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Commercial Air Conditioner (AC) Market by Type (Chillers, Split Units, Packaged Unit, Variable Refrigerant Flow (VRF), and Others), Installation Type (New Installation, Retrofit), End User (Healthcare, Educational/Institutional, Public/Government, Retail, Hospitality, Manufacturing), and Region 2023-2028
Market Report I 2023-06-14 I 141 Pages I IMARC Group
The global commercial air conditioner (AC) market size reached 17.61 million units in 2022. Looking forward, IMARC Group expects the market to reach 23.66 million units by 2028, exhibiting a growth rate (CAGR) of 5.10% during 2023-2028. The rising installation of advanced and energy-efficient cooling systems in hospitality establishments, elevating temperatures and humidity levels worldwide, and increasing acceptance of ACs as utility products represent some of the key factors driving the market.
Commercial air conditioners are electrical appliances designed to chill, heat, and dehumidify air in defined, usually enclosed spaces. They rely on a refrigeration cycle to treat the air and work by drawing the warm air from the room and replacing it with cooler air. They generally combine the heating and cooling systems into a single rooftop unit for optimum energy consumption. They aid in maintaining a comfortable temperature and air quality for customers and employees in commercial spaces of all sizes. They are widely available in different cooling capacities, power, and settings, such as chillers, central air conditioning systems, packaged units, and multi-split and ductless mini-split air conditioners. Since these units require a significant amount of space, they are commonly installed on the rooftops of buildings, which also assists in preventing noise from disturbing the inhabitants or business operations. As a result, commercial air conditioners are extensively deployed in various commercial settings, including shopping malls, offices, schools, gyms, hotels, restaurants, shops, and movie theaters.
Commercial Air Conditioner (AC) Market Trends:
Due to the rapid growth of the hospitality and travel and tourism industries, there is a surge in the installation of advanced systems in hotels, restaurants, and resorts to improve guest satisfaction, comfort, and retention. This, coupled with the escalating demand for energy-efficient cooling systems, especially from regions with soaring temperature and humidity levels, represents the primary factor driving the market growth. Additionally, the combined effects of ozone layer depletion and constantly worsening climate conditions owing to elevating air pollution levels and global warming have led to a gradual increase in the average temperature worldwide. In line with this, the rising acceptance of air conditioning systems as utility products instead of luxury items on account of climate change has augmented the product demand to maintain cool and comfortable temperatures in commercial spaces. Furthermore, the introduction of stringent government regulations on refrigerants is prompting manufacturers to develop energy-efficient and eco-friendly products. Along with this, the launch of innovative product variants by key players, such as commercial air conditioners embedded with energy-saving features and inverter and air purification technologies, has catalyzed the market growth. Other factors, including rapid urbanization and industrialization, increasing construction of commercial spaces, improving lifestyles, and ongoing technological advancements, are also anticipated to provide a positive thrust to market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global commercial air conditioner (AC) market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type, installation type, and end user.
Type Insights:
Chillers
Split Units
Packaged Unit
Variable Refrigerant Flow (VRF)
Others
The report has provided a detailed breakup and analysis of the commercial air conditioner (AC) market based on the type. This includes chillers, split units, packaged unit, variable refrigerant flow (VRF), and others. According to the report, packaged unit represented the largest segment.
Installation Type Insights:
New Installation
Retrofit
A detailed breakup and analysis of the commercial air conditioner (AC) market based on the installation type has also been provided in the report. This includes new installation and retrofit.
End User Insights:
Healthcare
Educational/Institutional
Public/Government
Retail
Hospitality
Manufacturing
The report has provided a detailed breakup and analysis of the commercial air conditioner (AC) market based on the end user. This includes healthcare, educational/institutional, public/government, retail, hospitality, and manufacturing. According to the report, hospitality represented the largest segment.
Regional Insights:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific was the largest market for commercial air conditioners (AC). Some of the factors driving the Asia-Pacific commercial air conditioner (AC) market included the expanding hospitality sector due to the rising number of tourists traveling to Asia-Pacific countries, growing commercialization, escalating demand for cooling equipment owing to high-temperature levels in the region, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global commercial air conditioner (AC) market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Airedale International Air Conditioning Ltd. (Modine Manufacturing Company), Blue Star Limited, Carrier Global Corporation, Daikin Industries Ltd., Fujitsu General Limited, Gree Electric Appliances Inc., Haier Group Corporation, Hitachi Ltd., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Voltas Limited, etc. Kindly note that this only represents a partial list of companies and the complete list has been provided in the report.
Key Questions Answered in This Report:
How has the global commercial air conditioner (AC) market performed so far, and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global commercial air conditioner (AC) market?
What is the impact of each driver, restraint, and opportunity on the global commercial air conditioner (AC) market?
What are the key regional markets?
Which countries represent the most attractive commercial air conditioner (AC) market?
What is the breakup of the market based on the type?
Which is the most attractive type in the commercial air conditioner (AC) market?
What is the breakup of the market based on the installation type?
