How Is The Steam & Air-Conditioning Supply Market Segmented?
The steam & air-conditioning supply market covered in this report is segmented –
1) By Type: Distribution Of Steam and Heated Air, and Distribution Of Cooled Air
2) By Distribution Channel: Multi-Brand Stores, Exclusive Stores, Online, and Other Distribution Channels
3) By End User: Residential, Commercial
Subsegments:
1) By Distribution Of Steam And Heated Air: Steam Piping Systems, Steam Traps And Valves, Radiant Heating Systems, Hot Air Distribution Systems
2) By Distribution Of Cooled Air: Air Handling Units (AHUs), Ducted Air Conditioning Systems, Chilled Water Distribution Systems, Split And Packaged Air Conditioning Systems
What Is Driving The Steam & Air-Conditioning Supply Market? High Disposable Income Drives The Steam And Air-Conditioning Supply Market
An increase in disposable income is expected to propel the growth of the steam and air-conditioning supply market going forward. Disposable income refers to the amount of money left to spend and save after income tax has been deducted. Due to a rise in the purchasing capacity of the public, people are choosing to buy discretionary products that are costly and provide comfort steam and air-conditioning come under this category of products For instance, in September 2024, according to the Office for National Statistics, a UK-based government department, in the first quarter of 2023, the electricity, gas, steam, and air conditioning supply index in the UK increased to 106.5, up from 95.4 in the same period of 2022, indicating a growth of 11.1 points. Therefore, an increase in disposable income is driving the growth of the steam and air-conditioning supply market.
What Is Driving The Steam & Air-Conditioning Supply Market? Urbanization Powering The Steam And Air-Conditioning Market's Growth
Rising urbanization is expected to propel the steam and air-conditioning supply market going forward. Urbanization refers to the process of increasing the population concentration in urban areas, typically resulting from rural-to-urban migration and natural population growth within cities and towns. Steam and air-conditioning systems play a pivotal role in urbanization by providing essential temperature control and climate management in densely populated areas. As urbanization continues to grow, these systems ensure comfortable living and working conditions in residential, commercial, and industrial spaces. They enable urban environments to remain habitable in extreme weather conditions, supporting the well-being and productivity of urban populations while contributing to the overall sustainability and development of modern cities. For instance, in October 2022, the World Bank, a USA-based international financial institution published an article that said globally, over 50% of the population lives in urban areas in 2022. By 2045, the world's urban population is expected to increase by 1.5 times to 6 billion. Therefore, the rising urbanization is driving the steam and air-conditioning supply market.
Who Are The Major Players In The Global Steam & Air-Conditioning Supply Market?
Major companies operating in the steam & air-conditioning supply market include Carrier Corporation, Trane Inc., Daikin Applied Americas Inc., Goodman Manufacturing Company LP, Rheem Manufacturing Company, Siemens AG, Johnson Controls International PLC, United Technologies Corporation, Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Nortek Global HVAC LLC, Asea Brown Boveri Ltd, Zamil Air Conditioners, York International Corporation, Spirax-Sarco Engineering plc, Lennox International Inc., SPX Corporation, BDR Thermea Group B.V., Viessmann Group, Babcock & Wilcox Enterprises Inc., Doosan Corporation, Weil-McLain, Greenheck Fan Corporation, AAON Inc., Cleaver-Brooks Inc., Hamon & Cie SA, Toshiba Carrier Corporation, AESYS Technologies LLC, Watsco Inc.
What Are The Key Trends Of The Global Steam & Air-Conditioning Supply Market? Innovative Inverter Air Conditioners Enhance Consumer Comfort And Efficiency
Major companies operating in the steam and air-conditioning supply market are focused on developing innovative products, such as inverter air conditioners, to bring advanced technology that delivers convenience to consumers. Inverter air conditioners are energy-efficient units that use variable-speed compressors to adjust cooling or heating output based on the room's temperature, providing consistent comfort while consuming less electricity. For instance, in March 2023, LG Electronics Inc., a South Korea-based appliance company, launched the super convertible 6-in-1 AI+ air conditioners range. The Super Convertible 6-in-1 AI+ air conditioner range by LG Electronics Inc. offers customizable cooling modes, allowing users to adjust power consumption and cooling levels based on room conditions. Equipped with artificial intelligence (AI) technology, it enhances energy efficiency, provides smart diagnostics, and delivers precise climate control for enhanced user comfort.
What Are The Key Trends Of The Global Steam & Air-Conditioning Supply Market? Innovative Matter-Enabled Room Air Conditioners Enhance Indoor Comfort And Energy Efficiency
Major companies operating in the steam and air-conditioning supply market are focused on developing innovative products, such as matter-enabled room air conditioners (RACs), to enhance indoor air quality and effective cooling. Matter-enabled room air conditioners (RACs) are smart air conditioning units that support the Matter connectivity standard, allowing seamless integration and interoperability with other smart home devices for enhanced control, automation, and energy efficiency. For instance, in February 2024, Panasonic Holdings Corporation, a Japan-based electronics company, launched the matter-enabled room air conditioners (RACs). The matter-enabled room air conditioners (RACs) launched by Panasonic Holdings Corporation feature seamless integration with various smart home ecosystems, allowing users to control their air conditioning units through multiple devices and platforms. These RACs offer enhanced energy management, intuitive automation, and user-friendly interfaces, ensuring optimal comfort while promoting energy efficiency.
Regional Outlook For The Global Steam & Air-Conditioning Supply Market
Western Europe was the largest region in the steam & air-conditioning supply market in 2024. The regions covered in the steam & air-conditioning supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The countries covered in the steam & air-conditioning supply market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Defines the Steam & Air-Conditioning Supply Market?
The steam and air conditioning supply market includes revenues earned by entities by providing electric power, natural gas, steam, hot water through a permanent infrastructure. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Steam & Air-Conditioning Supply Industry?
The steam and air-conditioning supply market research report is one of a series of new reports from The Business Research Company that provides steam and air-conditioning supply market statistics, including steam and air-conditioning supply industry global market size, regional shares, competitors with a steam and air-conditioning supply market share, detailed steam and air-conditioning supply market segments, market trends and opportunities, and any further data you may need to thrive in the steam and air-conditioning supply industry. This steam and air-conditioning supply market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
