Air Conditioning Systems Market to Reach $167 Billion by 2024
Market is projected to expand at an even faster pace in terms of volume
ALBANY, N.Y. — The global market for air conditioning systems was pegged at a value of $104.4 billion in 2015 and is projected to rise to $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 projected to expand at an even faster pace in terms of volume, registering a 6.2 percent CAGR during the forecast period.
Accounting for a revenue share of almost 40 percent in 2015, the commercial segment dominated the overall air conditioning systems market. This segment is poised to retain its lead through 2024 driven by the growing usage of air conditioning systems in areas such as hotel and tourism, construction, hospitals, clinics, and health care. By volume, however, the residential application segment dominated the market in 2015. This segment is also anticipated to expand at the highest CAGR based on revenue from 2016 to 2024.
Split air conditioning systems are the most preferred kind and accounted for a revenue share of over 76 percent in 2015. This segment also dominated the air conditioning systems market by volume.
By revenue, Asia-Pacific is projected to dominate the global market for air conditioning systems with a share of over 55 percent during the forecast period. The demand for air conditioning systems in Asia-Pacific is likely to be driven by Japan, China, and India. In addition, the replacement of air conditioning systems with energy-efficient equipment is forecast to significantly drive the demand for air conditioning systems in the coming years.
The North America air conditioning systems market is also a strong contender and, in 2015, the U.S. held the largest share in the regional market. Europe is projected to witness moderate growth during the forecast period.
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Publication date: 8/1/2016