Global air-conditioning equipment market to reach $247.54 billion

The global air-conditioning equipment market is expected to grow from $179.64 billion in 2020 to $186.24 billion in 2021 at a compound annual growth rate (CAGR) of 3.7%.

The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $247.54 billion in 2025 at a CAGR of 7.4%.

Where is the largest and fastest growing market for the air-conditioning equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Air-Conditioning Equipment market global report answers all these questions and many more.

Major players in the air-conditioning equipment market are Daikin Industries Ltd., Lennox International Inc., Hitachi Ltd., Panasonic Corporation, Electrolux AB, Mitsubishi Electric Corporation, MIDEA Group Co. Ltd., Samsung Electronics Co. Ltd., Sharp Corporation, and Ingersoll-Rand.

The air-conditioning equipment market consists of sales of air-conditioning equipment by entities (organizations, sole traders, and partnerships) that produce air-conditioning equipment which is used to create and maintain fixed temperature, relative humidity, and air purity conditions in indoor spaces. The air-conditioning equipment market is segmented into compressors and condensers. Only goods and services traded between entities or sold to end consumers are included.

The high cost of air-conditioning installation and replacement limits air-conditioning equipment’s market growth over the forecast period. Air-conditioner installments include installation of an electric conduit from the disconnect to the air conditioner, indoor evaporator coil, outside electric disconnect, outdoor pad, PVC pipe a drain line, and new copper line set from the indoor coil to the air conditioner.

The air-conditioning equipment market covered in this report is segmented by product type into unitary air conditioners; room air conditioners; packaged terminal air conditioners; chillers; absorption liquid chillers. It is also segmented by components into refrigerant; compressor; condenser coil; expansion valve; evaporator coil and by application into residential; commercial.

Increasing urbanization and industrialization is projected to boost the demand for air-conditioning equipment during the forecast period. The surge in urban population and the growing number of industrial activities expected to generate a high requirement for HVAC equipment including air-conditioning equipment, according to a new research by Research and Markets.