Central Air Conditioning Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Central Air Conditioning Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Central Air Conditioning Market

The central air conditioning market size was valued at USD 32.94 billion in 2019, and the market is now projected to USD 58.79 billion by 2032, exhibiting a CAGR of 4.2% during the forecast period of 2020-2027.

The recent outburst of COVID-19 has created hindrance for the central air conditioning market growth over coming years. Administration authorities across the world were advising people to not use the air conditioning systems. Since, these devices are prone to spread the virus which has caused declined product demand. The restriction on the product adoption has hampered the market growth. Furthermore, the governments have imposed stringent lockdowns in counties, which has reduced the overall economic conditions owing to the increasing spread of pandemic. This has affected the new purchase decisions of organizations, and consequently hindered the market growth.

The central air conditioning market share globally has increased attributable to the rising inclination of customers towards energy-efficient systems. Major manufacturers in the market are opting for technological solutions that have less energy consumption with high efficiency. The institutions and associations such as Energy Star, Air-Conditioning, Heating and Refrigeration Institute (AHRI), and many more recognize efficient products annually across the market are trying to introduce better products to the regular customers. Several companies are working on minimizing the energy consumption in comparison with the standard AC, as a result of the rising need for central air-conditioning systems in households as well as the corporate purposes. Energy Star certified products are expected to be the best and energy-saving product. As the agency testifies the products efficiency, henceforth increases the demand for energy conservation centralized AC systems and are fuelling the market growth.

The trend is raising implementation of smart central air-condition systems. The IoT enabled smart AC systems are gaining popularity because of their benefits. The advantages are such as enhanced comfort, smart scheduling, cost-efficiency, and milt-zone support. Companies are developing new systems with these advanced technologies to increase overall product efficiency and improve customer satisfaction. The innovative system is incorporated with modern technologies for instance the E+ cloud service big data platform and other IoT technologies to analyze user needs and habits, as well as achieve energy conservation, and self-control throughout the product life cycle.

Comprehensive Analysis of Central Air Conditioning Market

The central air conditioning market and machinery and equipment industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the machinery and equipment industry. These segmentations are methodically segregated by type and application. The types include split system, packaged unit and rooftop. The applications are residential and commercial.

The Asia Pacific region is conducive to the global central air conditioning market, leading to a recall of USD 11.65 billion because of the escalating number of commercial buildings and increasing frequency of manufacturing activities supporting the market growth.

The top players in the market play a vital role in the machinery and equipment industry assuring industrial prospectus growth and setting market values. These players include Carrier, DAIKIN INDUSTRIES, Ltd., Lennox International Inc., Blue Star Limited, Haier Inc., Mitsubishi Electric Corporation, FUJITSU GENERAL, Nortek Global HVAC, Trane, and LG Electronics; these market players provide a level-playing competitive landscape.

In October 2019, Carrier launched a new WeatherMaker Rooftop unit using i-Vu controls. This made for protecting the historic theatres. The product is made to modernize the historic 1928 Sandusky State Theaters via maintaining the indoor temperature.

Segmentation Table

Global Central Air Conditioning Market Scope

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD billion)

SegmentationBy Type

Split System

Packaged Unit

Rooftop System

By Application

Residential

Commercial

By Region

North America (the U.S. and Canada)

Europe (U.K., Germany, France, Italy, and the Rest of Europe)

Asia Pacific (Japan, China, India, and the Rest of Asia Pacific)

Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)

Latin America (Brazil, Mexico, and the Rest of Latin America)


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