March 15, 2023 09:30 ET | Source: SNS Insider pvt ltd SNS Insider pvt ltd

Pune, March 15, 2023 (GLOBE NEWSWIRE) -- The Air Conditioning System Market was valued at USD 122.99 billion in 2022 and is projected to reach USD 194.55 billion by 2030, with a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030, as per SNS Insider.  

Air conditioning systems are devices used to regulate and maintain the temperature, humidity, and air quality of indoor spaces. These systems are essential for creating comfortable and healthy living and working environments, particularly in regions with extreme weather conditions. Air conditioning systems offer numerous benefits, including increased comfort, improved air quality, and reduced humidity.

One of the key drivers of the air conditioning system market growth is the booming construction and tourism industries, which are creating a surge in demand for cooling solutions. As more people travel and stay in hotels, resorts, and other types of accommodations, the need for reliable and efficient air conditioning systems becomes more pronounced. Another important factor fueling the growth of the air conditioning market is the increasing disposable incomes of people around the world. As incomes rise, more individuals are able to invest in air conditioning systems to improve their quality of life and stay comfortable in hot and humid climates. Moreover, there is a growing preference for energy-efficient air conditioning systems among consumers, which is expected to propel the market forward.

Major Company Profiles Listed in this Report Are:

Haier Group Corporation, LG Electronics Inc., Daikin Industries Ltd., United Technologies Corporation, Hitachi-Johnson Controls Air Conditioners Inc., Carrier Corporation, Mitsubishi Electric Corporation, Mahle GmbH, Denson Corporation, Calsonic Kansei Corporation, Sanden Holdings Corporation, Eberspaecher Holding GmbH & Co., Valeo SA, Keihin Corporation, Subros Limited.

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Air Conditioning System Market Report Scope:

Impact of Recession on Air Conditioning System Market 2023

The air conditioning system market is susceptible to the impacts of a recession. The declining demand and shift in consumer behavior towards cheaper alternatives can cause significant disruptions in the market. However, manufacturers, distributors, and retailers can mitigate the impact of a recession by adapting to the changing market conditions and focusing on providing affordable options to consumers.

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The North American market, as well as other developed markets worldwide, is anticipated to experience growth in the coming years, mainly driven by replacement sales. With the increasing demand for efficient and reliable air conditioning systems, consumers are now more inclined towards replacing their old systems with advanced and energy-efficient alternatives. Moreover, the government's promotional activities aimed at encouraging the adoption of energy-efficient air conditioning systems to reduce energy consumption are also expected to contribute significantly to the growth of the regional market.

Key Takeaway from Air Conditioning System Market Study

Recent Developments Related to Air Conditioning System Market

8. Air Conditioning System Market Segmentation, Type

9 Air Conditioning System Market Segmentation, By Technology

10. Air Conditioning System Market Segmentation, By End-Use

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SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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