Asia-Pacific split air conditioning market is forecast to grow at a CAGR of around 4.5% during the forecast period. The major factors for the significant market growth to the region include rising urbanization, rising average temperature due to adverse climate change, and increasing disposable income in the emerging economies. As most of the countries in the Asia-Pacific are developing countries, therefore, the countries have some relief in the usage of HCFC as per the Montreal Protocol.
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The companies which are contributing significantly in the market include Blue Star Ltd., Daikin Industries Ltd., Electrolux AB, Fujitsu General Ltd., Haier Electronics Group Co. Ltd., Hitachi Ltd., Johnson Controls International PLC, LG Electronics Inc., Midea Group, Panasonic Corp., Samsung Electronics Co., Ltd., The Whirlpool Corp., Toshiba Corp., United Technologies Corp., Voltas Ltd., and others.
The regional market is having a paradigm shift towards the rapid adoption of the latest technologies and various environmentally friendly cooling solutions, which include the VRF technology and R32 low GWP refrigerants. In addition to this, the introduction of different regulatory scenarios in the region, including the Indian Bureau of Energy Efficiency and Labelling Standards and Australian Minimum energy performance standards, which focuses on the development of energy and green building across the Asia-Pacific is providing a significant opportunity to the market.
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On the basis of geography, the market is segmented into China, India, Japan, and Rest of APAC. During the forecast period, China is expected to have a major market share in the region. In addition to this, India is expected to show a significant growth rate in the market owing to the increasing disposable income of the people. In the rest of APAC, some of the major countries which are contributing significantly include South Korea, Australia, ASEAN countries among others. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.
Asia-Pacific SPLIT AIR CONDITIONING Market by Application
• Others (Healthcare)
Asia-Pacific SPLIT AIR CONDITIONING Market by Refrigerant Type
• HCFCs (Hydrochlorofluorocarbons)
• HFC (Hydrofluorocarbon)
• HFO (Hydrofluro-Olefins)
• Natural Refrigerants
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