Global Split Air Conditioning Systems Market: Snapshot
The global market for split air conditioning systems market is driven by stringent government regulations regarding energy conservation and emissions, technological developments, increased demand from the residential sector, rising consumer expectations, and strong demand from Asia Pacific. Growing awareness regarding the importance of maintaining the quality of indoor air is also generating increased demand for split air conditioning systems globally. Moreover, ongoing trends such as the increased demand for products with green technologies, smart homes, and energy-efficient systems are also expected to provide several growth opportunities for split air conditioning systems market during the forecast period.
Transparency Market Research states that the global split air conditioning systems was valued at US$79.72 bn in 2015 and will expand at a CAGR of 5.1% from 2016 to 2024, reaching US$ 127.27 bn by the end of the forecast period. In terms of volume, the market observed shipments of 107.81 mn units across the globe in the same year.
Mono-split Air Conditioning Systems to Continue to Comprise Bulk of Sales
Of the key varieties of air conditioning equipment examined in the report, namely mono-split, multi-split, VRF (variable refrigerant flow), and floor ceiling air conditioning systems, the segment of mono-split air conditioning systems accounted for about 70% of the market in terms of revenue and approximately 90% of the market in terms of volume in 2015. It is also expected to remain the dominant product segment throughout the forecast period owing to rising domestic and commercial demand.
The segment of VRF air conditioning systems, which accounted for a mere 1.7% of the market in terms of volume and a 17.6% in terms of revenue contribution to the global market in 2015, is expected to exhibit the dominant CAGR of 6.4% over the forecast period. Factors such as efficient design and performance are expected to work in favor of this type of split air conditioners in the near future.
Rising Demand in Residential and Industrial Sector to Work in Favor of Asia Pacific Market
In terms of geography, Asia Pacific and North America are expected to be the potential growth markets for split air conditioning systems in the coming years. In North America, the market’s growth will be chiefly governed by the recent changes made to the standards of American Society of Heating, Refrigerating and Air Conditioning. The U.S. will continue to be the leading consumer of split air conditioner systems in North America throughout the forecast period.
In terms of revenue, Asia Pacific is expected to be the dominant regional market for split air conditioning systems, contributing more than 60% of the global market’s overall revenue during the forecast period. Moreover, the region is also expected to dominate the split air conditioning systems market in terms of share in the market during the forecast period. The demand for split air conditioning systems in the region is expected to be driven by China, Japan, and India. High and rising demand across the residential sector is expected to be a key driver of the Asia Pacific market during the forecast period.
Europe is also expected to be a significant market for split air conditioning systems in the near future, exhibiting a 6.6% CAGR from 2016 through 2024. Increasing awareness about energy-efficient air conditioning systems will be the prominent growth driver of the Europe split air conditioning systems over the said period. Russia is expected to contribute significantly to the market’s growth owing to factors such as improving economic conditions, uncertainty in climatic changes, and growing construction activities in the residential, industrial and commercial sectors.
Some of the major players in the global split air conditioning systems market with most significant developments are Daikin Industries Ltd., Electrolux AB, The Midea Group., Carrier Corporation, Haier Electronics Group Co., Ltd., Hisense International Co. Ltd., Samsung Electronics, Hitachi Ltd., LG Electronics, Sharp Corporation, Panasonic Corporation, and Mitsubishi Corporation.
Global Split Air Conditioning Systems Market: Scope of the Report
The “Split Air Conditioning Systems Market” report provides analysis of the global split air conditioning systems market for the period 2014–2024, wherein the years from 2016 to 2024 is the forecast period and 2015 is considered as the base year. The report precisely covers all the major trends and developments playing a major role in the split air conditioning systems market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Bn) and volume (Mn units), across different geographies, which includes Asia Pacific (APAC), Latin America (LATAM), North America, Europe, and Middle East & Africa (MEA). An in-depth analysis of various geographical regions is going to provide a precise and detailed understanding of the global split air conditioning systems market over the forecast period.
The market overview section of the report showcases the market’s dynamics and trends such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. The market revenue shares and volume analysis of the split air conditioning systems market has been examined through cross-segmentation and sub-segment evaluations. Moreover, the report provides the overview of various strategies of the key players in the split air conditioning systems market and analyzes their behavior in the prevailing market dynamics. Additionally, the report provides cross segment analysis and revenue shares and sales volume across application types and distribution models and their sub-segments, based on equipment type.
Global Split Air Conditioning Systems Market: Segmentation
The report segments the global split air conditioning systems market on the basis of various equipment types such as mono-split, multi-split, variable refrigerant flow (VRF), and floor ceiling. By different applications, the market is classified into residential, commercial and others. Each application is further sub-segmented based on equipment types. By distribution channel, the market is divided into conventional stores and company-owned stores. This is done based on equipment types. Further, the conventional stores segment is classified into do-it-yourself (DIY) stores, furniture stores and supermarkets. This is again provided based on equipment types. Thus, the report provides in-depth cross-segment analysis for the split air conditioners market and classifies it into various levels, thereby providing valuable insights on macro as well as micro level.
Global Split Air Conditioning Systems Market: Competitive Dynamics
The report also provides the competitive landscape for the split air conditioning systems market, thereby positioning all the major players according to their geographic presence, market attractiveness and recent key developments. This is identified as a crucial step for getting the full overview of the market through key market leaders and the strategies adopted by them. The complete split air conditioning systems market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the split air conditioning systems market’s growth.
Hisense Electric Co. Ltd., Midea Group, Carrier Corporation (UTC), Hitachi Ltd., Panasonic Corporation, LG Electronics Inc., Samsung Electronics Ltd., Electrolux AB, Daikin Industries Ltd., Mitsubishi Electric Corporation, and Sharp Corporation. are some of the major players which have been profiled in this study. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players has been provided as a part of company profiles. Furthermore, a comparison matrix has been provided to analyze and compare the positions of these players with respect to the split air conditioning systems.