Mini Split Air Conditioning System Market Overview
As per MRFR analysis, the Mini Split Air Conditioning System Market Size was estimated at 24.72 (USD Billion) in 2022. The Mini Split Air Conditioning System Market Industry is expected to grow from 26.27(USD Billion) in 2023 to 45.4 (USD Billion) by 2032. The Mini Split Air Conditioning System Market CAGR (growth rate) is expected to be around 6.27% during the forecast period (2024 - 2032).
Key Mini Split Air Conditioning System Market Trends Highlighted
The global mini-split air conditioning system market exhibits a dynamic trajectory driven by several key trends. The increasing adoption of energy-efficient appliances, coupled with rising awareness about indoor air quality, fuels market expansion. The surge in residential and commercial construction activities further contributes to the demand for mini split air conditioning systems. The growing popularity of smart home technologies also influences market growth, with consumers seeking advanced features like remote control and voice assistant integration. Key market drivers include the rising disposable income of consumers, particularly in developing regions, and the increasing demand for comfortable living environments.
Additionally, government initiatives and regulations promoting energy efficiency play a significant role in boosting market growth. Opportunities to be explored include the development of innovative technologies and the expansion of market presence in emerging economies. Recent trends indicate a shift towards inverter-based mini split air conditioning systems, offering superior energy efficiency and precision temperature control. The integration of advanced filtration systems and air purification features also gains traction, catering to the growing concern about indoor air quality. Additionally, the emergence of multi-zone systems allows for customized temperature control in different rooms, providing greater comfort and energy savings.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mini Split Air Conditioning System Market Drivers
Rising Demand for Energy-Efficient Cooling Solutions
One of the largest drivers and opportunities for the Mini Split Air Conditioning System Market Industry is the increasing demand for energy-efficient solutions. As more and more people realize the potential environmental impact of traditional air conditioning systems, their attitude towards mini split air conditioning systems continues to improve. These systems are a great solution for people who want to save energy since, according to ENERGY STAR, mini-split air conditioning systems are up to 30% more efficient than traditional systems. Also, they are able to save people’s money, as they are cheaper to install and maintain both in household and commercial emissions. All these factors create ongoing demand for mini split air conditioning systems, and this trend is expected to continue during the next several years.
Another trend that contributes to the development of the Mini Split Air Conditioning System Market Industry is the ongoing progress and wide acceptance of smart home technologies. Also, online shopping continues to become more and more popular among consumers, and the retail industry has good prospects in this matter. Lastly, the increasing concerns of people about their health, as well as the environment, can serve as a major driver of the mini split air conditioning systems market. In order to take advantage of the opportunity, manufacturers should invest more in the development of new products and the expansion of their product lines. Some new features and technology that relationships with product differentiation include the use of variable-speed compressors, a control via Wi-Fi, as well as voice control.
Increasing Urbanization and Population Growth
Another major driver of the Mini Split Air Conditioning System Market Industry is increasing urbanization and population growth. As more and more people move to urban areas, the demand for cooling solutions is rising. This is because urban areas tend to be hotter and more humid than rural areas, and air Purifier conditioning is often a necessity. What is more, the global population is growing. With this growth comes a burden on the world's resources, including energy. As a result, there is an increasing demand for cooling solutions that are energy efficient. These trends are expected to continue in the coming years, leading to more and more people living in urban areas and an increased population all over the world.
Growing Adoption of Smart Home Technologies
The trend of smart home technologies is also leading to growth within the Mini Split Air Conditioning System Market Industry. Smart home technologies allow the consumer to control their home appliances and devices from anywhere in the world, either by a smartphone or tablet. It is one of the important selling points for a mini split air conditioning system as the consumer can control the temperature of the air from wherever they are. Also, smart home technologies can be used to automate the mini split air conditioning system, making it even more consumer-friendly and light on the pocket of the consumer.
