NEW YORK, Dec. 30, 2015 /PRNewswire/ -- Market outlook of the split air conditioning market
Technavio€™s market research analyst predicts the global split air conditioning market to grow steadily at a CAGR of nearly 6% by 2020. Rising global population coupled with the high demand for air conditioners from residential and commercial buildings will foster the prospects for market growth during the predicted period.
The recent increase in construction activities is the key driver for the growth of this market. Recently, it has been observed that construction activities in both the residential and commercial markets have grown significantly owing to the rapid increase in urbanization, especially in the developing economies. The augmented sale of residential buildings and commercial buildings, and the construction of new skyscrapers across the world will bolster the demand for air conditioners during the forecast period.
Product-based segmentation of the split air conditioning market
Technavio market research analysts have estimated the unducted standard split AC segment to account for more than 70% of the total market share by the end of 2020. This AC€™s high-energy efficiency coupled with its ease of installation will result in its augmented adoption during the forecast period.
Geographical segmentation and analysis of the split air conditioning market
APAC accounts for 57% of the market, with countries like China and India being the largest contributors. The market in this region is expected to grow at a CAGR of 7% during the forecast period. Much of this region€™s growth can be attributed to the strong focus on infrastructural development, which results in the high demand for air conditioning units. Additionally, the rising population pressure in this geography will lead to the high demand for residential buildings, which in turn will hike the demand for split ACs during the forecast period.
Competitive landscape and key vendors
The presence of well-established international, as well as local players, makes the global split AC market highly fragmented and competitive. The competitive environment of this market is expected to intensify in the future with an increase in R&D innovations and integration of IoT devices with the split ACs.
The top vendors in the market include -
Other prominent vendors in the market include Airwell Group, Dwyer Instruments, Haier Consumer Electronics Group, Lennox International, Samsung Electronics, Siemens, Toshiba, Voltas, Whirlpool, Ingersoll-Rand, Johnson Controls, LG Electronics, and Panasonic.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global the split air conditioning market?
What are the key market trends impacting the growth of the global split air conditioning market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global split air conditioning market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global split air conditioning market?
Technavio also offers customization on reports based on specific client requirement.
Global Residential Air Conditioners Market 2015-2019
Non-Residential Air Conditioners Market in Europe 2015-2019
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