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Air Conditioning (AC) Market size is set to grow by USD 14.8 billion from 2024-2028, Rise in residential construction activity to boost the market growth, Technavio

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NEW YORK, Aug. 21, 2024 /PRNewswire/ — The global air conditioning (AC) market  size is estimated to grow by USD 14.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  2.15%  during the forecast period.  Rise in residential construction activity is driving market growth, with a trend towards increase in use of r32 refrigerant in split ACs. However, volatility in operating costs and raw material prices  poses a challenge. Key market players include Blue Star Ltd., Daikin Industries Ltd., DeLonghi Group, Electrolux group, Emerson Electric Co., Fujitsu Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc., LG Electronics Inc., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, Transform Holdco LLC, Toshiba Corp., Voltas Ltd., and Whirlpool Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (Splits, Chillers, Airside, and Others), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, Middle East and Africa, and South America)

Region Covered

APAC, Europe, North America, Middle East and Africa, and South America

Key companies profiled

Blue Star Ltd., Daikin Industries Ltd., DeLonghi Group, Electrolux group, Emerson Electric Co., Fujitsu Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc., LG Electronics Inc., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, Transform Holdco LLC, Toshiba Corp., Voltas Ltd., and Whirlpool Corp.

Key Market Trends Fueling Growth

Air conditioning (AC) systems utilize refrigerants, which are compounds capable of absorbing environmental heat and providing refrigeration or cooling when combined with components like compressors and evaporators. Vendors, including Daikin Industries and Samsung Electronics, employ various refrigerants, such as R-410A, R-32, and R-22, to meet cooling demands. R-32 refrigerant, with zero-ozone depletion potential (ODP) and low global warming potential (GWP), is gaining popularity due to its energy efficiency and reduced carbon emissions. R-32 ACs consume up to 10% less electricity than R-410A and R-22 models, making them an attractive choice for consumers. In March 2019, Samsung launched split ACs with R-32 refrigerant, offering higher efficiency and lower environmental impact. The increasing availability and adoption of R-32 ACs are expected to drive the global air conditioning market growth during the forecast period. 

The AC market is thriving, with significant growth in both residential and commercial segments. Residential buildings are seeing increased demand for Room AC Windows, Split AC, and Smart Air Conditioners. In the commercial sector, businesses are investing in Centralized AC, VRF, Chillers, and Packaged Air Conditioners for Office Buildings, Retail Spaces, Healthcare Facilities, Data Centers, and Manufacturing Plants. Product launches and innovations, such as Inverter Technology and Energy Efficient designs, are driving the market forward. Mergers and acquisitions, collaborations, and partnerships are shaping the AC business landscape. Online Retail and Direct Sales are gaining popularity, while Distribution Sales continue to dominate. Global temperatures and urban heat are key factors driving demand. Automatic technology is replacing Manual technology for enhanced comfort and energy savings. The market is expected to grow further with the increasing focus on Energy Efficiency Standards. 

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Market Challenges

The air conditioning market is influenced by several factors that determine the price of appliances, including manufacturing costs, labor costs, and raw material prices. The cost of raw materials, such as steel, iron, plastic, glass, electronic equipment, petroleum products, and paints, significantly impacts the price of air conditioning products or the profit margins of manufacturers. Raw material prices are subject to change and can fluctuate based on international markets. Procurement of these materials involves additional costs like transportation and necessary services, supplier constraints, and inability to secure favorable arrangements for timely delivery. The prices of major raw materials like steel, rubber, iron, and plastic have seen significant volatility in the US and international markets. This price instability results in either increased product prices or reduced profit margins for manufacturers. The cost of petroleum products, which affect transportation costs for raw materials and final products, also influences market prices. Transportation costs include taxes, duties, and fuel prices, which can increase with rising crude oil prices. These factors challenge air conditioning market manufacturers to produce efficient and innovative hybrid air conditioners at competitive prices during the forecast period.The AC market faces challenges in providing energy-efficient solutions for various sectors like residential buildings, office buildings, retail spaces, healthcare facilities, data centers, and manufacturing plants. Rising global temperatures and urban heat contribute to the increasing demand for air conditioning systems. Smart air conditioners, such as those with Inverter technology, are popular due to their energy efficiency. Energy Efficiency Standards are driving the industry to innovate with air conditioning units using non-inverter technology, window ACs, split ACs, multi-split ACs, and central ACs. Technological advancements, like NanoeX technology and smart technology, offer user comfort, improved indoor air quality, and air filtration systems for allergens and pollutants. Developing nations and urbanization require ecologically conscious goods, leading to the use of recycled materials and energy efficiency. Changing climate patterns necessitate the need for energy-efficient solutions, and commercial spaces are adopting these technologies to attract customers. Smartphones and user comfort further fuel the demand for air conditioners.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This air conditioning (ac) market report extensively covers market segmentation by

