Market Size of Europe Air Conditioning Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.78 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Air Conditioning Equipment Market Analysis
The Europe Air Conditioning Equipment market is expected to grow at a CAGR of 5.78% over the forecast period (2022-2027). Air conditioners (AC) are considered more of a utilitarian item than a luxury one in Europe. The rising temperatures and humidity levels throughout the European region are responsible for expanding the air conditioning sector. Additionally, it offers clean outdoor air to remove interior airborne pollutants like VOCs and odors from fixtures or other cleaning agents. The market for Air conditioning equipment in Europe is primarily driven by an increase in new housing starts, rising construction spending on average, rising government investment in green building initiatives, and fast urbanization.
- In line with European commitments toward an increase in energy efficiency, the United Kingdom and France developed a massive regulatory framework and binding targets for the industrial, transport, and building sectors over the past decade.
- For instance, Smart Buildings Alliance (SBA), an association in France, aims to promote the smart building industry in smart cities. The alliance has combined 170 organizations from different trades related to the construction industry (industrial companies, service companies, builders, developers, design offices, architects, developers, and innovative start-ups).
- The growing product innovations are further bolstering the adoption rate of the equipment. For instance, In February 2021, Carrier Global Corporation announced the launch of its new BluEdge service platform for Carrier and CIAT heating, ventilating, and air conditioning (HVAC) equipment in Europe. Carrier Global Corporation is a prominent global provider of healthy, safe, and sustainable building and cold chain solutions. The multi-tiered BluEdge service platform was created to accommodate specific customer needs and maintain equipment performance over the course of a product's lifecycle.
- The COVID-19 second wave has also impacted the supply chain for air conditioning equipment. The cost of air conditioning grew in 2021 due to supply limitations since the cost of raw materials to make HVAC equipment, such as steel, plastic, and aluminum, increased. Due to the high demand from other industries, such as smartphone and Electron Vehicle producers, the market also experienced a shortage of semiconductor supplies.
