The ResearchAndMarket’s report is projecting that the global Split Air Conditioner market’s value will 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.
Split ACs
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 fuelling 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.
Prominent companies in the field
Blue Star Ltd; Carrier Global Corp.; Daikin Industries Ltd.; Fujitsu General Ltd.; 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.; and Voltas Ltd.
A few recent developments
Voltas Ltd., has announced its new range of convertible inverter ACs with built-in air purification systems. The company has extended its AC portfolio by launching a new range of ACs in India. The new air conditioner, which is designed to purify the air in the room while also cooling it, has a HEPA filter, a PM 1.0 sensor, and an AQI indication. (April 7, 2023)
LG Electronics Inc. has announced the launch of Al Dual Inverter air conditioners and expanded its product line-up. The latest air conditioner, powered by Al, comes with multiple in-built sensors and dual rotary compressor technology, which offers better cooling. The all-new 2022 range of LG air conditioners is equipped with an anti-virus protection filter. (February 18, 2022)
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