USD 25.66 billion
Split Air Conditioning Systems Market Size, Share, Growth Analysis, By Application(Commercial and Residential), By Product(Mini split ac, Multi split ac, VRF, Floor ceiling), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20B2012 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
62
|Figures:
77
Split Air Conditioning Systems Market Insights
Global Split Air Conditioning Systems Market size was valued at USD 25.66 billion in 2022 and is poised to grow from USD 26.94 billion in 2023 to USD 39.81 billion by 2031, growing at a CAGR of 5% during the forecast period (2024-2031).
The energy efficiency of split air conditioners has increased in recent years due to advancements in air conditioning technology. Also, the growing middle-class population in developing economies including India, China, Brazil, and others along with increasing disposable income, has become one of the key factors for the growing adoption of split air conditioning systems in the market. Growing demand for energy savings is a major factor driving the split air conditioning system market. Existing air conditioning systems in North America and European regions in developed countries were replaced with energy-saving systems as government directives demanded energy-saving models. The power consumption of split air conditioning systems has increased over the years; therefore, manufacturers of split air conditioning systems are adopting green and advanced technologies, thus creating energy-saving systems. Due to the adoption of green technology and the increase in the number of smart homes, the split air conditioning market will grow during the forecast period. Hence, the government reduced investment in existing technology over advanced technology, and the demand for split air conditioning increases during the forecast period. However, uncertainty in raw material prices will restrain the growth of the market.
US Split Air Conditioning Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Mini split AC
Fastest Growth
Multi split AC
Growth Rate
5% CAGR
Global Split Air Conditioning Systems Market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Split Air Conditioning Systems Market Segmental Analysis
Split Air Conditioning Systems Market is segmented on the basis of application, product, and region. On the basis of application, global Split Air Conditioning Systems Market is segmented into commercial and residential. On the basis of product, global Split Air Conditioning Systems Market is segmented into mini split ac, multi split ac, VRF and floor ceiling. On the basis of region, global Split Air Conditioning Systems Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Split Air Conditioning Systems Market Analysis by Application
On the basis of application, global split air conditioning systems market is segmented into commercial and residential. The residential segment dominated the global market. The market is growing tremendously through specialized retail channels. Due to the increasing use of residential rooms and small halls, the market is witnessing significant growth in the residential segment. However, the commercial sector is expected to grow the market rapidly due to increasing government and private sector investment in commercializing developing as well as developed countries.
Split Air Conditioning Systems Market Analysis by Product
On the basis of product, global split air conditioning systems market is segmented into mini split ac, multi split ac, VRF and floor ceiling. The multi-split air conditioning system segment dominated the global market. A multi-split system consists of several interior units that create a consistent air conditioning environment in the room. Also, customers can manage the temperature in different rooms to fulfil the needs of different family members and completely turn off cooling in unused areas to save energy.
Global Split Air Conditioning Systems Market By Product, 2022 (%)
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Split Air Conditioning Systems Market Regional Insights
On the basis of region, global split air conditioning systems market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global market. Rising demand for split air conditioning systems due to benefits such as flexible and hassle-free installation, improved energy efficiency, and quiet operation is a primary factor driving revenue growth in North America. Increased focus by manufacturers on reducing carbon emissions, increasing adoption of smart energy solutions for homes and commercial spaces, and strong purchasing power of consumers all contribute to the growth of the regional market.
Asia Pacific is the fastest growing regional market and is expected to grow at the fastest CAGR during the forecast period. Growing demand for high-capacity air conditioners with enhanced energy-saving features, cost-effectiveness, and the growing need for improved indoor air quality are key factors driving the growth of the market in this regional market. Another important factor contributing to the growth of the regional market is the presence of industry-leading companies such as Panasonic, Mitsubishi, Samsung, LG Electronics, and Blue Star.
The market in Middle East and African countries is expanding rapidly as urban populations grow and private sector investment in commercial building development increases. Also, the increase in the number of buildings in countries such as the UAE provides huge potential opportunities for the market during the forecast years.
Global Split Air Conditioning Systems Market By Geography, 2022-2030
- Largest
- Fastest
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Split Air Conditioning Systems Market Dynamics
Split Air Conditioning Systems Market Driver
- Increasing consumer awareness about the advantages of split air conditioning systems
Several favourable aspects are fuelling the growth of the worldwide split air conditioning system market. Increased consumer awareness of the numerous benefits of split air conditioning systems over other conventional types of air conditioners is one of the primary factors driving the market growth. split air conditioners, window ACs or central air conditioning systems, do not require ductwork and are connected by electrical wires and tubing. As a result, these systems are easy to install and help save energy costs. Both compact split air conditioners and multi-split air conditioners are easy to install in residential spaces and both systems are ideal for single and multiple zone interior spaces.
