Global Split AC Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Ducted Standard Split AC, Ductless Standard Split AC, US Ducted Split AC, VRF AC), By Application (Commercial, Industrial), And Geography - Forecasts From 2023 to 2028

The global split AC market was valued at US$92.603 billion in 2017 and is expected to grow at a CAGR of 5.44% to reach a market size of US$120.68 billion by the year 2022.

Split air conditioners are more extensively used these days as compared to the use of window air conditioners conventionally. Split AC has many benefits over traditional AC. A few of them would entail a noise-free performance, enabling a multi-split system that makes it simple to cool various rooms as one outdoor unit can support multiple various indoor air conditioning units., ease of installation, and ease of service provided by split AC.

Market Outlook

The global market for split air conditioners is largely driven by the increase in both commercial and residential construction activities. Moreover, rapid urbanization and rising disposable income lead to the construction of high-rise buildings such as skyscrapers which, in turn, further augment the market growth significantly. Continuous technological improvement and government regulation and legislation lead to the development of energy-efficient ACs while propelling the split AC market growth. The rising competition in the market owing to the increasing number of players results in decreasing prices and thereby contributing to the market growth. However, rising electricity prices and high implementation costs may act as a threat to market growth.

Geographic Outlook

APAC region is expected to grow at a high rate mainly due to the presence of emerging economies like India and China. Rapid urbanization and industrialization coupled with government initiatives in these countries lead to an increase in construction activities while driving the split AC market growth. Furthermore, the increasing population in the region leads to a significant increase in residential complexes which, in turn, further propel the market growth over the projected period.

Research Methodology

Firstly, the report provides a brief introduction to the market and deals with detailed research methodology for calculating market size and forecasts, secondary data sources used, and the primary inputs which were taken for data validation. This section also outlines various segmentations which have been covered as part of the report.

Market Dynamics

Next, the section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities that exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations that are determining the market growth, and a brief technological aspect of Split AC. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.

Market Players

Finally, the competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this section are Panasonic Inc. DAIKIN INDUSTRIES, Ltd., LG Electronics, Carrier Midea, Siemens, Mitsubishi Electric Corporation, Whirlpool, and Samsung Electronics Co. Ltd.

Segmentation

Thirdly, Split AC Market has been segmented on the basis of product, application, and geography as follows:

• By Product

• Ducted Standard Split AC
• Ductless Standard Split AC
• US Ducted Split AC
• VRF AC

• By Application

• Commercial
• Industrial

• By Geography

• Americas

• North America
• South America

• Europe Middle East and Africa

• Europe
• The Middle East and Africa

• Asia Pacific