Product 1.1 Splits1.2 Chillers1.3 Airside1.4 OthersDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Splits-  The global air conditioning market is experiencing growth in the splits segment due to the increasing preference for energy-efficient and sleek split air conditioners. Vendors, such as Samsung, have ceased manufacturing window air conditioners and shifted production to split air conditioners to meet customer demand. Inverter-based split air conditioners are gaining popularity for their energy efficiency. The market has seen a decline in demand for ducted standard split air conditioners compared to non-ducted standard splits. Japanese-style mini-splits are becoming more popular in regions like North America as awareness grows. Refurbished products are driving demand for split air conditioners due to the increasing focus on energy efficiency and LEED certifications. Split air conditioners offer benefits such as easy installation, simultaneous heating and cooling effect, precise temperature control, and energy efficiency. They also make less noise and consume less energy than window air conditioners. These advantages have led to an increase in demand for split air conditioners, which will fuel the growth of the splits segment of the global air conditioning market during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global HVAC Systems Market is experiencing robust growth, driven by rising urbanization, increasing demand for energy-efficient solutions, and advancements in smart technologies. The market is expanding across residential, commercial, and industrial sectors. Key players like Daikin, Carrier, and Johnson Controls are leading innovations in heating, ventilation, and air conditioning systems. The Asia-Pacific region dominates the market, fueled by rapid construction activities and government initiatives promoting green building standards.

Research Analysis

The AC business is thriving in today’s world due to rising global temperatures and urban heat. Residential buildings, office buildings, retail spaces, and healthcare facilities are major consumers of air conditioners. Smart air conditioners, such as those with NanoeX technology and smart technology, are becoming increasingly popular for their energy efficiency and user comfort. Developing nations and urbanizing areas are witnessing significant growth in the AC market. Ecologically conscious goods, including air conditioners made from recycled materials, are gaining traction. Indoor air quality is a major concern, leading to the demand for air filtration systems that remove allergens and pollutants. Humidity levels are also a consideration, especially in tropical regions. Both residential and commercial segments are adopting advanced technologies like room AC windows, split AC, and energy-efficient solutions to maintain optimal indoor conditions. Smartphones and user-friendly interfaces are making it easier to control AC systems remotely.

Market Research Overview

The AC business is thriving in today’s world due to rising global temperatures and urban heat. Residential buildings, office buildings, retail spaces, healthcare facilities, data centers, and manufacturing plants are major consumers of air conditioning systems. Smart technology and energy efficiency are key trends in the market, with smart air conditioners and inverter technology leading the way. Energy Efficiency Standards are driving the demand for energy-efficient designs and solutions. Air conditioning units come in various types, including window AC, split AC, multi-split AC, central AC, inverter, and non-inverter technology. Technological advancements, such as NanoeX technology, air filtration systems, and humidity control, enhance user comfort. Developing nations and urbanization are fueling the growth of the AC market. Changing climate patterns and the need for ecologically conscious goods are also influencing the industry. The market is witnessing numerous product launches, innovations, mergers and acquisitions, and collaborations and partnerships. Multi-brand stores, exclusive stores, and online stores are popular sales channels. The residential and commercial segments are the major consumers, with the commercial segment showing significant growth. Indoor air quality, allergens, pollutants, and humidity levels are key considerations for consumers. Smartphones and user comfort are also driving the demand for advanced AC features.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductSplitsChillersAirsideOthersDistribution ChannelOfflineOnlineGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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/C O R R E C T I O N from Source — Carbon Upcycling Technologies Inc./

