NEW YORK, United States, April 18, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Ductless Heating & Cooling Systems Market By Type (Split System And Window Air Conditioning System), By Application (Residential Buildings, Commercial Buildings, And Industrial Buildings), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Ductless Heating & Cooling Systems Market size & share was valued at approximately USD 98.4 billion in 2022. The market is expected to grow above a CAGR of 8.5% and is anticipated to reach over USD 205.1 billion by 2030.”
The report analyses the ductless heating & cooling systems market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global market.
Ductless Heating & Cooling Systems Market Overview:
A variable speed inverter compressor's expertise allows ductless systems to efficiently heat and cool every space in which they are installed. Other names for efficient ventilation and heating systems known as ductless systems are heat pumps and tiny split units. These gadgets are reliable, economical, and economical in terms of energy use. Ductless heating and cooling systems move heat from the outside to the inside of a building as reciprocal heat pumps. This air is expanded or compressed using a refrigerant.
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The cycle used by split systems, which is comparable to an all-purpose refrigerator cycle, is called a refrigerant haze compression cycle. To draw heat from the outside air and circulate colder air inside the space, they employ a refrigerant (cooling) cycle. An illustration of this conflict is the heating cycle.
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Key Insights from Primary Research
- As per the analysis, the Ductless Heating & Cooling Systems market share is likely to grow above a CAGR of around 8.5% between 2023 and 2030.
- The Ductless Heating & Cooling Systems market size was worth around US$ 98.4 billion in 2022 and is estimated to hit approximately US$ 205.1 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The growing construction industry coupled with the rising disposable income of the population is expected to drive ductless heating & cooling systems market growth.
- Based on the type, the split system segment is expected to dominate the market over the forecast period.
- Based on the application, the residential buildings segment is expected to account for the largest market share during the forecast period.
- Based on region, the Asia Pacific is expected to dominate the growth of the market over the forecast period.
Competitive Players:
The report contains qualitative and quantitative research on the global ductless heating & cooling systems market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global ductless heating & cooling systems market include;
- Honeywell International Inc.
- LG Electronics South
- Daikin Industries
- Johnson Controls
- Carrier
- Trane Technologies plc
- Mitsubishi Electric Corporation
- Nortek Air Management
- Samsung Electronics
- FUJITSU
- GREE
- Hitachi
- MiUea
- Panasonic
- Haier Smart Home
- Whirlpool
- Electrolux
- Lennox
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Market Dynamics:
Growth Drivers
- An increasing number of smart homes drives the market growth
The growing number of smart homes is expected to have a significant impact on the market for ductless heating and cooling systems. Smart homes give homeowners more control over their energy use by automating functions like temperature management, light on/off, window treatment opening and shutting, and weather-based watering changes. These facilities ensure energy efficiency and reduced water and electricity expenses. For instance, according to a poll conducted by the Lithuanian software development company Oberlo, about 57.4 million US households used smart home technology in 2022, up 6.7% from the 53.8 million households that did so in 2021. Therefore, the growing number of smart houses will be what drives the demand for ductless heating and cooling systems.
Restraints
- Growing environmental concerns limit market expansion
Due to a rise in air conditioner sales, more air pollutants will be produced while the appliances are in use. The gases hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) that are released by air conditioners contribute to global warming. It is critical to develop heat-conveying devices that are both energy-efficient and have a low environmental impact because to the rising demand for ductless heating and cooling systems, as well as freezers. When compared to air conditioners that use R-22 as the refrigerant, R-32 can cut energy use by 10%. As a result, it is anticipated that the cost of ductless systems will generally increase, and the development of environmentally friendly refrigerators will put pressure on ductless system producers.
Ductless Heating & Cooling Systems Market: Segmentation Analysis
The global ductless heating & cooling systems industry is segmented based on the type, application, and region.
The split system and window air conditioning system segments of the worldwide market are based on type. Over the course of the projected period, the split system segment is anticipated to rule the market. The split system is the most common type of portable HVAC system. By enabling the operator to adjust the temperature of particular zones as needed, the split system affords the user operational flexibility and cost savings. These benefits of split systems contribute to the growth of the ductless heating and cooling market globally. The main advantage of the split system is how quiet it is. To reduce indoor noise, the split design keeps the fan and compressor in the outdoor unit.