Mini Split Air Conditioning System Market Segment Insights
Mini Split Air Conditioning System Market System Type Insights
The Global Mini Split Air Conditioning Systems market has been divided into System Type, Technology, Power Source, Application and Region. Based on System Type, our market has been segmented into Single-Zone Mini Split Systems and Multi-Zone Mini Split Systems. Single-Zone Mini Split Systems Single-zone mini split systems have been designed to cool or heat a single room or zone. They consist of an outdoor unit and an indoor unit.
The outdoor unit houses a compressor and a condenser, while the indoor unit houses an evaporator coil and a blower. Single-zone mini split systems are a popular choice for small homes, apartments and individual rooms. They are easy to install and can be controlled remotely. According to Maximize Market Research, the Global Single-Zone Mini Split Systems market is expected to reach $15.23 billion by 2024, growing at a CAGR of 6.5%. Multi-Zone Mini Split Systems Multi-zone mini split systems have been designed to cool or heat multiple rooms or zones independently. They consist of an outdoor unit and multiple indoor units.
The outdoor unit houses a compressor and a condenser, while each indoor unit houses an evaporator coil and a blower. Multi-zone mini-split systems are an efficient choice for large homes, commercial buildings and offices. They provide more flexibility and control compared to single-zone mini-split systems. The Global Multi-Zone Mini Split Systems market is expected to reach $18.36 billion by 2024, growing at a CAGR of 7.2%, according to Maximize Market Research. Our System Type CAGR has been calculated and tested on an Excel sheet, ensuring a high degree of accuracy. Our Single-Zone and Multi-Zone CAGR calculations have been based on the statistics mentioned above as the central future economic metrics that generally impact the overall market development. Based on Costar’s monthly CAGR forecast for both Single-Zone and Multi-Zone system types, we have measured the CAGR value.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mini Split Air Conditioning System Market Capacity Insights
The Capacity segment is a crucial aspect of the Mini Split Air Conditioning System Market segmentation. It categorizes the market based on the cooling capacity of the systems, which is measured in British Thermal Units per hour (BTU/hr). The Capacity segment provides insights into the market demand for different cooling capacities and helps manufacturers tailor their products to meet specific customer needs. Among the Capacity segments, 'Up to 9,000 BTU/hr' is expected to hold a significant market share, catering to smaller spaces such as bedrooms and offices.
The '9,000 to 12,000 BTU/hr' segment also holds a substantial share, suitable for medium-sized rooms and apartments. The '12,000 to 18,000 BTU/hr' segment targets larger spaces like living rooms and small commercial areas. The '18,000 BTU/hr and Above' segment serves heavy-duty cooling requirements in large commercial and industrial settings. Understanding the Capacity segment dynamics is essential for market players to optimize their product portfolio and align with evolving customer preferences. It enables them to focus their research and development efforts on developing systems that meet the specific cooling needs of various applications. By leveraging these insights, manufacturers can effectively segment the market and position their products to capture a larger market share.
Mini Split Air Conditioning System Market Energy Efficiency Insights
In terms of energy efficiency, the Mini Split Air Conditioning System Market is segmented into SEER (Seasonal Energy Efficiency Ratio) ratings. Higher SEER ratings indicate greater energy efficiency. SEER 13-16: This segment accounted for a significant portion of the market revenue in 2023, owing to its cost-effectiveness and widespread adoption in residential applications. SEER 16-19: Systems with SEER ratings between 16 and 19 offer improved energy efficiency compared to lower SEER models, leading to growing demand in both residential and commercial sectors.SEER 19-22: These highly efficient systems are gaining popularity in regions with strict energy regulations and are expected to witness substantial growth in the coming years. SEER 22 and Above Premium SEER ratings above 22 represent the most energy-efficient mini-split systems available, offering significant energy savings but at a higher upfront cost.
Mini Split Air Conditioning System Market Installation Type Insights
The Mini Split Air Conditioning System Market is segmented by Installation Type into Wall-Mounted, Floor-Mounted, Ceiling-Mounted, and Ductless. The Wall-Mounted segment is estimated to hold the largest market share in 2023, accounting for over 50% of the global market revenue. Wall-mounted systems are popular due to their compact size, ease of installation, and energy efficiency.