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In the news release, Carbon Upcycling, Minnesota DOT and National Road Research Alliance Joint Study Shows High-Performance Low-Carbon Concrete is 30% Stronger than Existing Roadways, issued 12-Nov-2024 by Carbon Upcycling Technologies Inc. over CNW, we are advised by the company that corrections were made to the release. The complete, corected release follows:

Carbon Upcycling, Minnesota DOT and National Road Research Alliance Joint Study Shows High-Performance Low-Carbon Concrete is Stronger than Existing Roadways

Carbon Upcycling’s concrete mix demonstrated a 28% increase in strength at 28 days, while reducing cementitious content by 12.3%, setting a new standard for low-carbon sustainable infrastructure

CALGARY, AB, Nov. 12, 2024 /CNW/ – Carbon Upcycling Technologies, Inc. (Carbon Upcycling), a leader in decarbonization and carbon capture & utilization (CCU) for hard-to-abate industries, along with, the Minnesota Department of Transportation (MnDOT) and the National Road Research Alliance (NRRA) has successfully completed the construction phase of a multi-year study on the use of low-carbon cement in highways. The results highlight Carbon Upcycling’s ability to be a drop-in solution for reducing carbon-intensive cement in concrete.

The study, managed by Sutter Engineering LLC and sponsored by the National Road Research Alliance (NRRA), rigorously tested 16 unique concrete mixtures in real-world conditions on an active Minnesota highway to identify options that could reduce the carbon footprint of infrastructure without sacrificing strength or durability. Completed in early 2024, the study aimed to find materials that could significantly lower the carbon footprint of concrete paving without compromising durability. Carbon Upcycling’s CO2-enhanced mix achieved a 12.3% reduction in cement content while matching the workability of traditional concrete, allowing seamless handling, placement, and setting times for construction crews. These findings provide valuable data to guide future low-carbon infrastructure projects across North America, as the seamless integration into existing workflows offers a drop-in, low-carbon alternative without compromising ease of use or performance.

The study revealed significant performance and environmental benefits of Carbon Upcycling’s concrete mix:

Increased Strength: 28% stronger at 28 days compared to the advanced control concrete.Reduced Cement Use: The CCU process allowed a 12.3% reduction in cementitious material, effectively reducing both carbon emissions and material costs.Greater Resiliency to Natural Elements: 32% increase in chloride resistivity for more durable concrete.

“Infrastructure is the very foundation of a sustainable future, and at Carbon Upcycling we’re committed to creating materials that support this vision while establishing a secure, stable North American supply chain,” said Apoorv Sinha, CEO of Carbon Upcycling. “Our collaboration with the Minnesota Department of Transportation highlights how Carbon Upcycling can transform captured emissions into local materials that strengthen our infrastructure. By focusing on resilience and sustainability, we’re contributing to a vision where our essential structures are clean and built to last.”

Carbon Upcycling partnered with BURNCO to deploy and test 140 m³ of its CCU-enhanced concrete mix, monitored by Larry Sutter, Principal Engineer at Sutter Engineering LLC, for strength, workability, and environmental impact on a Minnesota highway.

“Carbon Upcycling submitted a very impressive mixture design to the trial,” said Larry Sutter, MnDOT’s Principal Engineer and the project’s technical manager. “Their material not only achieved the highest reduction in cementitious content among all submissions but also demonstrated remarkable strength. By embedding CO2 and reducing the reliance on portland cement, Carbon Upcycling’s technology addresses one of the concrete industry’s most pressing challenges—lowering its carbon footprint as global demand for cement is expected to double by 2050. This project data will be invaluable as the industry works toward its 2030 CO2 reduction targets.”

Since 2021, Carbon Upcycling has deployed over 3,000 tonnes of low-carbon cement and has attracted investment from some of the world’s largest cement industry players such as Cemex, CRH and Titan Cement.

