Global Split Air Conditioning Systems Market
Global Split Air Conditioning Systems Market was valued at US$ 22.16 Bn in 2019 and is expected to reach 31.2 Bn by 2027, at a CAGR of 5.01 % during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Split Air Conditioning Systems Market
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Global Split Air Conditioning Systems Market Dynamics:
A split air conditioner system contains an outdoor unit and an indoor unit. The outdoor unit is fixed on or near the external wall of the room that you wish to cool. This unit houses the compressor, condenser coil, and the development coil or capillary tubing. The sleek-looking indoor unit covers the cooling coil, blower, and air filter. Split air conditioning systems are estimated as an important product instead of a luxury, the demand for split air conditioning systems raised significantly. The rising middle-class population in developing countries such as China, India, and Brazil has been a key factor for increasing acceptance of split air conditioning systems in these countries during the forecast period.
The overflow demand for energy saving is one of the major factors, which increases the market share of split air conditioning systems. Demanding government instruction for energy-saving models led to the replacement of existing air conditioning systems in developed countries from North America and European regions with energy-saving systems. The electricity consumption of split air conditioning systems has been increased in the last few years, therefore, manufacturers of split air conditioning systems are approving green and advanced technologies, thus creating energy-saving systems. The rise in adoption of green technology and growth in the number of smart homes would drive the split air conditioning systems market during the forecast period.
On the other hand, unpredictability in prices of raw material will restrict the growth of the market of split air conditioning systems. Hence, government decreases the investment in existing technology over advanced technology increases the demand for a split air conditioning market during the forecast period.
Global Split Air Conditioning Systems Market Segment Analysis:
On the basis of application, there is the demand for a split air conditioning market in the residential area, which is projected to increase during the forecast period. The major equipment type is multi-split and mini-split which follows in mostly residential application type which is expected to grow demand for split air conditioning system, owing to space-saving installation and independent control. Compared to window air conditioners, split air conditioners dominate the room air conditioner market in India. The market share of split air conditioners has risen from 42.0% in FY06 to 85.0% in FY18. Penetration of room air conditioning systems in India was 4.0% in FY18.
Global Split Air Conditioning Systems Market Regional Analysis:
The split air conditioning system market in the Asia Pacific is the largest in the world. Split air conditioners hold a key market share in the air conditioning system market of Asia Pacific. Hot climate, increase in disposable income, changing lifestyle, and increase in residential construction across the Asia Pacific region is rising the demand for split air conditioners. China is the major market that leads to the split air conditioning system market. Japan and India are other significant split air conditioning markets in the Asia Pacific projected to increase demand market share of split air conditioning market during the forecast period.
The objective of the report is to present comprehensive assessment projections with a suitable set of assumptions and methodology. The report helps in understanding Global Split Air Conditioning Systems market dynamics, structure by identifying and analyzing the market segments and projecting the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, growth strategies, and regional presence. The report will address all questions of shareholders to prioritize the efforts and investment in the near future to the emerging segment in the Global Split Air Conditioning Systems market.
Global Split Air Conditioning Systems Market, Key Highlights:
- Global Split Air Conditioning Systems Market analysis and forecast, in terms of value.
- Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Split Air Conditioning Systems Market
- Global Split Air Conditioning Systems Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
- Global Split Air Conditioning Systems Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
- Global Split Air Conditioning Systems Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
- Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
- Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Split Air Conditioning Systems Market are also profiled.
Scope of the Global Split Air Conditioning Systems Market Report: Inquire before buying
Global Split Air Conditioning Systems Market, by Equipment Type
- Floor Ceiling
Global Split Air Conditioning Systems Market, by Application
Global Split Air Conditioning Systems Market, by Distribution Channel
o Conventional Stores
o Company-owned Stores
Global Split Air Conditioning Systems Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
Key Players Operating in the Global Split Air Conditioning Systems Market:
- Daikin Industries, Ltd.
- United Technologies Corp.
- Hitachi, Ltd.
- Panasonic Corporation
- Electrolux AB
- Mitsubishi Electric Corporation
- Midea Group Co., Ltd.
- Samsung Electronics Co., Ltd.
- Sharp Corporation
- Lennox International Inc.
- Samsung Electronics Co. Ltd.
- Mitsubishi Corporation
- LG Electronics Inc.
- Siemens AG
- Carrier Corporation
- Toshiba Corporation
- Denso Corporation
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