Pune, May 08, 2023 (GLOBE NEWSWIRE) -- Market Overview
Ductless heating and cooling systems, also known as mini-split systems, are a type of HVAC (heating, ventilation, and air conditioning) system that does not require ductwork. These systems consist of an outdoor unit and one or more indoor units that are mounted on the wall or ceiling of a room. Unlike traditional HVAC systems, which use ducts to distribute conditioned air throughout a building, ductless systems use refrigerant lines to connect the indoor and outdoor units. This allows for more flexible installation options and the ability to customize temperature settings for individual rooms or zones.
“According to SNS Insider, The Ductless Heating & Cooling Systems Market was valued at USD 106.55 billion in 2022, and it is projected to reach USD 211.53 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.95% during the forecast period of 2023-2030. “
Market Analysis
In recent years, the construction industry has witnessed a significant surge in growth, leading to the development of innovative urban projects. This growth has created a need for efficient heating and cooling systems, and the ductless heating & cooling systems market has flourished as a result. One of the key advantages of ductless heating and cooling systems is their ability to provide fresh air and maintain comfortable temperatures in both commercial and residential buildings. As a result, market demand for these systems is expected to continue to rise in the coming years.
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Major Company Profiles Listed in this Report are:
The key players are DAIKIN Industries, Johnson Controls, Carrier, Trane Technologies plc, LG Electronics, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung Electronics, Hitachi Ltd., Lennox International Inc., Whirlpool Corporation. & more
Impact of Recession on Ductless Heating & Cooling Systems Market Growth
Recession can have a significant impact on various industries, including the HVAC (heating, ventilation, and air conditioning) market, and specifically on the ductless heating and cooling systems segment. However, it is worth noting that ductless heating and cooling systems have become increasingly popular in recent years due to their energy efficiency, flexibility, and ease of installation. As such, the ductless heating & cooling systems market may be more resilient to economic downturns compared to other HVAC segments.
Ductless Heating & Cooling Systems Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 106.55 Billion |
| Market Size by 2030 | US$ 211.53 Billion |
| CAGR | CAGR of 8.95% From 2022 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Type (Split System, Window Air Conditioning System) • By Application (Residential Buildings, Commercial Buildings, Others)) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
According to recent market trends, North America currently holds the largest revenue share in the ductless heating & cooling systems market. This can be attributed to the region's well-established value chain, as well as the increasing adoption of energy-efficient buildings and the proliferation of ductless heat pumps in the forecast period. The demand for ductless heating and cooling systems has witnessed a significant surge in recent years, primarily due to changing lifestyles, evolving climatic conditions, and the rapid expansion of the residential sector.
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Key Takeaway from Ductless Heating & Cooling Systems Market Study
- The split system segment is set to dominate the market. This is due to the increasing adoption of split systems in residential and commercial spaces, as they offer higher efficiency, flexibility, and ease of installation compared to traditional HVAC systems.
- The residential buildings segment is predicted to dominate the market in the coming years. This is due to the increasing demand for energy-efficient and cost-effective HVAC solutions in residential spaces.
Recent Developments Related to Ductless Heating & Cooling Systems Market
- Sila, a leading HVAC company, has recently announced the acquisition of Boston Standard Company and New England Ductless. This strategic move is expected to strengthen Sila's presence in the Northeast region of the United States and expand its range of services to customers.
- A Greenville-based HVAC company is expanding its services to cover Anderson, Pickens, and Oconee County. This announcement is expected to bring top-notch HVAC services to residents in these areas, as the company has established itself as a trusted name in the industry.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Ductless Heating & Cooling Systems Market Segmentation, by Type
9. Global Ductless Heating & Cooling Systems Market Segmentation, by Application
10. Global Ductless Heating & Cooling Systems Market, by region/ country
11. Company profiles
12. Competitive Landscape
13. Conclusion
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