According to a new market report published by Transparency Market Research titled ‘Split Air Conditioning Systems Market (Equipment Type – Mini-split, Multi-split, VRF, and Floor Ceiling); (Application – Residential and Commercial); (Distribution Channel – Online and Offline; (Offline – Conventional Stores and Company-owned Stores); (Conventional Stores – DIY Stores, Specialty Stores, and Supermarkets); (Company-owned Stores – Dealers and Installers)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, the global split air conditioning systems market is expected to reach US$ 186,574.2 Mn by 2026, expanding at a CAGR of 4.5% from 2018 to 2026. In terms of volume, the market is expected to reach 114,402 ‘000 units by 2026, expanding at a CAGR of 3.6% from 2018 to 2026. The market is segmented by regions into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
The air conditioning system market in Asia Pacific is the largest in the world. Split air conditioners hold a major market share in the air conditioning system market of Asia Pacific. Hot climate, rise in disposable income, changing lifestyle, and rise in residential construction across the Asia Pacific region is increasing the demand for split air conditioners. China is the largest market for split air conditioner systems in the world. In China, split air conditioners dominate the air conditioning system market. Among split air conditioners, mini-split air conditioners hold a major share in the market. Japan and India are other important split air conditioning markets in Asia Pacific.
India is the third largest split air conditioning system market after China and Japan. 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 as per the Investor Presentation of Blue Star Limited.
Europe is the second largest split air conditioning system market in the world. Split air conditioners dominate the market in Europe and among split air conditioning systems, mini-split air conditioners hold a major share in Europe. Russia is the largest split air conditioner market in Europe. Other major split air conditioner markets in the region are France, Spain, Italyand the U.K. Increasing demand for VRF (Variable Refrigerant Flow) air conditioners, which are comparatively costly than other type of split air conditioners is driving the Europe split air conditioning system market demand.
In North America, split air conditioners hold a minor share in the overall air conditioning system market. Mini-split air conditioners hold a major share and the segment is expected to expand over the forecast period. VRF systems are highly energy efficient split air conditioning systems. VRF systems observe high demand in the U.S., which is increasing the overall demand for split air conditioning systems in North America. Canada is an important split air conditioning market in North America.