International.
Transparency Market Research states that the global split air conditioning systems market was valued at US$79.72 billion in 2015 and will expand to a CAGR of 5.1% from 2016 to 2014, reaching a market size of US$127.27 billion by 2024.
In terms of equipment type, the mono-split systems segment accounted for almost 70% of the market share in terms of revenue in 2015. On the geographical basis, the Asia-Pacific region emerged as the dominant segment in split air conditioning systems and the trend is expected to continue during the forecast period.
In mature markets such as North America and Europe, energy efficiency has been a major concern with the use of conventional air conditioning systems. Therefore, consumer awareness of energy efficiency models is emerging as the key force driving the growth prospects of this market. In addition, growth in the commercial and residential segment in Asia-Pacific has led to a large increase in demand.
In addition, concern about the emission of greenhouse gases and other harmful gases through conventional air conditioners is also a key market factor. This is due to strict government regulations imposed to stabilize greenhouse gas levels in the atmosphere. Initiatives such as government support for LEED (energy and environmental design leadership) certified projects and mandatory SEER (Seasonal Energy Efficiency Efficiency) ratings (SEER of 13.0 and above in the U.S.) for heating, ventilation and air conditioning systems are also helping to drive global split air conditioning consumption.
