Split AC Market Analysis and Latest Trends
Split AC, also known as ductless or mini-split air conditioning, is an air cooling system that consists of two units: an indoor unit that blows cool air into the room and an outdoor unit that dissipates heat. The two units are connected by refrigerant lines and require minimal ductwork, making them a popular choice for residential and commercial spaces with limited installation options.
The global split AC market is projected to experience significant growth in the coming years. This growth can be attributed to several factors. Firstly, the increasing demand for energy-efficient cooling solutions has fueled the adoption of split AC systems, as they are more energy-efficient compared to traditional air conditioning systems. Additionally, rising disposable incomes and changing lifestyles have led to an expanding middle class, driving the demand for split AC units in emerging economies.
Another trend shaping the split AC market is the growing popularity of smart and connected air conditioning systems. Advancements in technology have allowed for the integration of smart features such as remote control, programmable timers, and compatibility with home automation systems. This has not only enhanced user convenience but also improved energy efficiency.
Furthermore, the rising focus on eco-friendly and sustainable solutions has led to the development of split AC units with environmentally friendly refrigerants and reduced carbon emissions. The implementation of stringent government regulations concerning energy efficiency and environmental conservation has further boosted the demand for such systems.
In conclusion, the global split AC market is expected to witness a CAGR of 12.6% during the forecast period. Factors such as increasing demand for energy-efficient cooling solutions, the rise of the middle class in emerging economies, the popularity of smart features, and a focus on eco-friendly solutions are driving the market growth.
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Split AC Major Market Players
The global split AC market is highly competitive, with several key players dominating the industry. Some of the prominent players in the market include Daikin, Gree, Midea, Mitsubishi Electric, United Technologies, LG Electronics, Fujitsu, Haier, Lennox International, Samsung Electronics, Toshiba, Voltas, Whirlpool, YORK, and Panasonic.
Daikin, a Japanese multinational company, is one of the leading players in the split AC market. The company offers a wide range of energy-efficient products and has a strong global presence. Daikin has been experiencing steady market growth due to its focus on providing innovative and environmentally friendly solutions. The company's dedication to research and development has contributed to its success in the market. In 2019, Daikin reported consolidated sales revenue of approximately $24 billion.
Mitsubishi Electric, another major player in the split AC market, is known for its cutting-edge technology and high-quality products. The company has a strong presence in both residential and commercial sectors. Mitsubishi Electric has been focusing on improving energy efficiency and developing smart solutions to meet customer demands. The company's market growth has been driven by its strong brand reputation and technological advancements. In 2019, Mitsubishi Electric recorded sales revenue of around $40 billion.
Gree, a Chinese company, has emerged as a key player in the split AC market. The company has achieved significant market growth by offering cost-effective and energy-efficient products. Gree's strategic partnerships and acquisitions have also contributed to its expansion and market share. The company reported sales revenue of approximately $19 billion in 2019.
LG Electronics, a South Korean multinational company, is another major competitor in the split AC market. The company has a diverse product portfolio and a strong global presence. LG has been focusing on eco-friendly solutions and incorporating smart features into its AC units, which has driven its market growth. In 2019, LG Electronics reported sales revenue of approximately $55 billion.
The global split AC market is expected to witness substantial growth in the coming years. The increasing demand for energy-efficient cooling solutions, rapid urbanization, and growth in the residential and commercial construction sector are key drivers of market growth. According to a report by Grand View Research, the global split AC market size is projected to reach $174.06 billion by 2027, with a compound annual growth rate (CAGR) of 9.5% from 2020 to 2027.
What Are The Key Opportunities For Split AC Manufacturers?
The split AC market is experiencing significant growth in recent years and is expected to continue this upward trend in the future. Factors driving this growth include the increasing demand for energy-efficient and cost-effective cooling solutions, rapid urbanization, and rising disposable incomes in developing regions. Additionally, technological advancements such as smart controls and improved energy efficiency are further propelling the market growth. The market is also witnessing a shift towards eco-friendly refrigerants in response to growing environmental concerns. Overall, the future outlook for the split AC market looks promising, with a positive growth trajectory and potential opportunities for market players to capitalize on.
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Market Segmentation
The Split AC Market Analysis by types is segmented into: