Split Air Conditioning Systems Market to Witness Comprehensive Growth by 2024
The
highly dynamic and intensely competitive global split air conditioner
systems market features some of the world’s dominant electronics
and technology companies. The need to conform to strict government
policies and regulations in different countries regarding the
emission and control of greenhouse gases and consumption of
electricity are the key factors influencing the development of the
market. These factors have increased the focus of key players on
increasing product power and operating efficiency, observes a recent
report by Transparency Market Research. Companies are also looking at
prospects of enhancing their businesses through partnerships and
optimizing overseas business networks.
Report
Overview :
A
recent instance is the joint venture of Midea Group with Lihom
Cuchen, a renowned appliances manufacturer from South Korea in
February 2016 with the aim of pursuing unique benefits in research
and development, technology, manufacturing, patent sharing, and
expanding its global presence. Some of the key players in the market
are Daikin Industries Ltd., Electrolux AB, The Midea Group., Carrier
Corporation, Haier Electronics Group Co., Ltd., and Hisense
International Co. Ltd.
Mono-split
Systems to Comprise Dominant Share in Market Revenue
Transparency
Market Research states that the global split air conditioning systems
market was valued at US$79.72 bn in 2015 and will expand at a CAGR of
5.1% from 2016 to 2014, reaching a market size of US$127.27 bn in
2024. In terms of equipment type, the segment of mono-split systems
accounted for almost 70% of the market share in terms of revenue in
2015. Based on geography, the Asia-Pacific region emerged as the
dominant segment in the split air conditioning systems and the trend
is expected to continue over the forecast period as well.
Rising
Demand for Energy-efficient Air Conditioning Systems to be Key to
Market Growth
In
mature markets such as North America and Europe, energy efficiency
has been a major concern with the use of conventional air
conditioning systems. Growing awareness among consumers regarding
energy efficient models is, hence, emerging as the key force boosting
the growth prospects of the split air conditioning systems market.
Additionally, the growth in the commercial and residential segment in
Asia-Pacific has resulted in a vast rise in demand for split air
conditioning systems in the region.
Besides
this, the concern regarding the emission of greenhouse gases and
other harmful gases through conventional air conditioners is also a
key driver of the market. This is owing to the strict government
regulations imposed to stabilize the greenhouse gas levels in the
atmosphere. Initiatives such as government support for LEED
(Leadership in Energy & Environmental Design) certified projects
and mandatory SEER (Seasonal Energy Efficiency Ratio) ratings (SEER
of 13.0 and above in the U.S.) for heating, ventilation, and
air-conditioning systems are also helping boost the global
consumption of split air conditioners..
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