Global Split Air Conditioning Systems Market – Snapshot
Energy efficiency of split air conditioners is rising in recent years due to improvement in air-conditioning technology. In general, the efficiency of an air conditioning system is measured in seasonal energy efficiency ratio (SEER). Since 1990, SEER of residential and commercial air conditioners increased 50% and 57% respectively to reach 4.2 and 4.2 respectively in 2016. Split air conditioners are more energy efficient than window air conditioners. Typical SEERs of air conditioners including split air conditioners is highest in Europe, followed by Japan, South Korea, China, the U.S., Singapore, Canada, Australia, Thailand, India, Saudi Arabia, etc. Generally in developed regions such as Europe, energy efficient split air conditioners are in high demand due to stringent environmental regulations. However, even emerging economies such as Asia Pacific is seeing an increasing demand for energy efficient split air conditioners.
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VRF systems are seeing rising demand in the Middle East. With increase in population and economic activity, in 2011, the Dubai Supreme Council of Energy, launched the Dubai Integrated Energy Strategy 2030 which aims to reduce energy demand in the UAE by 30.0% by 2030. To cap energy demand, VRF (Variable Refrigerated Flow) air conditioners are seeing increasing demand in the UAE and in the overall Middle East. In 2014, according to global air conditioning systems manufacturer, Midea Group, VRF demand in the Middle East was 20,000 units. A gradual shift in consumer preference from chillers/ ducted air conditioners to the VRF system is taking place. In Saudi Arabia, growth in demand for VRF systems is above 5.0% which is higher than the growth of room air conditioners (RAC). Qatar in the Middle East is expected to host the FIFA World Cup in 2024. The FIFA World Cup is considered the greatest football show on Earth. The Middle East is expected to provide good opportunity to split air conditioning system manufacturers due to expected increase in VRF demand.
The study provides a conclusive view of the global split air conditioning systems market by segmenting it in terms of equipment type, application, and distribution channel. In terms of equipment type, the market has been classified into mini-split, multi-split, VRF, and floor ceiling. Based on application, the market has been segmented into residential and commercial. Based on distribution channel, the market is segmented into online and offline. The offline channel is further segmented into conventional stores and company-owned stores. The conventional stores distributional channel is further divided into DIY stores, specialty stores, and supermarkets. The company-owned stores distribution channel is further divided into dealers and installers.
Hot climate, rise in population, and increase in disposable income is expected to increase the demand for split air conditioners in India and other Southeast Asian countries. This has prompted global air conditioning system manufacturers to set up production units in India which is further reducing the cost of split air conditioners in India. This offers a good opportunity to global split air conditioning system market players to invest in the India split air conditioning system market.
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However, the cost of split air conditioning systems is an issue. Split air conditioners can be mini-split or multi-split. As per U.S. Department of Energy, the primary disadvantage of mini split air conditioners are their high cost. The price of mini-split air conditioners ranges from US$ 1,500 to US$ 2,000 per ton of cooling capacity. The upfront cost of energy efficient split air conditioners are more than conventional air conditioners. For example, in China, the price of energy efficient split air conditioners are generally 2X more than conventional air conditioners and generally entail a ten year payback period. Thus, price of split air conditioners along with rise in energy consumption of split air conditioners is restraining their market growth.
The report highlights major companies operating in the global split air conditioning systems market which include Daikin Industries, Ltd., United Technologies Corp., Hitachi, Ltd., Panasonic Corporation, Electrolux AB, Mitsubishi Electric Corporation, Midea Group Co., Ltd., Samsung Electronics Co., Ltd., Sharp Corporation, and Lennox International Inc.
Rising Disposable Income and Rising local Temperatures to Benefit Split Air Conditioning Systems Market
An outdoor unit and an indoor unit are included in a split air conditioning system. The outdoor unit is attached to or close to the outside wall of the room one wants to cool. The condenser, coil compressor, and the development coil or capillaries are included in this element. The sophisticated indoor unit covers the refrigeration coil, air filter, and blower. The need for split air conditioning systems increased considerably as these systems are predicted to emerge as an important product rather than a luxury. In developing countries such as China, Brazil, and India, the growing population of the middle class is likely to play key a role in bolstering growth of the global split air conditioning systems market in those countries.
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In the last few years, there has been a rise in the consumption of electricity by split air conditioning systems and therefore the market participants approve green technology and state-of-the-art systems to create energy-saving systems. The rise in the use of green technology and the increase in smart houses are predicted to influence the global split air conditioning systems market in the years to come.
Asia Pacific Region to Present Ample Opportunity for Growth of the Market
With rising disposable incomes, the hot climate, and growing population, requirement for split air conditioners is expected to rise in India and many other countries of Asian Pacific. This has prompted global manufacturers of air conditioning system to establish manufacturing facilities in India, further lowering the cost of split air conditioners in the region. This presents an excellent opportunity for players in the global split air conditioning system market to enter India’s market. Due to improved air conditioner technology, energy efficiency of split air conditioners has increased in recent years. Generally, the seasonal energy efficiency ratio (SEER) is used to determine the efficiency of an air conditioning system. Split air conditioners are more effective than window air conditioners in terms of consumption of energy.
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