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 the split air conditioning systems market. The global split air conditioning systems was valued at USD 91.09 billion in 2017 and will expand at a CAGR of 4.9 percent from 2017 to 2024, reaching USD 127.27 billion. In terms of volume, the market observed shipments of 107.81 million units across the globe in the same year.
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, and floor ceiling air conditioning systems, the segment of mono-split air conditioning systems accounted for about 70 percent of the market in terms of revenue and approximately 90 percent of the market in terms of volume in 2017. It is also expected to remain the dominant product segment owing to rising domestic and commercial demand. The segment of VRF air conditioning systems, which accounted for a mere 1.7 percent of the market in terms of volume and a 17.8 percent in terms of revenue contribution to the global market in 2017, is expected to exhibit the dominant CAGR of 6.2 percent. Factors such as efficient design and performance are expected to work in favor of this type of split air conditioners in the near future.
Rising demand in residential and industrial sectors to work in favor of APAC. 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 terms of revenue, APAC is expected to be the dominant regional market contributing more than 60 percent of the global market’s overall revenue. Moreover, the region is also expected to dominate the market in terms of share. The demand 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 APAC market. Europe is also expected to be a significant market in the near future, exhibiting a 5.4 percent CAGR from 2017 through 2024. Increasing awareness about energy-efficient air conditioning systems will be the prominent growth driver of Europe’s split air conditioning systems. 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.