The global air conditioning systems market size was USD 102.02 billion in 2018 and is expected to register a CAGR of 9.9% over the forecast period 2019 to 2025. Thermal environmental factors such as humidity, temperature, and air pressure keep changing throughout the year, adapting with them can often be a challenge, especially when dealing with closed spaces with inadequate ventilation. Air conditioners are highly preferred in residential as well as commercial areas in order to control these factors. The rising number of hospitals, hotels, individual clinics, auditoriums, and multiplexes across the globe is opportunistic for the market growth.
The increasing disposable incomes of individuals across the globe are also expected to encourage the uptake of a variety of air conditioning systems over the forecast period. Additionally, rising inclination of consumers towards energy-efficient systems and the growing popularity of portable systems is also expected to supplement the market growth of air conditioning systems.
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Air Conditioning Systems Market Report Highlights
• On the basis of type, the rooftop segment is expected to register a CAGR of 5.0% over the forecast period. Benefits such as cost-effectiveness, adaptability across various applications, and increased indoor air quality are expected to propel the growth of the segment.
• On the basis of technology, the inverter segment held the largest market share in 2018 and is expected to grow at a significant pace over the forecast period.
• On the basis of end-use, the residential segment is anticipated to exceed USD 100 billion by 2025.
• On the basis of geography, the Asia-Pacific region is anticipated to emerge as the fastest-growing regional market. This is attributed to the rising usage of air conditioners in emerging countries including China and India.
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