Technology

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

Published

1 month ago

August 21, 2024

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..

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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.

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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

Technology

3B Scientific Acquires Veterinary Simulator Industries

Published

56 mins ago

September 23, 2024

HAMBURG, Germany, Sept. 23, 2024 /PRNewswire/ — 3B Scientific, a global leader in the manufacturing and marketing of medical and scientific educational products, announced today that it has acquired Veterinary Simulator Industries (VSI), a leading developer of veterinary simulation models.

Founded with a commitment to advancing veterinary education, VSI has developed a range of highly realistic and effective veterinary simulators that are redefining how veterinary training is delivered. With a focus on quality and innovation, VSI’s products provide a practical, hands-on approach to veterinary education, meeting the diverse needs of educators and students around the world. “Veterinary Simulator Industries is widely recognized for its outstanding veterinary training solutions, which perfectly complement our extensive range of educational tools. We are thrilled to welcome VSI into the 3B Scientific family. By combining our strengths in product development, manufacturing, and global distribution, we aim to set new standards in veterinary education, offering unparalleled resources to training institutions and professionals worldwide” commented Todd Murray, CEO of 3B Scientific.

David Jackson, Managing Director of Veterinary Simulator Industries, added: “Joining forces with 3B Scientific is an exciting step forward for VSI. The global reach of the 3B Scientific Group and commitment to innovation will enable us to further develop our product line and deliver even greater value to the veterinary education community. Together, we look forward to creating more advanced, realistic simulators and expanding access to high-quality training tools.”

About the 3B Scientific Group

3B Scientific, established in 1948 in Hamburg, Germany, is a global provider of state-of-the-art medical simulators and educational products for healthcare and veterinary training. With a presence in over 120 countries, the 3B Scientific Group continues to drive its mission of advancing the delivery of medical and veterinary education worldwide.

For more information about 3B Scientific, visit www.3bscientific.com.

About Veterinary Simulator Industries

Veterinary Simulator Industries (VSI) is a leading developer of high-quality veterinary simulators, designed to offer realistic, hands-on training experiences that enhance veterinary education and training. VSI’s products are trusted by educators and professionals globally for their realism and educational effectiveness.

To learn more about VSI, visit www.vetsimulators.com.

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Technology

Reticulate Micro Demonstrates First-ever Live Video Streaming over MUOS Network for a U.S. Army Special Operations Organization

Published

56 mins ago

September 23, 2024

Demo Showcased VAST™Video Throughput, Augmenting MUOS SATCOM for Mobile Forces

PALM BAY, Fla., Sept. 23, 2024 /PRNewswire/ — Reticulate Micro, Inc. announced it successfully demonstrated what the Company believes to be the first-ever real-time video streaming over the Mobile User Objective System (MUOS) tactical satellite network for a U.S. Special Operations organization.

The joint U.S. Army live training exercise included Reticulate and its partners, NanTenna, LLC, a leader in antenna technology innovation, and Curtiss-Wright, a trusted, proven leader in communications and processing systems for the tactical edge as well as other highly engineered products and services for the aerospace/defense industry.

The teams integrated Reticulate Micro’s VAST video encoder and Curtiss-Wright Defense Solutions’ PacStar® Modular Radio Center to deliver live video for the first time over unbonded but Type 1 encrypted MUOS narrowband channels. Despite the constrained bandwidth, the combined solution delivered minimal delay and clear picture quality, demonstrating the potential of live video over MUOS SATCOM systems.

“We demonstrated a complete point-to-point, real-time full-motion video session over MUOS in both static and on-the-move scenarios,” noted Brian Hawkins, principal architect, Reticulate Micro, who conducted the video at a U.S. Army site. “Overall reactions from the customer were extremely positive, with invites back for follow-on exercises.”

“We are proud of our team that executed this powerful demonstration,” said Joshua Cryer, president and CEO, Reticulate Micro. “Along with our partners, NanTenna and Curtiss-Wright, we continue to make history together with low-latency and high-quality voice and video.”

Thomas Larkin, president of NanTenna, considers the MUOS demonstration a huge leap forward in narrowband SATCOM capabilities. “As more and more users are allocated MUOS connectivity, it is imperative that we, as an industry, offer end-to-end solutions to maximize its utility value to the warfighter. This demonstrates that our existing technologies can provide high-quality, low-latency video, even in the most challenging environments,” he said.

“Curtiss-Wright is dedicated to developing small form factor rugged tactical communications solutions for the US DOD and our allies,” said Brian Perry, senior vice president and general manager, Curtiss-Wright Defense Solutions Division. “By pairing our PacStar® Modular Radio Center and Modular Data Center with components from defense industry-leading partners like Reticulate Micro and NanTenna, we are able to extend C2 networks with simultaneous voice, video, and mission data anywhere within the worldwide coverage area of MUOS.”

