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Air Conditioning Systems Market Size Growing at 6% CAGR, Set to Reach 218.5 Billion By 2032

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TOKYO, March 24, 2023 (GLOBE NEWSWIRE) — The Global Air Conditioning Systems Market Size collected USD 123.4 Billion in 2022 and is set to achieve a market size of USD 218.5 Billion in 2032 growing at a CAGR of 6.0% from 2023 to 2032.

Air Conditioning Systems Market Research Report Highlights and Statistics:

  • The Global Air Conditioning Systems Market Size in 2022 stood at USD 123.4 Billion and is set to reach USD 218.5 Billion by 2032, growing at a CAGR of 6%
  • The market is driven by factors such as the increasing demand for air conditioning systems in residential and commercial buildings, the rising disposable income of consumers, and the growing trend of smart homes and green buildings.
  • The North American region is estimated to dominate the market, with the Asia Pacific region having the fastest growth rate.

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Air Conditioning Systems Market Report Coverage:

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Market Air Conditioning Systems Market
Air Conditioning Systems Market Size 2022 USD 123.4 Billion
Air Conditioning Systems Market Forecast 2032 USD 218.5 Billion
Air Conditioning Systems Market CAGR During 2023 – 2032 6%  
Air Conditioning Systems Market Analysis Period 2020 – 2032
Air Conditioning Systems Market Base Year 2022  
Air Conditioning Systems Market Forecast Data 2023 – 2032
Segments Covered By Type, By Technology, By Lubrication, By End-Use, And By Geography
Air Conditioning Systems Market Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled Mitsubishi Corporation, Daikin Industries Ltd., Samsung Electronics, Haier Electronics Group Co., LG Electronics, Electrolux AB, Carrier Corporation, Panasonic Corporation, Sharp Corporation, Hitachi Ltd., Hisense International Co. Ltd., The Midea Group and Gree Electric Appliances, Inc.
Report Coverage Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Air Conditioning Systems Market Overview:

The global air conditioning systems market is a rapidly growing industry that provides cooling and heating solutions for residential, commercial, and industrial applications. These systems are designed to maintain comfortable temperatures and humidity levels, ensuring optimal comfort and air quality. The market offers a wide range of air conditioning systems, including central air conditioning, ductless air conditioning, portable air conditioning, and window air conditioning. The systems are designed to cater to diverse applications such as homes, offices, hospitals, hotels, shopping malls, and industrial facilities. The market is expected to witness significant growth owing to the increasing demand for energy-efficient and eco-friendly air conditioning systems, and the rising trend of smart homes and green buildings.

Trends in the Air Conditioning Systems Market:

  • High demand for smart air conditioning systems that can be controlled through mobile devices and voice assistants.
  • Increasing adoption of inverter technology in air conditioning systems, which provides energy-efficient and quieter operation.
  • Development of air conditioning systems that use natural refrigerants such as carbon dioxide, which have low environmental impact.
  • Integration of artificial intelligence and machine learning technologies in air conditioning systems for predictive maintenance and optimal performance.
  • Growing trend of customization in air conditioning systems, with customers seeking personalized solutions tailored to their specific needs.
  • Development of air conditioning systems that can operate in extreme temperatures and harsh environmental conditions.
  • Development of solar-powered air conditioning systems, which offer energy savings and reduce dependence on traditional power sources.
  • Emergence of multi-functional air conditioning systems that combine heating, cooling, and ventilation functions.
  • Increasing adoption of air purification technology in air conditioning systems, to improve indoor air quality and reduce health risks.
  • Increasing use of variable refrigerant flow (VRF) systems, which offer high energy efficiency and flexibility in controlling individual zones.

Air Conditioning Systems Market Dynamics:

  • Increasing global temperatures and climate change are driving the need for cooling solutions.
  • Technological advancements in air conditioning systems are making them more energy-efficient, eco-friendly, and cost-effective.
  • Growing trend of smart homes and buildings, which require advanced air conditioning systems for optimal comfort and energy efficiency.
  • Growing trend of modular construction and off-site fabrication is driving demand for pre-fabricated air conditioning systems.
  • Increasing demand for air conditioning systems in data centers and server rooms, to maintain optimal operating temperatures.
  • Growing demand for air conditioning systems in healthcare facilities, to maintain optimal indoor air quality and temperature levels.
  • The rising trend of renovation and retrofitting of existing buildings is driving demand for energy-efficient air conditioning systems.
  • Growing demand for air conditioning systems in residential, commercial, and industrial applications.

Growth Hampering Factors in the Market for Air Conditioning Systems:

  • High initial costs of air conditioning systems can deter potential customers, especially in emerging economies with low purchasing power.
  • Increasing demand for natural ventilation and passive cooling systems in sustainable building designs may limit demand for air conditioning systems.
  • The availability of cheaper and less energy-efficient alternatives, such as fans or traditional air conditioning systems, may limit market growth.
  • The high energy consumption of air conditioning systems can lead to high electricity bills, which may deter customers.
  • Lack of proper maintenance and cleaning of air conditioning systems can result in decreased efficiency and increased health risks.
  • The use of certain refrigerants, such as HCFCs and HFCs, which contribute to ozone depletion and global warming, are being phased out, leading to a need for new refrigerants and system designs.

