Split Air Conditioning Systems Market
Split Air Conditioning Systems Market (Product Type: Mini-Split and Multi-Split; Installation: Wall Mounted and Freestanding; Capacity: Less than 1 Ton, 1 Ton to 1.5 Ton, 1.5 Ton to 2 Ton, and More than 2 Ton; End Use: Residential and Commercial; Pricing: Low, Medium, and High; and Distribution Channel: Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Consumer Goods & Services
- 174 Pages
Split Air Conditioning Systems under Scrutiny for Spreading Coronavirus
Despite increasing awareness about proper ventilation in residential and commercial spaces, split air conditioning systems are under scrutiny for spreading the COVID-19. In a study published by the CDC (Centers for Disease Control and Prevention), it was found that a pre-symptomatic customer at a restaurant in China apparently infected other customers due to air swirling by air conditioners. Such findings are influencing the growth of the split air conditioning systems market.
On the other hand, poor demand and supply sentiments are causing a slowdown in the split air conditioning systems market. Since air conditioners fall under the category of luxury goods, customers are hesitating before purchasing non-essential goods. There is a growing awareness about having 100% outside air or close to 100% outside air in commercial and residential spaces.
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Energy Consumption, Environmental Impacts of Split Air Units Affecting Sales
Modern split air conditioning systems are being made available with energy-saving features that reduce the carbon footprint. Manufacturers are gaining awareness about Seasonal Energy Efficiency Ratio, which measures how well a unit will work given certain outdoor temperatures.
Asia Pacific is estimated to dominate the revenue and volume share among all regions in the split air conditioning systems market. However, concerns surrounding energy consumption and environmental impacts are affecting sales of split air conditioning systems. Hence, manufacturers are developing energy-efficient options in AC units.
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Stakeholders Offering 24/7 Service, Spare Parts Availability to Build Credibility
Easy to install and quiet features of split air conditioning systems are being preferred by customers. This explains why the global split air conditioning systems market is expected to reach US$ 202.35 Bn by 2031. Split air units have a cost advantage over window units since the former is a two-unit setup.
In order to gain a competitive edge over other manufacturers, stakeholders are offering 24/7 service and spare parts availability in case of any malfunctions.
Heinin & Hopman Engineering - an HVAC contractor in Bunschoten-Spakenburg, the Netherlands, is gaining recognition for its state-of-the-art technology in AC units that are being scaled in yachts, offshore installations, and , among others.
Modern Split AC Units Provide Style, Performance in Interior Spaces
The split air conditioning systems market is slated to register a CAGR of 5.2%, in terms of volume, during the period. Individual control, energy savings, and flexible installation with split air units have become a priority for customers. Daikin Industries, Ltd.- a Japan-based multinational air conditioning manufacturing company, is boosting its production capabilities in split and multi-split air conditioning systems that offer superior performance, energy efficiency, and comfort within stylish solutions that conform to interior spaces.
Manufacturers in the split air conditioning systems market are increasing efforts to develop an extensive product lineup that provides the perfect match of style and performance to any interior space.
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Split air conditioning systems capable of providing fresh air are leading to less risk of recirculating coronavirus throughout buildings. However, the drawback to running 100% fresh air is the cost, which means the incoming air has to be heated in winter and cooled in summer, and may lead to high-energy costs. Hence, manufacturers in the split air conditioning systems market are increasing their R&D muscle to develop units that deploy energy-saving features to reduce the carbon footprint. The merchant shipping industry is boosting the demand for split AC units. The flexible installation of these AC units is preferred in residential buildings where space is limited.
Split Air Conditioning Systems Market: Overview
- According to Transparency Market Research’s latest research report on the global split air conditioning systems market for the historical period of 2017, 2018, and 2019, and the forecast period of 2021–2031, increasing spending on research & development and generating awareness among consumers regarding the product are expected to accelerate the split air conditioning systems market across the globe
- Split air conditioning system consists of two separate units: a compressor located outside and an inside air outlet unit. Unlike a system that requires a series of ductwork networked throughout the ceiling, split air conditioners rely on a set of pipes to connect the outdoor to the inside air unit and hence, are referred to as a ductless split air conditioner installation. This is expected to increase the demand for split air conditioning systems across the world during the forecast period.
- In terms of revenue, the global split air conditioning systems market is expected to reach value of US$ 202.35 Bn by 2031, expanding at a CAGR of 6.1% during the forecast period. Split air conditioning systems have the highest energy star rating that not only enables the system to be more energy efficient, but also helps to keep the environment clean and lower the monthly power bill by consuming less energy. Thus, demand for split air conditioning systems is expected to increase across the world.
Manufacturers of Split Air Conditioning Systems Working on Technological Innovations, Developments to Improve Global, Regional Market Share
- A large share of companies opt for technologically advanced and convenient products. Manufacturers are undertaking upgrades that emphasize on energy efficiency of air conditioners, portable designs, and separate split-air conditioning systems for residential and commercial sectors, and more compact designs. This is expected to drive the overall growth of the split air conditioning systems market.