The latest demonstration follows a U.S. Army demonstration of VAST over UHF TACSAT in February, conducted in partnership with NanTenna. Input from this and other demos is guiding Reticulate’s product roadmap, as it looks to add new features and functionality to meet the U.S. military’s mobile comms requirements.

About Reticulate Micro, Inc. 

Reticulate Micro Inc. (“Reticulate Micro,” “Reticulate” or the “Company”) is a commercial and defense software technology company dedicated to delivering trusted and resilient communications at the network edge. Reticulate specializes in software-defined video compression and streaming solutions and agile, simplified device monitoring and management. Led by tactical communications veterans and satellite and software visionaries, Reticulate delivers resiliency and intelligence on the ground for the military, first responders, critical infrastructure, and enterprise users. We work with an ecosystem of channel and technology partners to bring the most powerful solutions to market across electronic warfare, tactical communications and streaming media technology.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements that are subject to various risks and uncertainties. In addition, our representatives or we may make forward-looking statements orally or in writing from time to time. We base these forward-looking statements on our expectations and projections about future events, which we derive from the available information. Such forward-looking statements relate to future events or our future performance, including our financial performance and projections, revenue and earnings growth, and business prospects and opportunities. You can identify forward-looking statements by those that are not historical facts, particularly those that use terminology such as “intends,” “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms.

Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the U.S. Securities and Exchange Commission on July 31, 2024. Forward-looking statements speak only as of the date of the document in which they are contained, and the Company does not undertake any duty to update any forward-looking statements except as may be required by law.

All trademarks, trade names, product names, or logos mentioned or used are the property of their respective owners.

Contact:

Media:
Reticulate Micro Media Relations
media@reticulate.io

Investor Relations:
Reticulate Micro Investor Relations
ir@reticulate.io

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SOURCE Reticulate Micro, Inc.

Technology

SeatBoost Secures Investment from International Airlines Group

Published

56 mins ago

September 23, 2024

LOS ANGELES, Sept. 23, 2024 /PRNewswire/ — SeatBoost, a startup that is transforming the air travel experience through dynamic seat upgrade solutions, is pleased to announce an investment from International Airlines Group (IAG). This funding marks an important milestone in SeatBoost’s mission to bring joy to travelers’ experiences while generating incremental non-dilutive revenue for partner airlines.

SeatBoost’s platform facilitates live auctions on mobile in the airport environment, offering passengers the chance to bid for premium seat inventory made available by the airlines. The platform not only provides passengers with a unique engaging experience, but it also generates incremental non-dilutive revenue on seat inventory that would otherwise spoil. Current partners include IAG portfolio brand Iberia, TAP Air Portugal, Condor, Avianca and LATAM. With support from IAG through its corporate venture capital arm, SeatBoost plans to expand its capabilities and further improve the travel experience for passengers around the world.

Kevin Stamler, CEO of SeatBoost, shared his thoughts on the investment: “We’re excited to partner with IAG at this important stage in our journey. This collaboration not only supports our vision but also helps us accelerate our growth and innovation. Our aim is to enhance data-driven insights to create personalized experiences for travelers while maximizing revenue for airlines. The investment from IAG validates our business model and underscores the potential of SeatBoost and the positive impact we can achieve together in the travel industry.”

Raza Ali, IAG’s Vice President – Innovation, commented, “Innovation is a core function at IAG, and through innovation we can deliver better customer experiences, more efficient operations, more sustainable aviation and a better-performing business overall. That’s why we think the creative approach of SeatBoost to unlock meaningful revenue from new sources of demand is aligned with our view.”

The partnership with IAG will enable SeatBoost to leverage technology and innovation, improving its current offerings and paving the way for additional solutions that prioritize customer needs and operational efficiency. As SeatBoost expands, it remains committed to setting high standards in the travel sector, ensuring passengers enjoy a seamless, personalized airport and flying experience.

About SeatBoost
SeatBoost is a travel technology startup dedicated to enhancing simultaneously the air travel experience and airline profitability through innovation. Our highly scalable and highly configurable platform is built to leverage the outcome-efficient revenue generating capability of auctions through interactive user engagement.

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About International Airlines Group (IAG)
International Airlines Group (IAG) is one of the world’s largest airline groups with 585 aircrafts flying to over 250 destinations and carrying more than 115 million passengers in 2023. The Group was created in 2011 and includes the airlines British Airways, Iberia, Aer Lingus, Vueling and LEVEL, and IAG Loyalty and IAG Cargo. It is a Spanish-registered company with its corporate office in London, United Kingdom. Its shares are listed on the London Stock Exchange and on the Spanish stock markets.

IAG’s vision is to be the leading airline group in sustainability. The group is proud to have been listed on the Carbon Disclosure Project’s A List for its commitment to sustainability and action on climate change.

Media contact
Marianna D’Amore
media@seatboost.com

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SOURCE SeatBoost, Inc.