Dublin, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The "Global Split Air Conditioning System Market (2021-2026) by Type, Equipment Type, Application, Distribution Channel, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Split Air Conditioning System Market is estimated to be USD 27.64 Bn in 2021 and is expected to reach USD 39.68 Bn by 2026, growing at a CAGR of 7.5%.
The Global Split Air Conditioning Market is driven by factors such as rising temperature conditions, increase in construction of office and smart homes and rising adoption of IoT & green technologies. Whereas the unpredictability in prices of raw materials, and expensive routine maintenance work acts as a restraint for the Split AC production and subsequent sale in the market.
Rising middle-class population & disposable income in developing countries and AC becoming a necessity rather than a luxury product provides a great opportunity for the growth of the market. Emissions leading to greenhouse gases and unpredictable electricity supply in certain parts of the world pose a challenge to it.
Market Segmentation
- By Type, the market is classified into Ceiling Mounted, Duct Connected, Floor Standing, and Wall Mounted. Amongst all segments, the Wall Mounted segment is expected to grow at the highest CAGR.
- By Equipment Type, the market is classified into Multi-split, Mini-split, VRF, Floor Ceiling and Other segments. Amongst all segments, the VRF segment is expected to grow at the highest CAGR.
- By Application, the market is classified into Residential and Commercial segments. Amongst all, the Commercial segment is expected to contribute the highest growth.
- By Distribution Channel, the market is classified into Online and Offline segments. Amongst all segments, the Offline segment is expected to grow at the highest CAGR.
- By Geography, North America is projected to lead the market.
Recent Developments
- Carrier agrees to acquire Guangdong Giwee Group, a China-based HVAC manufacturer - 19th April 2021
- Daikin Applied and ElitAire combine HVAC service operation in Central & Southern Ohio - 8th February 2021
Market Influencers
Drivers
- Rising Temperature Conditions
- Increase in Construction of Office and Smart Homes
- Rising Adoption of IoT & Green Technologies
Restraints
- Unpredictability in Prices of Raw Materials
- Expensive Routine Maintenance Work
Opportunities
- Rising Middle-Class Population & Disposable Income in Developing Countries
- AC's Becoming a Necessity rather than a Luxury Product
Challenges
- Emissions Leading to Greenhouse Gases
- Unpredictable Electricity Supply in Certain Parts of the World
Company Profiles
Some of the companies covered in this report are
- Carrier
- Blue Star Limited
- Haier Inc.
- Daikin Industries, Ltd.
- Mitsubishi Electric Corporation
- LG Electronics
- Midea Group Co., Ltd.
- Nortek Global HVAC
- Samsung Electronics Co., Ltd.
- Electrolux AB
- Fujitsu General
- Panasonic Corporation
- United Technologies Corp.
- Hitachi, Ltd.
- Trane
- Sharp Corporation
- Lennox International Inc.
For more information about this report visit https://www.researchandmarkets.com/r/366uc9
