Split Air Conditioning Systems Market: Highly Lucrative Opportunities Set for Market Players with Rising Demand in Asia Pacific

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 split air conditioning systems market during the forecast period.

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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.

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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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