+1-518-618-1030 866 - 552 - 3453 USA-Canada Toll Free

Global Split Air Conditioning Systems Market: Rising Demand in Asia Pacific to Present Highly Lucrative Opportunities for Market Players

Posted on Oct 28, 2016

The highly dynamic and intensely competitive global split air conditioner systems market features some of the world’s dominant electronics and technology companies. The need to conform to strict government policies and regulations in different countries regarding the emission and control of greenhouse gases and consumption of electricity are the key factors influencing the development of the market. These factors have increased the focus of key players on increasing product power and operating efficiency, observes a recent report by Transparency Market Research. Companies are also looking at prospects of enhancing their businesses through partnerships and optimizing overseas business networks.

A recent instance is the joint venture of Midea Group with Lihom Cuchen, a renowned appliances manufacturer from South Korea in February 2016 with the aim of pursuing unique benefits in research and development, technology, manufacturing, patent sharing, and expanding its global presence. Some of the key players in the market are Daikin Industries Ltd., Electrolux AB, The Midea Group., Carrier Corporation, Haier Electronics Group Co., Ltd., and Hisense International Co. Ltd.

split air conditioning systems market

 

Mono-split Systems to Comprise Dominant Share in Market Revenue

Transparency Market Research states that the global split air conditioning systems market was valued at US$79.72 bn in 2015 and will expand at a CAGR of 5.1% from 2016 to 2014, reaching a market size of US$127.27 bn in 2024. In terms of equipment type, the segment of mono-split systems accounted for almost 70% of the market share in terms of revenue in 2015. Based on geography, the Asia-Pacific region emerged as the dominant segment in the split air conditioning systems and the trend is expected to continue over the forecast period as well.

Rising Demand for Energy-efficient Air Conditioning Systems to be Key to Market Growth

In mature markets such as North America and Europe, energy efficiency has been a major concern with the use of conventional air conditioning systems. Growing awareness among consumers regarding energy efficient models is, hence, emerging as the key force boosting the growth prospects of the split air conditioning systems market. Additionally, the growth in the commercial and residential segment in Asia-Pacific has resulted in a vast rise in demand for split air conditioning systems in the region.

Besides this, the concern regarding the emission of greenhouse gases and other harmful gases through conventional air conditioners is also a key driver of the market. This is owing to the strict government regulations imposed to stabilize the greenhouse gas levels in the atmosphere. Initiatives such as government support for LEED (Leadership in Energy & Environmental Design) certified projects and mandatory SEER (Seasonal Energy Efficiency Ratio) ratings (SEER of 13.0 and above in the U.S.) for heating, ventilation, and air-conditioning systems are also helping boost the global consumption of split air conditioners.

Intense Cost Competition to Have Negative Impact on Market Development

However, the intense price competition in the market is resulting in decreased profit margins of a number of players. Crunched profit margins have a direct negative impact on investments made for research and other activities, which can have a diminishing effect on the overall growth of the market in the long run. In addition to the presence of a large number of companies in the global split air conditioner systems market, the condition has worsened due to the abundance of domestic manufacturers in China who sell their products at lower costs as compared to the products of global brands.

Moreover, the rising concerns regarding the vast amount of electricity consumed to power air conditioning systems of all kinds could emerge as a key challenge for the global split air conditioning systems market. The concern regarding the vast electricity bills associated with the use of air conditioners could also compel consumers to look for natural air conditioning solutions. These factors are expected to slow down the growth of air conditioning systems market globally in the next few years.

This review of the market is based on a recent market research report published by TMR, titled “Split Air Conditioning Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2024.”

For this study, the market has been segmented as follows:

Global Split Air Conditioning Systems Market, By Equipment Type

  • Mono-split
  • Multi-split
  • VRF
  • Floor Ceiling

Global Split Air Conditioning Systems Market, By Equipment Type (Mono-split), By Application

  • Residential
  • Commercial
  • Others

Global Split Air Conditioning Systems Market, By Equipment Type (Mono-split), By Distribution Channel

  • Conventional Stores
  • Company Owned Stores

Global Split Air Conditioning Systems Market, By Equipment Type (Mono-split), By Conventional Stores

  • DIY Stores
  • Furniture Stores
  • Supermarkets

Global Split Air Conditioning Systems Market, By Equipment Type (Mono-split), By Company Owned Stores

  • Dealers
  • Installers

Global Split Air Conditioning Systems Market, By Equipment Type (Multi-split), By Application

  • Residential
  • Commercial
  • Others

Global Split Air Conditioning Systems Market, By Equipment Type (Multi-split), By Distribution Channel

  • Conventional Stores
  • Company Owned Stores

Global Split Air Conditioning Systems Market, By Equipment Type (Multi-split), By Conventional Stores

  • DIY Stores
  • Furniture Stores
  • Supermarkets

Global Split Air Conditioning Systems Market, By Equipment Type (Multi-split), By Company Owned Stores

  • Dealers
  • Installers

Global Split Air Conditioning Systems Market, By Equipment Type (VRF), By Application

  • Residential
  • Commercial
  • Others

Global Split Air Conditioning Systems Market, By Equipment Type (VRF), By Distribution Channel

  • Conventional Stores
  • Company Owned Stores

Global Split Air Conditioning Systems Market, By Equipment Type (VRF), By Conventional Stores

  • DIY Stores
  • Furniture Stores
  • Supermarkets

Global Split Air Conditioning Systems Market, By Equipment Type (VRF), By Company Owned Stores

  • Dealers
  • Installers

Global Split Air Conditioning Systems Market, By Equipment Type (FLOOR CEILING), By Application

  • Residential
  • Commercial
  • Others

Global Split Air Conditioning Systems Market, By Equipment Type (FLOOR CEILING), By Distribution Channel

  • Conventional Stores
  • Company Owned Stores

Global Split Air Conditioning Systems Market, By Equipment Type (FLOOR CEILING), By Conventional Stores

  • DIY Stores
  • Furniture Stores
  • Supermarkets

Global Split Air Conditioning Systems Market, By Equipment Type (FLOOR CEILING), By Company Owned Stores

  • Dealers
  • Installers

Global Split Air Conditioning Systems Market, By Geography

  • North America (NA)
  • Europe (EU)
  • Asia Pacific (APAC)
  • Middle East & Africa (MEA)
  • Latin America (LATAM)
     

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

Back To Top