By 2023, the market for air conditioning systems will be worth US$ 122.37 billion. By 2033, the market for air conditioning systems is anticipated to be worth US$ 223.4 billion, growing at a steady 6.21% per year.
From 2023 to 2033, the global market for air conditioning systems is anticipated to grow at a moderate CAGR of 6.2%. There are many different types of air conditioning systems, and market participants will have plenty of opportunities with portable air conditioners.
The global market for air conditioning systems is expected to witness an incremental use of solar power over conventional energy sources. Furthermore, stringent regulations imposed upon the energy consumption through electronic applications including air conditioning systems will further trigger the sales of solar powered production in the market, in the coming years.
Improved dispensable income of consumers along with the rising standards of housing are attributed for the increasing demand for room air conditioners across the residential sector.
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Increasing usage of machines and demand for high-quality products in various industries coupled with the installation of smart devices in the machinery are some of the factors propelling the growth of the air conditioning systems market in the industrial automation industry. Industries are implementing automation to increase productivity and reduce labor costs. FMI provides detailed insights about the industry for the market players to craft their long-term strategies to maintain a competitive edge in the industry.
According to the FMI’s report, the air conditioning systems market is projected to record a CAGR of over the forecast period. To receive detailed insights into the air conditioning systems market, our experts rely on primary and secondary research, and various wide range of data set gathered from organic and inorganic sources to provide estimates for the upcoming decade.
Understanding the Impact of Covid-19 on the Industrial Automation Industry
The COVID-19 outbreak has been posing staggering challenges for the industry. Like other industries, the industrial automation industry has been particularly affected due to the lack of equipment and availability of the products. Furthermore, the dearth of labor, factory closures, and supply restrictions induced by the pandemic crisis resulted in a slight setback in 2020.
Lack of human assistance and key players’ hesitation in investing in high-end machinery during the pandemic has negatively impacted the industrial automation industry in 2020. However, with relaxation in lockdown, the air conditioning systems market has picked up the pace.
The FMI’s recent report talks about the market scenario in the chapter on the Covid-19 impact analysis to aid the market players in the upcoming years. The report gives a detailed market analysis surrounding the market condition and its impact on the air conditioning systems market.
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Key Questions Answered in the Report
Air conditioning systems market Market: Segmentation
By Segment :
By Application:
By Type:
A comprehensive analysis of the regional markets offers exclusive insights into the market performance across geographies along with relevant graphs, figures, and a list of tables.
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Competitive Analysis
By Prominent Market Players
With a detailed segmentation of segments and sub-segments, the FMI’s study offers the strengths, weaknesses, growth prospects, and opportunities of each player. The report also includes an important market study including the historical revenue prospects, pricing strategy, and marketing strategy adopted by these players in the air conditioning systems market market.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Air Conditioning Systems Market Outlook , Air Conditioning Systems Market Share , Air Conditioning Systems Market Size
Mar 27, 2023
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