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.