The global split air conditioning systems market size exceeded USD 267.44 billion in 2022 and it is expected to rise USD 378.2 billion by 2030, growing at a CAGR of 4.43% during the forecast period from 2022 to 2030.
The split air conditioning system includes one outdoor unit and one indoor unit. The outdoor unit is permanently mounted on or near the outside wall of the room. This unit contains the compressor, condenser coil and coil or capillary tube. The sleek indoor unit covers the cooling coil, fan, and air filter. As a split air conditioning system is considered an important product instead of a luxury, the demand for split air conditioning system has increased significantly. The rising middle-income populations in developing economies including India, China, Brazil, and others are prime factors in spurring the adoption of split air conditioning systems in these countries in the upcoming years.
Advanced split air conditioning systems are manufactured with energy-saving functional attributes that helps to mitigate carbon emissions. In addition, the key players are progressively focusing on seasonal energy efficiency ratings that measure how good a device function under certain outdoor temperature conditions. Some commercial enterprises including offices, retail stores, restaurants, and hotels are installing split air conditioning systems to reduce electricity utilization and monthly electricity bills, which in turn is anticipated to fuel the split air conditioning systems market during the forecast period.
The rampant demand for energy savings is one of the integral factors which is bolstering the market for split air conditioning system. Government instructions on energy-saving models have led to the replacement of the existing air conditioning systems with energy-efficient systems in developed nations including North America and Europe. Additionally, the electricity utilization of split air conditioning systems has surged in recent years, therefore, the split air conditioning system manufacturers endorse advanced and green technologies, thus create energy-saving systems. Growing adoption of green technology along with the rising number of smart homes is anticipated to the segmented air conditioning systems market during the forecast period.
Report Highlights:
Split Air Conditioning Systems Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 279.28 Billion |
| Projected Forecast Revenue in 2030 | USD 378.2 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 4.43% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 To 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshot:
Asia-Pacific is expected to be the largest revenue contributor to the global industry, the development of the Asia-Pacific ductless cooling & heating systems industry is due to the rising investment in the construction industry in this region. Moreover, the ductless cooling& heating system manufacturers are focusing on this region, owing to its strong regional market potential. Additionally, China is a major manufacturer as well as a consumer of ductless cooling & heating systems in the APAC region.
Market Dynamics:
Drivers:
Rising consumer inclination toward smart homes
As per the report published by Comfy Living, the total number of home automation or smart homes in the United States is about 41.3 million units by the year 2020. Smart home growth is likely to generate requirement for ductless heating and cooling system. The Ductless system are utilized in smart home in order to monitor temperature, air humidity as well as fresh air volume. In addition, the consumption of energy of a ductless system is optimized at a large extent by utilizing different components including sensors, smart thermostats, control valves, cooling coils & heating, actuators, dampers, fans & pumps.
The smart gadgets saves energy consumption as well as monitor the function of ductless cooling& heating system by using advanced technologies such as internet connectivity, wireless communication, cloud as well as wireless computing. For example, an ENERGY STAR, ductless ssplit systems uses less than 60% energy for the heating as well as less than 30% energy for the cooling purpose than traditional room air conditioner systems. Energy savings can be achieved through the use of sophisticated fans as well as compressors that can be adjusted for saving energy. The constant improvement in technology as well as fast innovation in several gadgets have increased customer interest in the utilization of ductless system in the smart home. In turn, these factors are anticipated to drive the growth of ductless heating and cooling system industry in the upcoming years.
Restrain:
Growing concerns for environmental
A surge in the demand for the split air conditioners has led to spur in air pollutants that are emitted during the operation of the system. Air conditioners releases hydrofluorocarbons and hydrochlorofluorocarbons (HCFCs), that release heat in the atmosphere and also contributes to global warming. Additionally, the rising requirement for the ductless system is likely to rise the quantity of power and energy utilized at the time of its operation. In order to this, the producers of ductless heating & cooling systems are needed to formulate energy efficient as well as less carbon releasing systems. Thereby, this is likely to surge the cost of the ductless system, coupled with the formulation of environment friendly refrigerant that is anticipated to make pressure on the manufacturers of the ductless systems and hamper the market growth in terms of value sales.
Opportunities:
Expeditious transformation of internet of things in HVAC system
The IoT (Internet of Things) represents an outlook in which HVAC system are connected to Internet that allow to share data. It manages the HVAC system, accumulate data, stores it in cloud storage; improve HVAC operation for greater efficiency; and run a prognostic maintenance program. In addition to this, IoT helps to reduce the in-progress maintenance &repairing cost of the HVAC system. IoT makes it possible to access real-time performance data of HVAC systems and interpret it accurately. For example, IoT connected building alert the facility managers with the early cautions of any functional anomalies and enable remote prognosis and reconciliation of units, costs can be reduced by mitigating the system failures.
In addition, HVAC system in residential or commercial building utilizes maximum amount of energy. Executing Internet of Things in such applications will result in cost savings, comfort control, better building performance and maintenance. As a result, the growing acceptance of Internet of things in HVAC market offers immense opportunities for the growth of the ductless cooling& heating system.
Challenges:
Lack of awareness about the benefits of ductless cooling & heating systems
With continuous technological advancement, awareness regarding the benefits associated with the ductless heating & cooling system will contribute in market growth. However, in the case of ductless systems, the rising awareness about the cost and environment related advantages of ductless systems is low and are generally perceived to be expensive that is likely to acts as a challenge for the growth of the market. Moreover, lack of awareness regarding the energy-efficient ductless systems is also hindering the market growth in terms of value sales.
Key Market Developments:
Major Key Players:
Market Segmentation:
By Product
By Distribution Channel
By Application
By Pricing
By Installation
By Capacity
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