- Rapid urbanization and increasing adoption of smart home interiors
Rapid urbanization, growing adoption of smart house interiors, increasing demand for luxury home appliances, and increasing consumer disposable income are all driving the growth of the global market. Technological advancements in split air conditioning systems such as design and specification increase the demand for multi-split air conditioning systems due to their advanced features. Increasing traction of VRF (variable refrigerant flow) air conditioners due to their high energy efficiency and cost-effectiveness in niche markets across the world are all factors contributing to market growth.
Split Air Conditioning Systems Market Restraint
- Disadvantages associated with split air conditioners
Certain adverse factors are expected to significantly hamper the growth of the global split air conditioning systems market. Disadvantages associated with split air conditioners such as high installation costs, the requirement of expert personnel for the installation process, and significantly high repair and maintenance costs are expected to restrain global market growth.
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Split Air Conditioning Systems Market Competitive Landscape
Global split air conditioning systems market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global market.
For example, in April 2021, Panasonic Corporation acquired Blue yonder, a leading end-to-end digital fulfilment platform provider. The combined efforts of both companies to increase automation and provide actionable, real-time business insights, reduce waste and enhance operations are expected to help customers gain a distinct competitive edge.
In June 2020, Haier Group Corporation launched self-clean inverter technology, a patented Haier innovation. This technique enables users to clean the evaporator of a split air conditioner with minimal effort. Air conditioners clean themselves through defrosting, frosting, cold expansion, and a system that removes all debris that enters the unit. Haier's client base is expected to grow as a result of this technology.
Split Air Conditioning Systems Market Top Player's Company Profiles
- Daikin Industries, Ltd.
- Mitsubishi Electric Corporation
- Fujitsu General Limited
- LG Electronics Inc.
- Samsung Electronics Co., Ltd.
- Panasonic Corporation
- Carrier Corporation
- Johnson Controls International plc
- Trane Technologies plc
- Haier Group Corporation
- Midea Group Co., Ltd.
- Gree Electric Appliances Inc. of Zhuhai
- Toshiba Corporation
- Hitachi, Ltd.
- Rheem Manufacturing Company
- Sharp Corporation
- Hisense Kelon Electrical Holdings Company Limited
- Whirlpool Corporation
- Electrolux AB
- Voltas Limited
Split Air Conditioning Systems Market Recent Developments
- In August 2021, Johnson Controls-Hitachi Air Conditioning India to expand its manufacturing facilities in Gujarat, India. The company aims to provide its customers in the residential and commercial air conditioning market with innovative air conditioning solutions for their residential and commercial spaces.
- On January 2021, Panasonic plans to invest in domestic manufacturing in India, doubling its AC business over the next three years. The company, which introduced the HU series of ACs with the recently announced nanoeX technology, is eyeing around 35% growth in sales in this segment this year due to increased demand. According to the company, nanoeX technology releases hydroxyl radicals in water, also known as "nature's detergent", capable of inhibiting 99.99% of bacteria and viruses, including the adherent coronavirus.
Split Air Conditioning Systems Key Market Trends
- Technological advancements in split air conditioning systems, such as introducing advanced inverter and heat pump technologies, are a key trend that opens up significant business growth opportunities for major players in the global split air conditioning systems market. Daikin's latest advanced inverter and heat pump technologies provide superior cooling and humidification and can manage humidity at different temperatures, improving air quality and greater comfort. As a result of their enhanced heat pump efficiency, they save more energy and operate more quietly.
Split Air Conditioning Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global split air conditioning systems market analysis, North America dominated the global market. Rising demand for split air conditioning systems due to benefits such as flexible and hassle-free installation, improved energy efficiency, and quiet operation is a primary factor driving revenue growth in North America. Asia Pacific is the fastest growing regional market and is expected to grow at the fastest CAGR during the forecast period. Important factor contributing to the growth of APAC market is the presence of industry-leading companies such as Panasonic, Mitsubishi, Samsung, LG Electronics, and Blue Star. Disadvantages associated with split air conditioners such as high installation costs, the requirement of expert personnel for the installation process, and significantly high repair and maintenance costs, are expected to hamper global market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 25.66 billion |
| Market size value in 2031 | USD 39.81 billion |
| Growth Rate | 5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Split Air Conditioning Systems Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Split Air Conditioning Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Split Air Conditioning Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Split Air Conditioning Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Split Air Conditioning Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Split Air Conditioning Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Split Air Conditioning Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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