Air-Conditioning & Refrigeration Market was valued at USD 149.25 Billion in 2022 and is projected to reach USD 216.13 Billion by 2030, growing at a CAGR of 5.1% from 2024 to 2030.
Between 2018 and 2022, the air-conditioning and refrigeration market also witnessed a shift toward environmentally friendly solutions. The phase-out of certain refrigerants under international agreements, like the Kigali Amendment to the Montreal Protocol, led to the development and adoption of low-GWP (Global Warming Potential) refrigerants. Furthermore, regulatory changes in regions like the European Union and North America pushed manufacturers to create more energy-efficient and environmentally friendly systems, making significant strides toward sustainability.
As the world transitions into the next decade, from 2023 to 2033, the demand for air-conditioning and refrigeration systems is expected to increase exponentially. Factors such as climate change, technological innovations, and growing demand for chilled products will continue to drive the market. Notably, the focus on reducing the carbon footprint of HVACR systems will intensify, leading to more sustainable and energy-efficient solutions. Smart and connected systems, which allow users to remotely control and optimize their units, are projected to see significant growth.
The rise of electric vehicles (EVs) is another important trend impacting the market. With the growing adoption of EVs, especially in the delivery sector, the demand for advanced refrigeration systems in electric trucks for transporting temperature-sensitive goods will increase. In addition, emerging economies in regions like Southeast Asia and Africa are expected to contribute to the growing demand for air conditioning and refrigeration systems, driven by their expanding populations, rising living standards, and increasing temperatures.
As the demand for sustainable refrigeration technologies continues to rise, the industry will also see increased investment in next-generation refrigeration methods, including CO2-based and ammonia-based systems. These alternatives are anticipated to replace traditional refrigerants in several sectors, especially in industrial applications, where efficiency and sustainability are critical. Moreover, advancements in the use of artificial intelligence (AI) and machine learning in HVACR systems are expected to create smarter, more efficient systems that adapt to user needs and environmental conditions.
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The air-conditioning and refrigeration market experienced significant changes between 2018 and 2022, driven by technological advancements, increasing consumer demand, and the growing focus on energy efficiency. During this period, global temperature shifts, urbanization, and a growing middle class fueled the demand for air conditioning systems. The increasing reliance on refrigerated transportation, particularly for food and pharmaceuticals, further amplified the demand for refrigeration systems. Several regions saw significant market expansion, especially in the Asia-Pacific area, due to rising temperatures and urban heat islands.
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Daikin
Gree Electric Appliances
Midea
Mitsubishi Electric
Panasonic
Toshiba Carrier
Blue Star
Electrolux
Haier
Hitachi
Ingersoll-Rand
Johnson Controls
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Air-Conditioning & Refrigeration Market
Company
Home
Others
Based on Types the Market is categorized into Below types that held the largest Air-Conditioning & Refrigeration market share In 2023.
Airside Systems
Chillers
Portables
Single Packaged
Splits
Window Units
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Air-Conditioning & Refrigeration Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Air-Conditioning & Refrigeration Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Air-Conditioning & Refrigeration Market, By Type
6. Global Air-Conditioning & Refrigeration Market, By Application
7. Global Air-Conditioning & Refrigeration Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Air-Conditioning & Refrigeration Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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