Split Air Conditioning Systems Market to Expand at CAGR of 5.1% to 2024
The Asia-Pacific region emerged as the dominant segment
ALBANY, N.Y. — The global split air conditioning systems market was valued at $79.72 billion in 2015 and is forecast to expand at a compound annual growth rate (CAGR) of 5.1 percent from 2016 to 2024, reaching a market size of $127.27 billion in 2024, according to a report from Transparency Market Research. In terms of equipment type, the mono-split systems segment accounted for almost 70 percent of the market share in terms of revenue in 2015. Based on geography, the Asia-Pacific region emerged as the dominant segment in the split air conditioning systems and the trend is expected to continue over 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. Growing awareness among consumers regarding energy efficient models is, thus, emerging as a key force boosting the growth prospects of the split air conditioning systems market. Additionally, the growth in the commercial and residential segment in Asia-Pacific has resulted in a substantial rise in demand for split air conditioning systems in the region.