The air conditioning market - Italy

An air conditioner is a device that cools air. Air conditioners and heat pumps are approached, as both units share the same principles of operation. Heat pumps can be aerothermal, geothermal or hydrothermal. Air conditioners can be designed as a special segment of heat pumps. Air conditioners are also often reversible, making them solutions for cooling air as well as for heating. The size of the global market for air conditioning systems has been estimated at $115 billion in 2021. It is expected to grow at a CAGR of 6.2% from 2021 to 2028. China largely dominates this market with 40% of global demand. The air conditioner market is innovating and taking advantage of the latest technological developments applicable to many capital goods. The market is increasely developing a range of connected and smart products. For example, it is now possible to remotely control the air cooling system via a smartphone. it is also a highly regulated market, subject to EU legislation in terms of eco-design and energy efficiency of products offered for sale. Household appliances must be clearly labeled and indicate their energy performance. The market is also dependent on weather, especially heat waves. June 2019 was the hottest month recorded in Italian history and showed an increase in sales of 186 over 2018. Increased disposable income, more affordable devices, and global warming seem to be the main drivers for this market going forward.