Which is the most attractive installation type in the commercial air conditioner (AC) market?
What is the breakup of the market based on end user?
Which is the most attractive end user in the commercial air conditioner (AC) market?
What is the competitive structure of the global commercial air conditioner (AC) market?
Who are the key players/companies in the global commercial air conditioner (AC) market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Commercial Air Conditioner (AC) Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Chillers
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Split Units
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Packaged Unit
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Variable Refrigerant Flow (VRF)
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Breakup by Installation Type
7.1 New Installation
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Retrofit
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by End User
8.1 Healthcare
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Educational/ Institutional
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Public/Government
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Retail
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Hospitality
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Manufacturing
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 Drivers, Restraints, and Opportunities
10.1 Overview
10.2 Drivers
10.3 Restraints
10.4 Opportunities
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Airedale International Air Conditioning Ltd. (Modine Manufacturing Company)
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Blue Star Limited
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.3 Carrier Global Corporation
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Daikin Industries Ltd.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Fujitsu General Limited
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.6 Gree Electric Appliances Inc.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.7 Haier Group Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Hitachi Ltd.
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 LG Electronics Inc.
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 Mitsubishi Electric Corporation
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Panasonic Holdings Corporation
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
14.3.12 Samsung Electronics Co. Ltd.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Voltas Limited
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 FinancialsKindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Figure 1: Global: Commercial Air Conditioner Market: Major Drivers and Challenges
Figure 2: Global: Commercial Air Conditioner Market: Sales Volume (in Million Units), 2017-2022
Figure 3: Global: Commercial Air Conditioner Market Forecast: Sales Volume (in Million Units), 2023-2028
Figure 4: Global: Commercial Air Conditioner Market: Sales Value (in Billion US$), 2017-2022
Figure 5: Global: Commercial Air Conditioner Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 6: Global: Commercial Air Conditioner Market: Breakup by Type (in %), 2022
Figure 7: Global: Commercial Air Conditioner Market: Breakup by Installation Type (in %), 2022
Figure 8: Global: Commercial Air Conditioner Market: Breakup by End User (in %), 2022
Figure 9: Global: Commercial Air Conditioner Market: Breakup by Region (in %), 2022
Figure 10: Global: Commercial Air Conditioner (Chillers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Commercial Air Conditioner (Chillers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Commercial Air Conditioner (Split Units) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Commercial Air Conditioner (Split Units) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Commercial Air Conditioner (Packaged Unit) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Commercial Air Conditioner (Packaged Unit) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Commercial Air Conditioner (Variable Refrigerant Flow (VRF)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Commercial Air Conditioner (Variable Refrigerant Flow (VRF)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Commercial Air Conditioner (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Commercial Air Conditioner (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Commercial Air Conditioner (New Installation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Commercial Air Conditioner (New Installation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Commercial Air Conditioner (Retrofit) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Commercial Air Conditioner (Retrofit) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Commercial Air Conditioner (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Commercial Air Conditioner (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Commercial Air Conditioner (Educational/ Institutional) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Commercial Air Conditioner (Educational/ Institutional) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Commercial Air Conditioner (Public/Government) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Commercial Air Conditioner (Public/Government) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Commercial Air Conditioner (Retail) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Commercial Air Conditioner (Retail) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Commercial Air Conditioner (Hospitality) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Commercial Air Conditioner (Hospitality) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Commercial Air Conditioner (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Commercial Air Conditioner (Manufacturing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: North America: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: North America: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: United States: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: United States: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Canada: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Canada: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Asia-Pacific: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Asia-Pacific: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: China: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: China: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Japan: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Japan: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: India: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: India: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: South Korea: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: South Korea: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Australia: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Australia: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Indonesia: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Indonesia: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Others: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Others: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Europe: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Europe: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Germany: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Germany: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: France: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: France: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: United Kingdom: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: United Kingdom: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Italy: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Italy: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Spain: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Spain: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Russia: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Russia: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Others: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Others: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Latin America: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Latin America: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Brazil: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Brazil: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Mexico: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Mexico: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Others: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Others: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Middle East and Africa: Commercial Air Conditioner Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Middle East and Africa: Commercial Air Conditioner Market: Breakup by Country (in %), 2022
Figure 84: Middle East and Africa: Commercial Air Conditioner Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 85: Global: Commercial Air Conditioner Industry: Drivers, Restraints, and Opportunities
Figure 86: Global: Commercial Air Conditioner Industry: Value Chain Analysis
Figure 87: Global: Commercial Air Conditioner Industry: Porter's Five Forces Analysis
Table 1: Global: Commercial Air Conditioner Market: Key Industry Highlights, 2022 & 2028
Table 2: Global: Commercial Air Conditioner Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Commercial Air Conditioner Market Forecast: Breakup by Installation Type (in Million US$), 2023-2028
Table 4: Global: Commercial Air Conditioner Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 5: Global: Commercial Air Conditioner Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Commercial Air Conditioner Market: Competitive Structure
Table 7: Global: Commercial Air Conditioner Market: Key Players
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