About Carbon Upcycling Technologies:
Carbon Upcycling is a decarbonization and carbon capture & utilization technology provider for the world’s hardest-to-abate industries. The company’s commercial technology upcycles point-source industrial CO2 emissions and local industrial waste materials into high-performance, low-carbon cement alternatives. The company is currently commissioning its first-of-a-kind commercial system at Canada’s largest cement plant. Carbon Upcycling has received global recognition for its industry-leading innovation. Notably, Carbon Upcycling was named a 2023 and 2024 Global Cleantech 100, Reuter’s Top 100 Innovators Leading the Energy Transition, and a World Economic Forum 2024 Technology Pioneer.

For more information, visit www.carbonupcycling.com.

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SOURCE Carbon Upcycling Technologies Inc.

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Massachusetts Community Colleges Partner with AMSimpkins & Associates to Implement their S.A.F.E. Platform in Efforts to Combat Student Applicant Fraud

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This partnership marks a significant milestone for Massachusetts Community Colleges in their efforts to prevent fraud and ensure equitable access to education. The implementation of S.A.F.E. will provide the institutions with cutting-edge technology and reliable safeguards, solidifying their reputation as forward-thinking leaders in the fight against student application fraud.

ATLANTA, Nov. 15, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates, a leader in cutting-edge cybersecurity solutions for educational institutions, is proud to announce that Massachusetts Community Colleges have selected the S.A.F.E. (Student Application Fraudulent Examination) platform to bolster their efforts in preventing and detecting student application fraud. This strategic move underscores Massachusetts’ commitment to maintaining the integrity of its admissions process and ensuring that valuable educational resources reach legitimate students.

“We’re excited to partner with Massachusetts Community Colleges and support their mission to provide quality education to genuine, eligible students.”

In recent years, fraudulent applications and financial aid scams have become increasingly pervasive issues, especially as institutions pivot towards more digital and remote application processes. By adopting the S.A.F.E. platform, Massachusetts Community Colleges are taking a proactive stance to safeguard their institutions against evolving fraud tactics.

S.A.F.E., developed by AMSimpkins & Associates, is a comprehensive fraud detection and prevention solution that leverages advanced data analytics, artificial intelligence (AI), machine learning algorithms, and real-time monitoring to identify potentially fraudulent activity within the student application and financial aid processes. With over 50 colleges and universities already utilizing the S.A.F.E. platform, Massachusetts Community Colleges now join a growing community of educational institutions committed to integrity, transparency, and security.

“S.A.F.E. is built from the ground up with the unique needs of higher education institutions in mind,” said Maurice Simpkins, President of AMSimpkins & Associates. “With our deep understanding of the higher education landscape, we’ve created a solution that not only detects and prevents fraud but also allows institutions to seamlessly integrate these checks into their admissions workflows. We’re excited to partner with Massachusetts Community Colleges and support their mission to provide quality education to genuine, eligible students.”

The S.A.F.E. platform offers a robust set of features to prevent and detect fraudulent applications, including:

Real-time Identity Verification: Through partnerships with industry-leading identity verification services, S.A.F.E. ensures that applicants are who they claim to be by cross-referencing multiple data points, including Social Security Number validation, address checks, and real-time ID verification.AI-Driven Anomaly Detection: S.A.F.E. continuously monitors and learns from application data patterns, enabling it to detect suspicious behaviors that could indicate fraudulent activity.Geo-Blocking and Risk Scoring: Institutions can customize geo-blocking settings to restrict access from high-risk regions and employ dynamic risk scoring based on user interactions, device profiling, and behavior analytics.Customizable Fraud Rules and Policies: The platform allows administrators to set specific fraud thresholds and responses, tailoring the system’s sensitivity to meet the unique needs of each college or university.Real-time Alerts and Data Sharing: S.A.F.E. sends real-time alerts to designated stakeholders if suspicious activities are detected, allowing for quick responses and preventative actions.Additionally, the platform facilitates data sharing across institutions to block repeated offenders system-wide.

In addition to its fraud prevention features, AMSimpkins & Associates also provides cybersecurity consulting and support through partnerships with Cybersecurity organizations, adding another layer of protection for Massachusetts Community Colleges. This comprehensive approach aligns perfectly with the state’s vision of creating a secure and resilient higher education environment.

