach.

Statistics:

Figure 1. Global Air Conditioning Systems Market Value (US$ Mn), by Region, 2020

Air Conditioning Systems  | Coherent Market Insights

Asia Pacific excluding Japan held dominant position in the global Air Conditioning Systems market in 2020, accounting for 30.9% share in terms of Value, followed by North America and APAC, respectively.

Global Air Conditioning Systems Market- Drivers

Increasing need for energy efficiency is expected to drive growth of the global air conditioning systems market during the forecast period. Increasing consumer awareness regarding energy efficiency has led to an increased demand for air conditioning systems. Energy efficiency has become a major concern in industrial settings as well as domestic, especially in developed regions such as North America and Europe. Since air conditioning systems consume a vast amount of electricity, consumers are seeking energy-efficient models that would consume less energy and reduce the electricity bill. As a result of this, the manufacturers are forced to design efficient systems, to sustain the growth. In addition to this, consumers in Europe and North America are replacing their traditional air conditioning systems, with the models that consume less energy and help them to reduce their electricity bills.

Rising disposable income in emerging economies is expected to propel the global air conditioning systems market growth over the forecast period. Disposable income in emerging economies such as India and China is increasing rapidly. As a result of this, consumers are more inclined towards purchasing electronic and electric products including air conditioning systems to meet the rapidly changing lifestyle. According to Coherent Market Insights’ analysis, by 2025, around 1 billion urban population is expected to enter into global consumer class opting for air conditioners as their first choice. Robust growth is projected for air conditioning systems in countries such as India and China, for the Asia Pacific region.

Global Air Conditioning Systems Market: Opportunities

Untapped markets like the Asia Pacific region and RoW are expected to fuel the demand for air conditioning systems. These regions will have a higher penetration in the future with rising in consumer awareness. The improvements in living standards in these untapped markets will increase the demand of air conditioning systems. Inverter based and solar-based air conditioning systems will be majorly in demand in the regions of Asia Pacific and RoW as these models will gain popularity due to the energy and environment-related advantages associated with them.

Companies are focusing on energy-efficient solutions that help to reduce the emission of CFC, HCFC, and make air conditioning systems energy efficient. Natural refrigerants such as CO2 and ammonia are gaining popularity as they have low Ozone Depletion Potential (ODP) and Global Warming Potential (GWP). Advanced ACs are being introduced with communication technology which lets one to remotely access the AC via the internet or smartphones. The emergence of solar power air conditioners and inverter-based air conditioners is dominant in Japan and expected to fast see global acceptance.

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Air Conditioning Systems Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 240,763.0 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 10.5% 2028 Value Projection: US$ 484,312.5 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Western Europe: Germany, U.K., France, Italy, and Rest of Western Europe
  • Eastern Europe: Poland, Russia, and Rest of Eastern Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, Israel,  South Africa, North Africa, Central Africa, Rest of Middle East
Segments covered:
  • By Type: Portables, Windows, Splits, Single Packaged, Chillers, Airside
Companies covered:

Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics.

Growth Drivers:
  • Increasing need for energy efficiency 
  • Rising disposable income in emerging economies
Restraints & Challenges:
  • Decrease in profit margins 
  • Rising energy consumption and environmental effects

Market Trends

Stringent energy efficiency standards and use of natural ingredients are expected to boost the demand for technologically advanced air conditioning system models across the region. A vast pool of population is focused on replacing existing air conditioning system with eco-friendly models. Moreover, the other products with more efficient compressors, intelligent cooling, with heat pumps and remote access are expected to gain popularity in Europe.

Growing awareness about energy efficient and environment friendly products in this region will increase the demand of air conditioning systems. However, uncertainties about climatic conditions with warmer summers are one of the major factors playing a crucial role in the growth of air conditioning systems in the Asia Pacific region. The demand for splits air conditioners increased in the last five years due to increase in Japanese Ducted system and VRF’s demand.

Figure 2. Global Air Conditioning Systems Market Share, By Pricing Range, 2020

Air Conditioning Systems  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Splits segment held dominant position in the market and accounted for 77.4% share in the global Air Conditioning Systems market in 2020. The segment is expected to reach US$ 14,705.6 million in 2028. This is owing to increased per GDP capita income of consumer
  • The Airside segment accounted for the share of 15.0% in the global Air Conditioning Systems market and is expected to reach US$ 72,520.7 million by 2028.

