The Air Conditioning Equipment Market size is estimated at USD 119.36 billion in 2024, and is expected to reach USD 154.65 billion by 2029, growing at a CAGR of 5.32% during the forecast period (2024-2029).
An air conditioner extracts heat from a space and expells it outside, cooling indoor air. This cooled air is then circulated throughout a building via ventilation. Air conditioners are crucial in maintaining comfortable living temperatures as a pivotal HVAC system component.
Commonly referred to as "split systems," air conditioners consist of an outdoor unit, the condenser, and an indoor unit, the evaporator. Dehumidification occurs as warm indoor air moves over the cold evaporator, causing the air to condense and shed moisture, akin to how condensation forms on chilled glass. While split systems feature distinct indoor and outdoor units, there's also a "packaged" system where elements are integrated into a single outdoor unit.
The air conditioning equipment landscape is highly competitive, with several local and international players active. International participants operate in the country through partnerships with regional players. With the market expected to broaden and yield more opportunities, more players are expected to enter. 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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