Split Air Conditioning Systems Market : Key Players and Production Information analysis with Forecast 2024

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.

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.

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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.

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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.

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.

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