Global Air Condition Systems Market- Restraints

Decrease in profit margins is expected to hamper the global air conditioning systems market growth over the forecast period. The Chinese manufacturers sell their products globally at a very low and competitive price as compared to other manufacturers. The importers in countries, primarily Europe and North America, are forming partnerships with large manufacturers of China. The Chinese companies such as Gree, Midea, and Haier, export their products at cheap price affecting the market growth. As a result of this, profit margins have been dwindled down and investment in R&D is significantly impacted.

Rising energy consumption and environmental effects is expected to restrain growth of the global air conditioning systems market during the forecast period. Energy consumption is a major concern for manufacturers and customers. The commercial, residential, and industrial sectors, consume around one trillion kilowatt-hours of electricity annually. Furthermore, most air conditioning systems use HCFC-22 and HFC as refrigerants, which are the major contributors to ozone depletion.

Competitive Section

Major players involved in the global air conditioning systems market are Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics.

Key Developments

  1. For instance, in June 2020, Daikin Air Conditioning India Pvt. Ltd., a subsidiary of Daikin Industries Ltd, introduced split AC GTL28 3
  2. For instance, in September 2020, Sharp Corporation introduced new AC with plasmaculster ion (PCI) technology to deactivate coronavirus

Air conditioner packages, also known as single unit air conditioning systems (SUC) or multiple unit air conditioning systems (MOAs), are air conditioning systems that are installed singly, on separate, single roof mounts. They are available installed on many kinds of residential and commercial buildings and are often self-contained, which means that they are completely packaged inside an outdoor unit, usually in the roof rafters. Some types are referred to as refrigeration cycles because they work on the same principles as a refrigerator does. A coolant refrigerant is used between the condenser coils to cool the air, while a heat pump makes the refrigerant gas circulating within the room cooler. There are several types of single-piece AC units. One of these is the portable single-piece air conditioning unit, which is often made up of a single evaporator and compressor. This is the least expensive type of air conditioning system.

Market Dynamics

Rising vehicle production is expected to boost the global air conditioning systems market growth over the forecast period. Vehicle production has increased significantly in the recent past with rising disposable income and growing urbanization. Air conditioning systems are widely used in vehicles for the comfort of drivers and passengers. As per the Organisation Internationale des Constructeurs d'Automobiles (OICA), total vehicle (commercial + passenger) sales reached 96 million units in 2017, increasing from 86 million units in 2013 globally.

Rising number of hospitals and hotels is expected to accelerate growth of the global air conditioning systems market during the forecast period.  

Key features of the study:

  • This report provides in-depth analysis of the air conditioning systems  market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global air conditioning systems  market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global air conditioning systems  market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global air conditioning systems  market

Detailed Segmentation:

  •  Global Air Conditioning Systems Market, By Product Type:
    • Portables
    • Windows
    • Splits
    • Single Packaged
    • Chillers
    • Airside
  • Global Air Conditioning Systems Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • Carrier*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Daikin Industries Ltd
    • Electrolux AB
    • Haier Electronics Group Co., Ltd.
    • Hitachi Ltd.
    • LG Electronics.
    • Mitsubishi Corporation
    • Panasonic
    • Samsung Electronics
    • Sharp Corporation

*Browse all the market data tables and figures on “Global Air Conditioning Systems Market- Forecast to 2028”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Air Conditioning Systems Market, By Product Type, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Portables
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Windows
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Splits
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Single Packaged
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Chillers
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Airside
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  5. Global Air Conditioning Systems Market, By Region, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2028 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Rest of Europe
        • Poland
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  6. Competitive Landscape
    • Company Profiles
      • Carrier
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Daikin Industries Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Electrolux AB
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Haier Electronics Group Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hitachi Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • LG Electronics.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Mitsubishi Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Panasonic
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Samsung Electronics
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sharp Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  7. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse XX market data tables and XX figures on “Global Air Conditioning Systems Market-forecast to 2028”.

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