Air Conditioning Equipment Market - Growth, Trends (2022 - 2027)
The global air conditioning equipment market is expected to grow at a CAGR of 5.17% during the forecast period, 2022-2027. With the outbreak of COVID-19, most commercial and industrial construction projects started to carry on at a slower pace, while some were canceled. Production lines at some HVAC manufacturers had to be put on hold for several weeks, and installers saw their new installation projects limited by sanitary guidelines. However, in European countries such as Italy, AHU sales benefitted from the increased ventilation demand due to COVID-19.
Key HighlightsThe global air conditioning equipment landscape is highly competitive, with several local and international players active in the market. International participants operate in the country through partnerships with local players. With the market expected to broaden and yield more opportunities, more players are expected to enter the market soon. The key players in the market studied include Mitsubishi Electric, and Johnson Controls, among others. These major players have adopted various growth strategies, such as mergers and acquisitions, new product launches, expansions, joint ventures, partnerships, and others, to strengthen their position in this market.
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