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Air Conditioning System Market Size

Report ID: GMI7350
Published Date: Nov 2023
Report Format: PDF

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Air Conditioning System Market Size

Air Conditioning System Market size was valued at USD 123 billion in 2022 and is anticipated to register a CAGR of over 6% between 2023 and 2032. Increasing temperatures due to climate change are leading to a greater demand for cooling solutions, especially in regions that historically had milder climates. This drives the adoption of air conditioning systems for both residential and commercial use.

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The progression of green building practices, which prioritize energy efficiency and sustainability, is driving the demand for HVAC systems designed to meet stringent environmental standards. Rapid urbanization and the construction of new commercial and residential buildings in emerging economies are increasing the demand for HVAC systems, particularly in densely populated urban areas. Further, the need for climate control in various industries, such as data centers, manufacturing facilities, and healthcare.

Air Conditioning System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Air Conditioning System Market Size in 2022:	USD 123 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6%
2032 Value Projection:	USD 221 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	299
Segments covered:	Type of Air Conditioning Systems, End-Use, Cooling Capacity, and Distribution Channel
Growth Drivers:	Rising Global Temperatures Smart and Connected Systems
Pitfalls & Challenges:	Price Sensitivity

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The need for climate control in various industries, such as data centers, manufacturing facilities, and healthcare, is driving the demand for advanced air conditioning solutions. The emphasis on indoor air quality is driving the adoption of air conditioning systems with advanced air filtration and purification technologies, such as HEPA filters and UV-C germicidal lamps thus it will enhance business demand.

Authors: Avinash Singh

Frequently Asked Questions (FAQ) :

Air conditioning system industry size reached USD 123 billion in 2022 and is projected to expand at over 6% CAGR from 2023-2032 driven by the rising temperatures and climate changes along with greater demand for cooling solutions

Central air conditioning systems market accounted for around 56% of revenue share in 2022 and is estimated to witness high demand through 2032 owing to the increasing consumer concerns about indoor air quality

North America accounted for around 26% revenue share of the market in 2022 and is likely to witness robust growth through 2032 attributed to the increasing implementation of stringent energy efficiency regulations.

Some of the top air conditioning system providers are Carrier Corporation, Daikin Industries, Ltd., LG Electronics, Mitsubishi Electric Corporation, and Johnson Controls.