Market Size of Air Conditioning Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.17 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Air Conditioning Equipment Market Analysis
The global air conditioning equipment market is expected to grow at a CAGR of 5.17% during the forecast period, 2022-2027. With the outbreak of COVID-19, most commercial and industrial construction projects started to carry on at a slower pace, while some were canceled. Production lines at some HVAC manufacturers had to be put on hold for several weeks, and installers saw their new installation projects limited by sanitary guidelines. However, in European countries such as Italy, AHU sales benefitted from the increased ventilation demand due to COVID-19.
- The increased supportive government regulations, including incentives for saving energy and replacing existing equipment with better-performing ones, drive market growth over the forecast period.
- Moreover, the government actively promotes the fast development and integration of renewable and efficient cooling technologies through new laws and attractive incentives. This promotion has led to a significant market shift globally, with the cooling industry growing partly due to this.
- Retrofitting older buildings with air conditioning is significantly difficult, especially if there is insufficient space to install ductwork. For facilities with space, the expense of these updates can be a bit high for end-users. The workaround on both ends is using ductless cooling units.
- Commercial buildings could install these compact units virtually anywhere without requiring duct installations. Ductless HVAC units are also suitable for modern infrastructures dealing with holes and gaps in ductwork that cause air leaks. This factor is driving the need for ductless HVAC systems rather than paying for costly replacements.
- Moreover, vendors in the market are introducing new products to replace traditional ones. For instance, in March 2022, Carrier launched AquaForce Vision 30KAV with PUREtec refrigerant, an R1234ze chiller designed for industrial applications such as pharmaceuticals, food manufacturing, chemicals, plastics, metal industries, and other applications that require ultra-reliable cooling up to -12 degrees Celsius.
