MarketResearchReports.Biz has announced addition of new report "Global Split Air Conditioning Market 2016-2020" to its database.
Market outlook of the split air conditioning market
Technavios 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.
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Product-based segmentation of the split air conditioning market
Unducted standard
VRF
US ducted
Ducted standard
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 ACs high-energy efficiency coupled with its ease of installation will result in its augmented adoption during the forecast period.
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Geographical segmentation and analysis of the split air conditioning market
Americas
APAC
EMEA
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 regions 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.
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