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

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).

split air conditioning systems market is highly competitive with the presence of local as well as companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of market. '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', '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.'

Increasing consumer awareness about the advantages of split air conditioning systems

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 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.

On the basis of region, split air conditioning systems market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the 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.