Transparency Market Research report outlines market values
The global market for air conditioning systems was valued at $104.4 billion in 2015 and is projected to reach $167 billion by the end of 2024, expanding at a 5.1 percent compound annual growth rate (CAGR) from 2016 to 2024, according to a report from Transparency Market Research. The market is expected to register a 6.2 percent CAGR in terms of volume through 2024.
Accounting for a revenue share of almost 40 percent in 2015, the commercial segment dominated the overall air conditioning systems market. This segment is driven by the growing usage of air conditioning systems in areas such as hotel and tourism, hospitals, clinics, and health care.