The global air conditioning equipment market was valued at $89.9 billion in 2022, and is projected to reach $144.3 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032.
An air conditioning system is an electrical device which is install for the removal of heat and moisture from the interior of an occupied space. An air conditioning system is also used to cool and dehumidify rooms that contain heat-producing electronic devices, such as computer servers, and power amplifiers.
Domestic production of mini-split systems shows significant growth in Argentina. Meanwhile Brazil recorded increased interest in high wall and mini-split technologies, potentially as a result of regulatory changes.? The country saw growth in the market for centrifugal chillers that was linked to investments in data centres.? In Mexico, BSRIA consultancy organisation said there was a notable increase in sales of residential air conditioning. In December 2021, Mitsubishi introduced a ductless mini-split system that offers air conditioning using boilers. Mitsubishi produces ductless heat pumps, essentially air conditioners that can operate in reverse, providing both heating and cooling.
Based on type, the split air conditioner segment, accounting for more than two-fifths of the global air conditioning equipment market share in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Owing to the advancement in air conditioning technology, the energy efficiency of the split air conditioners is spurring in recent years. Moreover, increase in number of middle-class populations in developing economies including India, China, Brazil coupled with the rising disposable income has become one of the prime factors for growing adoption of a split air conditioning system in the market during the forecast year.
Based on application, residential segment, accounting for more than two-fifths of the global air conditioning equipment market size in terms of revenue, and is estimated to maintain its leadership status throughout the forecast period. Growing trend of urbanization has led to more people living in compact apartments and homes, leads to a need for smaller and efficient air conditioning solutions.
As per International Energy Agency (IEA), the global stock of air conditioners in buildings will grow to 5.6 billion by 2050, up from 1.6 billion in 2020. The North America market expected to witness growth primarily powered by replacement sales of air conditioners, during the air conditioning equipment forecast. Additionally, rising promotional activities from the government to increase the adoption of energy-efficient air conditioning systems to reduce energy consumption is also expected to fuel the air conditioning equipment market growth.
The air conditioning equipment market scope is segmented on the basis of type, application, and region. On the basis of type, it is classified split air conditioner, window air conditioner, chiller air conditioner, and packaged air conditioner. On the basis of application, it is divided into residential, commercial, and industrial. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The report outlines growing drivers, restraints, and opportunities to better understand market dynamics. This report further highlights key areas of investment. In addition, it includes analysis of Porter’s five forces to understand the application competitive scenario and role of each stakeholder.?
The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the application. Hitachi Ltd, Mitsubishi Electric, Panasonic Corporation, Midea Group Co., Ltd., Samsung Electronics, Sharp Corporation, Electrolux AB, LG Electronics, Johnson Controls, and Daikin Industries, Ltd. are some of the major players discussed in the report.??The report explains drivers, restraints, and opportunities in air conditioning equipment industry are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.?

KEY BENEFITS FOR STAKEHOLDERS
-This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the air conditioning equipment market analysis from 2022 to 2032 to identify the prevailing air conditioning equipment market opportunities.
-The market research is offered along with information related to key drivers, restraints, and opportunities.
-Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
-In-depth analysis of the air conditioning equipment market segmentation assists to determine the prevailing market opportunities.
-Major countries in each region are mapped according to their revenue contribution to the global market.
-Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
-The report includes the analysis of the regional as well as global air conditioning equipment market trends, key players, market segments, application areas, and market growth strategies.

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KEY MARKET SEGMENTS

By Type
- Package Air Conditioner
- Split Air Conditioner
- Chiller Air Conditioner
- Window Air Conditioner

By Application
- Residential
- Commercial
- Industrial

By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Key Market Players
- Mitsubishi Electric
- Panasonic Corporation
- Midea Group Co., Ltd.
- Johnson Controls
- Hitachi Ltd
- Electrolux AB
- Daikin Industries, Ltd.
- LG Electronics
- Sharp Corporation
- Samsung Electronics