- Split-air conditioners provide numerous advantages over standard air conditioners, one of which is their silent operation. The compressor and the fan that cools the condenser are key components of an air conditioner that produce the greatest noise. The compressor and fan for the condenser are situated outside the room being cooled in a split system (unlike a window unit), removing the primary source of noise. Furthermore, with a split system, consumers have the freedom to install it anywhere they like, eliminating the need to restructure the room to accommodate the system. All these factors have resulted in an increase in demand for split air conditioning systems throughout the world, and the market is anticipated to rise at a significant rate during the forecast period.
- Several commercial businesses such as restaurants, offices, retail stores, and hotels are installing split air conditioning systems to lower their electricity consumption and monthly electricity bill, which is expected to drive the split air conditioning systems market during the forecast period
- Preference for split air conditioning systems has been rising due to changes in lifestyle and increasing stringent government regulations on the environment
- However, high installation cost is a hindrance to the market. Split air conditioners need a professional for their installation, which increases the installation cost. The high product cost, installation cost, and maintenance cost is expected to restrain the split air conditioning systems market over the next few years.
- Manufacturers are investing and establishing production bases in developing countries, as hot climate, rise in population, and increase in disposable income are likely to increase the demand for split air conditioners in developing countries. The opening of production bases in developing countries further helps in reducing the cost of split air conditioners in these regions, thus creating lucrative opportunities for the split air conditioning systems market.
Increasing Demand from Asia Pacific
- The split air conditioning systems market in Asia Pacific is expected to expand at a fast-paced CAGR, as it is a manufacturing hub for consumer goods and electronics, and a market of almost 1.2 billion households
- The growing urban population and middle class population in developing nations of Asia Pacific is projected to enhance the demand for split air conditioning systems. Furthermore, consumers seek to acquire trendy and innovative items, owing to their increasing disposable income and improved lifestyle in emerging nations.
- Manufacturers are expanding their product lines to meet the increasing demand for split air conditioning systems based on consumer requirements. Moreover, strong product innovation among manufacturers with newer features in split air conditioning systems is expected to boost the market during the forecast period.
Split Air Conditioning Systems Market: Competition Landscape
- Detailed profiles of providers of split air conditioning systems have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- The split air conditioning systems market is fragmented due to the presence of several players. Competition is expected to intensify in the upcoming years due to the entry of several local players.
- Key players operating in the global split air conditioning systems market are
- Daikin Industries, Ltd.
- GREE Electric Appliances Inc.
- Haier Group Corporation
- Lennox International Inc.
- LG Electronics Inc.
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Samsung Electronics Co., Ltd.
- Toshiba Corporation
- Voltas Limited
Split Air Conditioning Systems Market: Key Developments
- Key manufacturers of split air conditioning systems such as Daikin Industries, Ltd., GREE Electric Appliances Inc., and Haier Group Corporations, among others are focusing on product innovation and development. Companies are concentrating on expanding their geographical reach to stay competitive in the market and to cater to a large customer base. Furthermore, many manufacturers are planning to acquire small-scale companies or work in collaboration with them to gain a competitive share in the global market. These are the key strategies followed by split air conditioning system companies to increase their market share in terms of revenue.
- In April 2021, Panasonic Corporation acquired Blue Yonder, a premier end-to-end digital fulfilment platform provider. The acquisition is estimated to help customers gain a distinct competitive edge as a result of the combined efforts of both companies to increase automation and provide actionable, real-time business insights that cut waste, and enhance operations, while also contributing to a sustainable world.
- In June 2020, Haier Group Corporation launched Self-Clean Inverter Technology, a patented Haier innovation. The technique enables users to clean the evaporator of a split air conditioner with minimal effort. The air conditioner cleans itself via defrosting, frosting, cold expansion, and a mechanism that removes all debris that has entered the unit. Haier's client base is projected to expand as a result of this technology.
Split Air Conditioning Systems Market – Scope of Report
A new study on the global split air conditioning systems market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global split air conditioning systems market across the globe. TMR’s study offers valuable information about the global split air conditioning systems market to illustrate how the market would grow during the forecast period, 2021–2031.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global split air conditioning systems market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in TMR’s study on the global split air conditioning systems market. This can help readers understand principal factors to foresee growth in the global split air conditioning systems market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global split air conditioning systems market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Split Air Conditioning Systems Market Study
- What are the key factors influencing the split air conditioning systems market in each region?
- What will be the CAGR of the global split air conditioning systems market between 2021 and 2031?
- What is the future scope and current trends in technologies of the global split air conditioning systems market?
- What is the revenue of the global split air conditioning systems market based on segments?
- Which key strategies are used by top players of the global split air conditioning systems market?
- Which are the leading companies in the global split air conditioning systems market?
Research Methodology – Split Air Conditioning Systems Market
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global split air conditioning systems market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global split air conditioning systems market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the split air conditioning systems market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from split air conditioning systems industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global split air conditioning systems market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global split air conditioning systems market more reliable and accurate.
Split Air Conditioning Systems Market – Segmentation
TMR’s study on the global split air conditioning systems market includes information categorized into seven sections - by product type, installation, capacity, end use, pricing, distribution channel, and region. Changing industry trends and other crucial market dynamics associated with these sections of the split air conditioning systems market are discussed in detail.