The Floor-Mounted segment is expected to witness significant growth over the forecast period, owing to its ability to provide even cooling distribution and its aesthetic appeal. The Ceiling-Mounted segment is preferred for commercial applications, as it offers discreet installation and efficient cooling. The Ductless segment is gaining traction in residential applications, as it eliminates the need for ductwork and provides personalized cooling solutions.
Mini Split Air Conditioning System Market Application Insights
The Mini Split Air Conditioning System Market is segmented based on application into Residential, Commercial, and Industrial. Among these, the residential segment accounted for the largest revenue share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of the residential segment can be attributed to the increasing demand for energy-efficient and cost-effective cooling solutions in residential buildings.
The commercial segment is expected to witness significant growth over the forecast period due to the rising demand for mini-split air conditioning systems in offices, retail stores, and other commercial establishments. The industrial segment is projected to register a steady growth rate during the forecast period, driven by the growing adoption of mini-split air conditioning systems in manufacturing facilities, warehouses, and other industrial settings.
Mini Split Air Conditioning System Market Regional Insights
The regional segmentation of the Mini Split Air Conditioning System Market offers valuable insights into the market's geographical distribution and growth dynamics. North America, Europe, APAC, South America, and MEA are the key regions analyzed in this segmentation. North America holds a significant market share due to the high adoption of mini split air conditioning systems in residential and commercial buildings. Europe follows closely, driven by increasing energy efficiency regulations and rising consumer awareness about the benefits of mini-split systems.
APAC is projected to witness the fastest growth over the forecast period, attributed to the growing construction industry and increasing disposable income in emerging economies like China and India. South America and MEA represent smaller but promising markets, with increasing urbanization and rising demand for cooling solutions driving growth. Overall, the Mini Split Air Conditioning System Market is expected to exhibit robust growth across all regions, with each region contributing to the overall market revenue and growth trajectory.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Mini Split Air Conditioning System Market Key Players And Competitive Insights
Participants of the Mini Split Air Conditioning System Market are permanently working on creating new products or implementing new technologies to get ahead of the competition. Leaders of this industry are also focused on their presence in the global market either through acquiring new companies or expanding partnerships with regional wholesalers. The Mini Split Air Conditioning System Market is characterized by competitive pressure from the main market players who are fighting for the leading positions. That is why industry members are likely to continue investing in research and development and will not stop boosting the efficiency of their products.
The Mini Split Air Conditioning System Market Competitive Landscape is expected to remain dynamic, and the footsteps of other companies will keep shaping the market in addition to the activity of the market leaders. For example, Carrier is one of the top market players and offers a variety of products designed for residential, commercial, and industrial use. The company is also dedicated to innovations and specializes in developing energy-efficient and environmentally friendly air conditioners and heat pumps.
Carrier is also able to maintain a substantial presence in various countries primarily due to having a lot of distributors and providing excellent customer service. Haier is another industry giant known for manufacturing high-quality and technologically sophisticated devices. This company offers a wide range of climate control systems designed for large and small rooms, varying energy efficiency requirements, and all kinds of consumer tastes. Haier has a strong presence in both developed and emerging markets, and the company stays ahead of its competition by implementing such features as voice control, Wi-Fi connectivity, or self-cleaning.
Key Companies in the Mini Split Air Conditioning System Market Include
- Lennox International, Inc.
- Fujitsu General Limited
- Midea Group Co., Ltd.
- Daikin Industries, Ltd.
- Hitachi, Ltd.
- Toshiba Carrier Corporation
- Carrier Global Corporation
- LG Electronics Inc.
- Gree Electric Appliances Inc.
- Samsung Electronics Co., Ltd.
- York International Corporation
- Haier Smart Home Co., Ltd.
- Mitsubishi Electric Corporation
- Panasonic Corporation
Mini Split Air Conditioning System Market Industry Developments
The Mini Split Air Conditioning System Market is anticipated to grow significantly from 2024 to 2032, driven by factors such as increasing demand for energy-efficient cooling solutions, rising disposable income, and growing urbanization. The market is expected to be valued at approximately USD 26.27 billion in 2023 and is projected to reach USD 45.4 billion by 2032, exhibiting a CAGR of 6.27% during the forecast period.
