Albany, NY -- (SBWIRE) -- 06/06/2018 -- Presently, split air conditioners offer the perfect solution for anyone who requires an air conditioner unit in their home. It has been analyzed in a study that growing awareness regarding the importance of preserving the quality of indoor air is generating increased demand for split air conditioning systems globally. Market Research Hub (MRH) has freshly broadcasted a study titled "Split Air Conditioning Systems Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025" to its massive repository, which offers a comprehensive analysis of the current market trends and future estimations in the market till 2025. Moreover, the report covers market dynamics including drivers, restraints opportunities, and trends expected to influence the global split air conditioning systems growth during the said period.
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Split air conditioners are commonly used nowadays. As the name suggests, split air conditioning systems comprise two separate but complementary systems to distribute cool air throughout a building. The split air conditioning system is majorly famous for its efficiency, a benefit that will help in saving money and feeling greener. According to the study prime findings, the global split air conditioning systems market was valued at US$91.09 billion in 2017 and will expand at a CAGR of 4.9% from 2017 to 2024, reaching US$ 127.27 billion by the end of the forecast period. In terms of volume, the market witnessed shipments of 107.81 million units globally in the same year.
It has been also reported that 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.
For a better understanding of the market, the study has been segmented on the basis of equipment type, application, distribution channel, conventional stores and geography. Geographically, the report is segmented into the split air conditioning systems market into North America, Middle East & Africa (MEA), Europe, Asia Pacific, and South America; the regions are analyzed in terms of revenue and volume generation along with the CAGR for the period from 2015 to 2025. Based on market segmentation, the study reveals following:
- Based on geography, the Asia-Pacific region arisen as the dominant segment in the split air conditioning systems and the trend is expected to continue over the forecast period as well. The growth in the commercial and residential segment is a prime factor behind this growth.
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- By type, the study includes Mono-split, VRF, Multi-split and Floor Ceiling. Of these, the mono-split expected to remain the dominant product segment throughout the forecast period.
On the basis of application, rising demand in the residential and industrial sector is acting as a contributing factor to the market growth.
At present, Hisense Electric Co. Ltd., Samsung Electronics Ltd., Carrier Corporation (UTC), Hitachi Ltd., Electrolux AB, Panasonic Corporation, Electric Corporation, LG Electronics Inc., Midea Group, Daikin Industries Ltd., Mitsubishi and Sharp Corporation are some of the major players which have been profiled in this study.
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