The highly dynamic and intensively competitive global split system air conditioning market will expand at a Compound Annual Growth Rate (CAGR) of 4.9% from 2017 to 2024.
A report by Transparency Market Research found the market was worth $US91.09 billion in 2017 and will reach a market size of $US127.27 billion by 2024.
Describing it as intensely competitive, the research firm said it features the world's biggest appliance, electronics and technology companies.
In terms of equipment type, the segment of mono-split systems accounted for almost 70% of the market share in terms of revenue in 2017.
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 as well.
“The need to conform to strict government policies and regulations in different countries regarding the emission and control of greenhouse gases and consumption of electricity are the key factors influencing the development of this market,” the report said.
“Companies are also looking at prospects of enhancing their businesses through partnerships and optimizing overseas business networks.”
The report referred to the joint venture between the Midea Group and Lihom Cuchen, a South Korean appliance manufacturer, as an example of this trend.
The two companies will share benefits in research and development, technology, manufacturing, patent sharing and expanding its global presence.