Recent developments in the market include the introduction of advanced technologies such as inverter compressors and smart controls, which enhance energy efficiency and convenience. Moreover, government regulations and incentives aimed at promoting energy conservation are further driving market growth. Key players in the industry are focusing on expanding their product offerings, investing in research and development, and strengthening their distribution networks to cater to the growing demand.
Mini Split Air Conditioning System Market Segmentation Insights
-
Mini Split Air Conditioning System Market System Type Outlook
- Single-Zone Mini Split Systems
- Multi-Zone Mini Split Systems
-
Mini Split Air Conditioning System Market Capacity Outlook
- Up to 9,000 BTU/hr
- 9,000 to 12,000 BTU/hr
- 12,000 to 18,000 BTU/hr
- 18,000 BTU/hr and Above
-
Mini Split Air Conditioning System Market Energy Efficiency Outlook
- SEER (Seasonal Energy Efficiency Ratio) 13-16
- SEER 16-19
- SEER 19-22
- SEER 22 and Above
-
Mini Split Air Conditioning System Market Installation Type Outlook
- Wall-Mounted
- Floor-Mounted
- Ceiling-Mounted
- Ductless
-
Mini Split Air Conditioning System Market Application Outlook
- Residential
- Commercial
- Industrial
-
Mini Split Air Conditioning System Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
24.72(USD Billion) |
| Market Size 2023 |
26.27(USD Billion) |
| Market Size 2032 |
45.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.27% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Lennox International, Inc., Fujitsu General Limited, Midea Group Co., Ltd., Daikin Industries, Ltd., Hitachi, Ltd., Toshiba Carrier Corporation, Carrier Global Corporation, LG Electronics Inc., Gree Electric Appliances Inc., Samsung Electronics Co., Ltd., York International Corporation, Haier Smart Home Co., Ltd., Mitsubishi Electric Corporation, Panasonic Corporation |
| Segments Covered |
System Type, Capacity, Energy Efficiency, Installation Type, Application, Regional |
| Key Market Opportunities |
Energy Efficiency Regulations Smart Home Integration Rising Disposable Income Growth in the Commercial Sector Technological Advancements |
| Key Market Dynamics |
Rising energy efficiency regulations Increasing demand for comfort cooling Technological advancements Growing construction industry Urban population growth |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Mini Split Air Conditioning System Market size was valued at USD 26.27 billion in 2023 and is projected to register a CAGR of 6.27% to reach USD 45.4 billion by 2032.
The growth of the mini split air conditioning system market is primarily driven by the increasing demand for energy-efficient and cost-effective cooling solutions, rising disposable income, and growing urbanization in developing countries.
Asia-Pacific is expected to hold the largest market share in the global mini-split air conditioning system market due to the increasing demand for cooling solutions in hot and humid climates, rapid urbanization, and rising disposable income.
Mini split air conditioning systems are widely used in residential, commercial, and industrial applications. In residential applications, they are used to cool and heat individual rooms or small spaces. In commercial applications, they are used to cool and heat small to medium-sized offices, retail stores, and other commercial spaces. In industrial applications, they are used to cool and heat warehouses, factories, and other industrial facilities.
The key competitors in the Mini Split Air Conditioning System Market include Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics, Samsung Electronics, and Gree Electric Appliances, Inc.
Key trends in the Mini Split Air Conditioning System Market include the growing adoption of inverter technology, the increasing popularity of ductless systems, and the rising demand for energy-efficient and environmentally friendly systems.
The average lifespan of a mini split air conditioning system is 10-15 years.
Mini split air conditioning systems are designed to cool and heat individual rooms or small spaces, while central air conditioning systems are designed to cool and heat an entire home or building.
Advantages of using a mini split air conditioning system include energy efficiency, cost-effectiveness, easy installation, and quiet operation.
Disadvantages of using a mini split air conditioning system include the need for multiple units to cool or heat an entire home or building and the potential for water leaks if the system is not properly installed.
