Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Split Air Conditioning Systems Market (By Equipment Type: Multi split, Mini split, VRF, Floor Ceiling; By Application: Residential, Commercial; By Distribution Channel: Offline, Online) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
LOS ANGELES, April 24, 2019 (GLOBE NEWSWIRE) -- The global Split Air Conditioning Systems Market size is estimated to grow at CAGR above 4.3% over the forecast time frame 2019-2026 and reach the market value around USD 178 billion by 2026.
One of the key drivers of market growth is the increased need for energy-efficient air conditioning systems. The replacement of existing air conditioning systems in developed countries in North America and in European regions with energy-efficient systems resulted in strict government mandates for energy-efficient modules. In Latin America (LATAM) and MEA, the AC penetration in Brazil, Argentina, South Africa and the USA also showed highest growth in recent years.
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The demand in India and other South East Asian countries for split air conditioners is expected to grow in a warm environment as well as the population and income available. This has led to the establishment of production units in India by global air conditioning system manufacturers which further decrease the costs of air conditioners in India. This provides an excellent opportunity to invest global players in the split-air conditioning system market in India.
Air conditioning systems have increased their electricity consumption in the last decade, and thus air conditioning systems manufacturers are using advanced green technology to create energy efficient systems. The increasing use of green technologies and the increase in the number of intelligent homes would drive the market for air conditioning systems in the forecast period.
Regional Outlook
Asia Pacific is the world's biggest air conditioning system market. Split air conditioners have a significant market share in the Asia Pacific air conditioning system market. The demand for split-air conditioners is rising, the hot climate, higher disposable incomes, changing lifestyles and higher housing throughout Asia Pacific. Chinese air conditioning systems is the world's largest divided air market. Air conditioning systems market dominates divided air conditioners in China. Mini-split air conditioners are a major part of the market among split air conditioners. Other major air conditioning divisions are Japan and India in Asia-Pacific.
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India is after China and Japan, the third largest divided market for air conditioning systems. Split air-conditioners dominate the room air-conditioning market in India compared to window air-conditioners. In FY06, divisional air conditioning market share increased from 42.0% to 85.0% in FY18. Room air-conditioning systems penetration in India was 4.0% in FY18, as specified in the Blue Star Limited Investor Presentation.
Europe is the world's second largest divided market in air conditioning. Split air conditioners prevail in Europe and mini-split air conditioners play a major role in Europe as part of split air conditioning systems. Russia is Europe's largest divided air conditioner market. France, Spain, Italy and the United Kingdom are other key split air conditioner markets. Increased demand in air conditioners for VRF (Variable Refrigerant Flow), which are comparatively expensive than other types of air conditioners, is driving Europe's demand for divided air conditioning systems.
The split air conditioners in North America have a minor share in the overall market for air conditioning. Mini-split air conditioners are important, and over the forecast period, the segment is expected to expand. VRF systems are split air conditioning systems that are highly energy-efficient. VRF systems meet high demand in the US, thereby enhancing the general demand in North America for split air conditioning systems. In North America, Canada is an important divided air conditioning market.
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Key Players
The Split Air Conditioning Systems market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Mitsubishi Electric Corporation, Midea Group Co., Ltd., Samsung Electronics Co., lennox International Inc. Ltd., Hitachi, Ltd., Sharp Company, United Technologies Corp., Panasonic Corporation, Electrolux AB. Ltd. among others.
With the attendance of many small and medium-sized manufacturers, the market is fragmented. The strong presence of local manufacturers and suppliers, particularly in China, is one of the main reasons for market fragmentation. In addition, companies focus on product adaptation, strategic partnerships and new customer acquisitions to gain more market shares.
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