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Innovative Cooling Technologies Propel Global Split AC Market Amid Rising Middle-Class Demand
[September 06, 2023]

Innovative Cooling Technologies Propel Global Split AC Market Amid Rising Middle-Class Demand


DUBLIN, Sept. 6, 2023 /PRNewswire/ -- The "Global Split AC Market (2023-2028) by Type, Equipment Type, Distribution Channel, Applications, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

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The global Split Air Conditioner (AC) market is on a trajectory of substantial growth, with estimates projecting its value to rise from $31.94 billion in 2023 to a substantial $45.22 billion by 2028.

This expansion is driven by a robust Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.

A split air conditioner, also known as a ductless or mini-split system, is redefining the concept of cooling comfort through its innovative design and functionality. The core components of a split AC comprise an indoor unit and an outdoor unit. In contrast to traditional central AC systems that rely on complex ductwork to circulate cool air, split ACs eliminate the need for ducts entirely.

One of the key strengths of split ACs lies in their energy efficiency. By harnessing variable-speed compressors and inverter technology, these systems dynamically adjust their cooling capacity to match the specific cooling load. This energy-efficient operation translates to reduced electricity consumption and lower utility bills, making split ACs an attractive choice for cost-conscious consumers.

Another advantage of split ACs is their installation flexibility. As the name suggests, they are ductless systems, which makes them suitable for a wide range of applications. Whether retrofitting existing structures or installing in spaces where traditional ductwork would be impractical, split ACs offer a practical solution. Moreover, the ability to connect multiple indoor units to a single outdoor unit facilitates zoning, enabling different areas to be cooled independently and tailored to individual preferences.

Market Dynamics:

  • Rising Middle-Class Population and Acceptance: Increasing acceptance of Split AC systems and the growth of the middle-class population are major drivers behind the market's ascent.
  • Customized Solutions for Industries: Split ACs are being tailored for specific sectors, including the maritime and aerospace industries, further fueling their adoption.
  • Energy Efficiency Emphasis: The market is witnessing an upswing due to heightened emphasis on energy-saving and efficient cooling solutions.

Challenges and Restraints:

  • Maintenance Expenses: Routine maintenance work for split ACs can be expensive, which can discourage some consumers.

Opportunities:

  • Technological Advancements: Leading brands are continuously enhancing their product line-up with advanced technologies, fostering growth opportunities.
  • Residential Adoption: Increasing availability of consumer-grade residential split ACs is expected to drive growth.

Companies Mentioned:

  • Blue Star Limited
  • Carrier Global Corp
  • Daikin Industries, Ltd.
  • Fujitsu General Limited
  • Gree Electric Appliances Inc. of Zhuhai
  • Haier Group Corp
  • Hisense Co., Ltd.
  • Hitachi Global Life Solutions, Inc.
  • Johnson Controls International plc
  • LG Electronics Inc.
  • Midea Group Co., Ltd.
  • Mitsubishi Electric Corp
  • Panasonic Corp
  • Rheem Manufacturing Company
  • Samsung Electronics Co., Ltd.
  • Sharp Corp.
  • TCL Technology Group Corp
  • Toshiba Corp
  • Trane Technologies plc
  • Voltas Limited

Market Segmentation:

  • Type: Ceiling Mounted, Duct Connected, Floor Standing, Wall Mounted
  • Equipment Type: Mini Split, Multi Split, VRF
  • Applications: Commercial, Residential
  • Distribution Channel: Online, Retail Stores
  • Geography: Americas, Europe, Middle East & Africa, Asia-Pacific

Key Attributes:





Report Attribute

Details

No. of Pages

147

Forecast Period

2023 - 2028

Estimated Market Value (USD) in 2023

$31.94 Billion

Forecasted Market Value (USD) by 2028

$45.22 Billion

Compound Annual Growth Rate

7.2 %

Regions Covered

Global



For more information about this report visit https://www.researchandmarkets.com/r/ursx4t

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SOURCE Research and Markets


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