Check the detailed table of contents of the report @

https://www.acumenresearchandconsulting.com/table-of-content/air-conditioning-systems-market

Market Segmentation:

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By Type

  • Rooftop
  • Unitary
  • PTAC

By Technology

● Non Inverter

● Inverter

End User

● Industrial

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● Commercial

● Residential

Air Conditioning Systems Market Overview by Region:

North America’s Air Conditioning Systems market share is the highest globally, owing to the high demand for HVAC systems in commercial and residential buildings. Moreover, the increasing trend towards smart homes and the adoption of energy-efficient air conditioning systems are further driving the market growth in this region.

The Asia-Pacific region’s Air Conditioning Systems Market share is also huge and is growing at the fastest rate, due to the rapid urbanization, population growth, and increasing disposable income of individuals in countries such as China, India, and Japan. The increasing demand for HVAC systems in the commercial and industrial sectors, as well as the growing trend towards smart homes and buildings, are also driving the market growth in this region.

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Europe is another key market for Air Conditioning Systems, primarily driven by the implementation of strict government regulations and policies aimed at reducing carbon emissions and improving energy efficiency. Additionally, the growing trend towards green buildings and the increasing awareness about the benefits of energy-efficient air conditioning systems are contributing to the growth of the market in this region.

The South American and MEA regions have a relatively lower but growing Air Conditioning Systems market share. The growth of the tourism industry in these regions is leading to an increased demand for HVAC systems in hotels, resorts, and other hospitality sectors.

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Air Conditioning Systems Market Key Players:

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The Air Conditioning Systems Market has a range of leading companies in this market include Carrier Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Johnson Controls Inc., Fujitsu General Ltd., Gree Electric Appliances Inc., Lennox International Inc., Hitachi Ltd., Panasonic Corporation, Samsung Electronics Co. Ltd., Haier Group Corporation, Midea Group Co. Ltd., Toshiba Corporation, Trane Technologies plc, Rheem Manufacturing Company, Ingersoll Rand plc, Nortek Global HVAC LLC, Goodman Manufacturing Company LP, and York International Corporation. Each of these companies offers a variety of air conditioning products, catering to the diverse needs and preferences of customers around the world.

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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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Artificial Intelligence

Metz, in Partnership with AI TECH, Introduces Advanced Interactive Flat Panel to Middle East Market

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SHENZHEN, China, June 17, 2024 /PRNewswire/ — METZ Display, a sub-brand of SKYWORTH and a provider of innovative interactive displays for education and business. The announcement of Artificial Intelligence Technologies LLC Dubai as the authorized exclusive distributor for the UAE market as well as the Oman, Qatar, and Bahrain markets marks a significant expansion for METZ Display. By partnering with a trusted distributor like Artificial Intelligence Technologies, METZ is strategically positioning itself to deliver its full range of smart education and smart conference room applications across these regions. This move not only strengthens METZ’s presence in the Middle East but also underscores its commitment to providing innovative interactive displays tailored for both educational and business environments.

Based on the 16 years of R&D and business experience in the IFPD market from SKYWORTH, METZ Display fully inherited its technology and has introduced several interactive displays in the education and business sectors that provide a highly immersive environment and user-friendly experience since 2022, such as the all-in-one LCD.
Mr. Summer Deng METZ  Sales & Marketing Head of MEA, said: ” The IFPD market in MEA is expected to see rapid growth over the next couple of years. The partnership with Artificial Intelligence Technologies LLC, a business entity to promote AI & AV Products, Tools, and services in the United Arab Emirates & Middle East Region will take METZ Display to another new level. We are confident to further develop our quality products and service!”
METZ Display is expanding its reach into the UAE market through Artificial Intelligence Technologies LLC Dubai as its authorized distributor.
The introduction of the METZ K Pro Series, particularly the EDLA Certified collaborative display, in the MEA Region highlights their commitment to providing innovative interactive display solutions for both education and business sectors. This move could potentially enhance learning and collaboration experiences in the region.
Mr. Harold Fernandes, the Managing Director of Artificial Intelligence Technologies, seems quite enthusiastic about the partnership with METZ Display. His emphasis on the versatility of METZ’s portfolio, applicable across various sectors such as education and business, reflects a keen understanding of the market’s needs. By highlighting the engaging experiences offered by METZ Display products, he’s underlining the potential benefits for resellers and end-users alike. This partnership seems poised to bring innovative solutions to the UAE market.
About METZ Display
With Skyworth, one of the world’s largest TV companies, and Metz, one of the oldest German manufacturers, METZ Display creates high-quality educational and business applications that make state-of-the-art screen technology available to everyone by combining their strengths and 80 years of experience.
About Artificial Intelligence Technologies LLC
Artificial Intelligence Technologies LLC, Is established as a business entity to promote AI & AV Products, and complete AV Solution, Tools & Services in the United Arab Emirates & Middle East Region. Visit the website at https://ai-tech.ai/ 
Phone: +971 4299 0544Email: [email protected]: www.ai-tech.ai
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Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services

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LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation. 

Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
Visit ViCA.Chat to learn more.
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LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™

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CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany),  Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany),  Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Get access to the latest updates on LoRa and LoRaWAN IoT Companies and LoRa and LoRaWAN IoT Industry
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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