The market is divided into residential buildings, commercial buildings, and industrial buildings based on the application. During the projected period, the residential buildings category is anticipated to hold the greatest market share. Residential buildings are increasingly using ductless heating and cooling systems, consumer demand for energy-efficient products is rising, and developing nations like APAC and others are becoming more aware of the need for energy conservation, all of which contribute to the rise. The market for ductless heating and cooling systems for residential usage is expected to expand as governments spend more money on the construction of residential areas.
Browse Complete Report Here | Ductless Heating & Cooling Systems Market - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030
Regional Analysis:
- Asia-Pacific is anticipated to witness the highest CAGR during the forecast period.
During the projected period, the Asia Pacific region is anticipated to lead the global market for ductless heating and cooling systems. Rapid industrialization and the expanding construction sector, particularly in nations like China and India, are credited with the region's progress. By way of illustration, the India Brand Equity Foundation (IBEF) reports that India expects to invest USD 1.4 trillion in infrastructure over the course of the next five years through its "National Infrastructure Pipeline." Inflows of FDI were USD 81.72 billion in FY21, with 13% of the amount coming from infrastructure-related enterprises. The Pradhan Mantri Awas Yojna plan has sanctioned 122.69 lakh dwellings, prepared the groundwork for 103.01 lakh homes, and finished 62.21 lakh residences as of August 22, 2022. As a result, market growth is anticipated to be fueled by the region's expanding construction sector.
North America contributed the largest share of the revenue. Due to its highly developed value chain, the rising demand for energy-efficient buildings, and the rise of ductless heat pumps over the projection period, the region is expanding. As a result of altering lifestyles, shifting climatic circumstances, and the quickening expansion of the household sector, the market demand for ductless heating and cooling systems has expanded dramatically over the past few years. According to the U.S. Energy Information Administration, space heating and cooling account for more than half of all energy use in homes.
Report Scope:
| Report Attributes | Report Details |
| Report Name | Ductless Heating & Cooling Systems Market Research Report |
| Market Size in 2022 | USD 98.4 Billion |
| Market Forecast in 2030 | USD 205.1 Billion |
| Growth Rate | CAGR of 8.5% |
| Number of Pages | 195 |
| Key Companies Covered | Honeywell International Inc., LG Electronics South, Daikin Industries, Johnson Controls, Carrier, Trane Technologies plc, Mitsubishi Electric Corporation, Nortek Air Management, Samsung Electronics, FUJITSU, GREE, Hitachi, MiUea, Panasonic, Haier Smart Home, Whirlpool, Electrolux, Lennox among others. |
| Segments Covered | By Type, Application, and Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2022 |
| Historical Year | 2016 to 2020 |
| Forecast Year | 2023 - 2030 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Recent Industry Developments:
- In June 2021, US-based home appliance company Carrier Global acquired Guangdong Giwee Group and all of its affiliates, including Guangdong Chigo Heating & Ventilation Equipment Co. Ltd. With this acquisition, Carrier will gain access to the light commercial and variable refrigerant flow (VRF) sectors, both of which are rapidly expanding. Heating, ventilation, and air conditioning manufacturer Guangdong Giwee Group is located in China.
- In December 2022, two home HVAC companies, Trane home (Trane) and American Standard Heating & Air Conditioning (American Standard), announced the national rollout of Link, a communication system built to make the installation, commissioning, and remote monitoring of variable speed HVAC systems easier. Independent Trane and American Standard dealers can now sell and install Link nationwide following a regional build-out in spring 2022.
The global ductless heating & cooling systems market is segmented as follows:
By Type
- Split System
- Mini Split System
- Multi Split System
- VRF System
- Window Air Conditioning System
By Application
- Residential Buildings
- Commercial Buildings
- Industrial Buildings
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for ductless heating & cooling systems industry?
- what are the main driving factors propelling the ductless heating & cooling systems market forward?
- what are the leading companies in the ductless heating & cooling systems industry?
- what segments does the ductless heating & cooling systems market cover?
- how can i receive a free copy of the ductless heating & cooling systems market sample report and company profiles?
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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