Air Conditioning System Market to Reach $216.4 Billion by 2034, Expanding at a 4.8% CAGR

Revenue from the global air conditioning system market size is estimated at US$ 135.4 billion in 2024 and is forecasted to rise at a CAGR of 4.8% to reach US$ 216.4 billion by the end of 2034. Due to their several benefits, demand for air conditioning systems is increasing globally. With accelerating urbanization and rising global temperatures, the need for climate control and thermal comfort is higher than ever. In residential settings, especially in hot and humid regions, air conditioning is becoming a necessity rather than a luxury. It provides a comfortable living environment and improves indoor air quality, enhancing overall health and well-being.

The commercial and industrial sectors are also seeing a rising need for air conditioning. These systems are crucial for maintaining optimal temperatures and humidity levels in offices, shops, and industrial facilities, boosting productivity, product quality, and customer satisfaction. Growth in the number of data centers and increasing reliance on technology have further driven the demand for air conditioning systems. These systems are vital to prevent overheating and ensure the proper functioning of critical computer equipment.

Air conditioning is essential in sectors like environmental control, food preservation, and healthcare. Precise temperature and humidity regulation is necessary for patient comfort, food safety, and the preservation of valuable materials and artifacts.

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Key Takeaways from the Market Study:

• The global air conditioning system market is forecasted to attain a valuation of US$ 216.4 billion by 2034.
• The market in North America is evaluated to expand at a CAGR of 4.8% from 2024 to 2034.
• East Asia is analyzed to hold 26.9% of the global market share by the end of 2034.
• The Canada market is projected to expand at a CAGR of 5% from 2024 to 2034.
• By 2034, Japan is forecasted to hold a market share of 26.4% in East Asia
• Based on system type, portable air conditioning systems sales are poised to reach US$ 16.9 billion in 2024.

“Rapid expansion of data centers and growing reliance on technology are necessitating the use of air conditioning systems to prevent overheating and ensure the proper functioning of computer equipment,” says a Fact.MR analyst.

Increasing Popularity of UV-C Light Disinfection and HEPA Filters to Enhance Indoor Air Quality

Integrating Internet of Things (IoT) capabilities with smart technologies allows for remote control and monitoring of air conditioning systems through voice commands or mobile applications. Another emerging trend is the development of energy-efficient air conditioning systems that utilize advanced compressors, variable-speed motors, and refrigerants with lower global warming potential. These systems maintain optimal cooling performance while significantly reducing energy consumption and carbon footprint.

Manufacturers are exploring the use of sustainable energy sources, such as geothermal and solar power, to run air conditioning systems. This approach not only reduces environmental impact but also provides long-term cost savings. To further improve indoor air quality, advanced air filtration technologies like UV-C light disinfection and HEPA filters are gaining popularity.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the air conditioning system market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (portable, window, split, cassette, single packed, chiller, airside), AC type (unitary, rooftop, PTAC), end use (residential, commercial, industrial), and sales channel (B2B, authorized stores, independent electronic stores, e-Commerce), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

Key Companies Profiled:

Daikin Industries Ltd.; Mitsubishi; Qingdao Haier; Samsung Electronics; Electrolux; LG Electronics; Panasonic; UTC; Hitachi; Gree Electric Appliances; Sharp Corp.; Midea Group Co. Ltd.; Carrier Corp.; Fuji Electric; Honeywell International; Ingersoll Rand.

Industry News:

Daikin Industries, Ltd. invested in London, United Kingdom-based startup Wlab Ltd. in May 2022. Sensio Air, a division of Wlab Ltd., developed sensors to identify and detect airborne allergens by type while continuously monitoring them with artificial intelligence and Internet of Things technology.

Mitsubishi Electric Corporation announced in April 2022 the creation of a new airflow-control technology that optimized comfort throughout space by analyzing and visualizing temperature distribution and airflow from air conditioning systems.

Godrej Appliances demonstrated a novel use of anti-leak technology when they unveiled the first leak-proof split air conditioner in India in February 2023. This strategic use of anti-leak technology demonstrated the company's commitment to enhancing customer experience and developing an unrivaled value proposition in the air conditioning sector.

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