International.
The global air conditioning systems market was set at $104.4 billion in 2015 and is projected to rise to $167 billion by the end of 2024, growing at a compound annual growth rate (CAGR) of 5.1% between 2016 and 2024, according to a report by Transparency Market Research.
The market is anticipated to expand at an even faster pace in terms of volume, recording a CAGR of 6.2% during the forecast period.
With a revenue share of nearly 40% in 2015, the business segment dominates the global air conditioning systems market. This segment is poised to retain its edge until 2024 driven by the increasing use of air conditioning systems in areas such as hospitality and tourism, construction, hospitals, clinics and health services.
In volume, however, the residential applications 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 are the most preferred type and accounted for a revenue share of more than 76% in 2015. This segment also dominated the air conditioning systems market in volume.
