Global market for air conditioning systems is expected to reach $167 billion by the end of 2024.
The global market for air conditioning systems was valued at $104.4 billion in 2015 and is projected to reach $167 billion by the end of 2024, expanding at a 5.1 percent compound annual growth rate (CAGR) from 2016 to 2024, according to a report from Transparency Market Research. The market is expected to register a 6.2 percent CAGR in terms of volume through 2024.
Accounting for a revenue share of almost 40 percent in 2015, the commercial segment dominated the overall air conditioning systems market. This segment is driven by the growing usage of air conditioning systems in areas such as hotel and tourism, hospitals, clinics, and health care.
By volume, the residential application segment dominated the market in 2015. This segment is also anticipated to expand at the highest CAGR based on revenue from 2016 to 2024. Split air conditioning systems ac-counted for a revenue share of more than 76 percent in 2015 and dominated the air conditioning systems market by volume, as well.
By revenue, Asia-Pacific is projected to lead the global market for air conditioning systems with a shares exceeding 55 percent through 2024. The largest consumers in this market include Japan, China, and India. In addition, the replacement of air conditioning systems with energy-efficient equipment is forecast to significantly increase the global demand for years to come. The North America air conditioning systems market is also a strong contender and, in 2015, the U.S. held the largest share in the regional market. Europe is also projected to witness moderate growth during the forecast period.