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.
Albany, NY -- (SBWIRE) -- 02/23/2017 -- 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.
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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.
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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.
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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.
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