About AMSimpkins & Associates

AMSimpkins & Associates is an industry-leading provider of cybersecurity solutions focused on safeguarding educational institutions. Their flagship product, S.A.F.E. (Student Application Fraudulent Examination), is specifically designed to address the complex challenges of fraud in higher education admissions and financial aid. By partnering with colleges, universities, and technology providers, AMSimpkins & Associates is committed to maintaining the integrity of education by keeping students and institutions safe from fraud.

For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com

Media Contact

LAQWACIA SIMPKINS, AMSimpkins and Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, AMSimpkins and Associates

Twitter, Facebook, LinkedIn

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SOURCE AMSimpkins and Associates

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bswift Acquires Evive: Launches Integrated Personalized Engagement Platform

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bswift announces a fully integrated personalized engagement solution aimed at delivering better health care outcomes through data-driven personalization, predictive analytics, and behavioral science. 

CHICAGO, Nov. 15, 2024 /PRNewswire/ — bswift LLC, an industry leader in employee benefits technology and administration, announced today the launch of its fully-integrated personalization and engagement engine. This solution is a result of bswift’s recent acquisition of Evive Health, LLC, a pioneer in the field with a demonstrated track record of driving outcomes for employees, employers and health plans by optimizing benefit understanding and utilization, resources, and programs for millions of Americans. 

“By bringing bswift and Evive together, we have integrated a powerful engagement platform,” – bswift CEO, Ted Bloomberg.

With this exciting investment, bswift reinforces its mission to lead the benefits administration space and strengthens its role as a strategic ally for its clients – empowering them to deliver on their benefits strategies by motivating plan participants to manage their health and wellbeing proactively.

“Our clients and partners consistently tell us that member engagement, personalized experiences, and cost management are their top strategic priorities today and in the foreseeable future,” said bswift CEO, Ted Bloomberg. “By bringing bswift and Evive together, we have integrated a powerful engagement platform into our core benefits administration solution. That is a first, and we are delighted to immediately and directly support employers’ critical priorities with proven, industry-leading capabilities.” 

Using data-driven personalization and the power of predictive analytics and behavioral science, bswift’s personalization toolset is proven to increase benefits awareness, engagement, and utilization by delivering tailored and actionable messages about the right benefit at the right time. Demonstrated results include driving a 3X increase in health actions recommended by qualified providers, and a 12% increase in annual preventative care screening visits. 

“We’re thrilled to be the first in our market to deliver this supercharged engagement capability across all aspects of the user experience,” said bswift Executive Vice President of Product, Matt Waldrup. “bswift is completely reimagining the benefits experience with personalized, data-driven, multi-channel communications that engage employees across their physical, emotional, financial, and personal wellbeing, empowering people to make the most of their benefits.” 

bswift’s new personalization engine empowers employers and employees: 

Personalized, next-best-action journeysReward and incentive-based gamification to boost engagementOn-the-go access to benefits and incentive activities via mobile appRobust analytics and reporting for HR teams to track campaign ROI and engagement metrics

Employers can now leverage bswift’s expertise to systematically deliver smarter, more relevant communications to promote healthier habits, optimize benefit utilization – and maximize employee health outcomes. 

About bswift 
bswift LLC offers cloud-based technology and services that transform the way employees perceive and engage with their benefits. With adaptive technology, service excellence, and compassionate service, bswift serves millions worldwide. Their comprehensive suite of solutions provides intuitive, personalized online enrollment, interactive decision support, ACA compliance reporting, and employee engagement. Visit www.bswift.com to learn more. 

About Evive 

Evive is a digital communications and engagement platform that helps health plans and employers optimize the benefits, resources and programs they offer their employees. Using data-driven personalization, closed-loop engagement reporting and the power of predictive analytics and behavioral science, Evive increases benefits awareness, engagement and utilization to deliver the right message about the right benefit at the right time. Visit www.goevive.com to learn more.

Media Contact: 
Zoya Siddiqui 
Senior Director, Marketing 
zsiddiqui@bswift.com

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SOURCE bswift LLC

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