07-Feb-2020 | Facts and Factors
Facts and Factors have published “Air Conditioning (AC) Market By Product Type (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), By Component (Compressor, Evaporator, Fan, Condenser Coil, and Others), By Technology (Automatic, Manual/Semi-Automatic, invertor, Spit A/C and Others) and By Application (Commercial, Residential, and Industrial): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026”. Facts and Factors Extensive research and statistical analysis project the global air conditioning (AC) market size was worth around USD 140 Billion in 2019 and is predicted to grow to around USD 310 Billion by 2026 with a compound annual growth rate (CAGR) of roughly 12% between 2020 and 2026.
Air conditioning commonly abbreviated as AC is the process of extracting warmth and humidity from the interior of an enclosed space to increase the level of comfort for humans within the enclosed space. Air conditioning is also used to lower the temperature within enclosed spaces. The air conditioning extract heat enclosed within the room produced mainly from human exhalation, electronic devices like computer servers, and power amplifiers. Furthermore, it is used to conserve temperature-sensitive delicate products used for display and storage such as artwork and sculptures. Air conditioning can be utilized in both residential and commercial spaces
Browse the full “Air Conditioning (AC) Market By Product Type (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers, and Others), By Component (Compressor, Evaporator, Fan, Condenser Coil, and Others), By Technology (Automatic, Manual/Semi-Automatic, invertor, Spit A/C and Others) and By Application (Commercial, Residential, and Industrial): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026” report at https://www.fnfresearch.com/air-conditioning-market
The construction activities in the residential and commercial are rising in significant numbers. The Asia Pacific region and the North American region are the fastest-growing construction markets. The increase in construction activities is majorly due to government investments in building smart cities and large-scale industrial corridors in major economies. Furthermore, the improving economic conditions in developing countries have driven the expansion of real estate which in turn has further propelled the expansion of residential spaces. The rising construction activities within the residential and commercial have led to increased installation of a wide range of air conditioning devices.
Additionally, the increase in the average spending power of consumers in major economies has led the consumer durables market to flourish. This economic development in developing and densely populated countries like India and China has led to rising income levels of the middle and lower segments of the population which in turn has resulted in increased spending for comfort and convenience. This development has emerged as a bright prospect for the air conditioning industry in the underpenetrated markets.
Stringent regulations for emission control are being adopted worldwide. The manufacturers of air conditioning devices are investing in research and development activities for developing and incorporating new technologies for reducing the emission level from air conditioning devices.
The Room/Utility air conditioner, the largest consumed air conditioning product, is expected to exhibit growth of CAGR 9.58 % during the forecast period of 2020 to 2026. The Room/Utility air conditioners market is expected to surpass the value of USD 115 Billion by 2026.
Among the components, the compressor is anticipated to have the largest market share both in terms of value and volume followed by evaporators. The split A/C is projected to lead the market among the technology-based segmentation followed by automatic air conditioners. Split A/C and automatic air conditioners are expected to represent more than 70 % of the technology-based segmental market of the global air conditioning market.
The global market is split into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Asia Pacific region is expected to be the largest market for air conditioning devices followed by North America. The Asia Pacific air conditioning market is projected to surpass USD 190 Billion by 2026. Asia Pacific region is also expected to exhibit the highest growth rate with a CAGR of around 12.5 % from 2020 to 2026.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 140 Billion |
Projected Market Size in 2026 |
USD 310 Billion |
CAGR Growth Rate |
12% CAGR |
Base Year |
2019 |
Forecast Years |
2019-2026 |
Key Market Players |
Hisense Electric Co., Hitachi Ltd., Carrier Corporation, Midea Group, Panasonic Corporation, Electrolux AB, Samsung Electronics Ltd., Sharp Corporation, Mitsubishi Electric Corporation, LG Electronics Inc., and Daikin Industries Ltd. |
Key Segment |
By Product Type, By Component, By Technology, By Application, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Major manufacturers operating in the air conditioning (AC) industry covered in this report include Hisense Electric Co., Hitachi Ltd., Carrier Corporation, Midea Group, Panasonic Corporation, Electrolux AB, Samsung Electronics Ltd., Sharp Corporation, Mitsubishi Electric Corporation, LG Electronics Inc., and Daikin Industries Ltd.
The categorization of the Air Conditioning (AC) Market by its scope and segmentation is as follows:
Global Air Conditioning (AC) Market Market: By Product Type Segmentation Analysis
- Room/Unitary Air Conditioners
- Chillers
- VRF Systems
- Coolers
- Others
Global Air Conditioning (AC) Market: By Component Segmentation Analysis
- Compressor
- Evaporator
- Fan
- Condenser Coil
- Others
Global Air Conditioning (AC) Market: By Technology Segmentation Analysis
- Automatic
- Manual/Semi-Automatic
- Invertor
- Spit A/C
- Others
Global Air Conditioning (AC) Market: By Application Segmentation Analysis
- Commercial
- Residential
- Industrial
Global Air Conditioning (AC) Market: Regional Segmentation Analysis
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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