Ductless Heating & Cooling Systems Market Share, Size, Trends, Industry Analysis Report, By Type (Split System, Window Air Conditioning System, Heat Pump, Chilled Water Systems, Others); By Application (Residential Buildings, Commercial Buildings, Industrial Buildings); By Region; Segment Forecast, 2022 - 2030
- Published Date:Jul-2022
- Pages: 114
- Format: PDF
- Report ID: PM2497
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global ductless heating & cooling systems market was valued at USD 98.88 billion in 2021 and is expected to grow at a CAGR of 8.1% during the forecast period. The adoption of IoT with ductless heating and cooling systems has boosted its popularity in commercial and residential settings. Ductless heating and cooling systems come in various shapes and sizes, and their functions vary depending on the application. The Internet of Things (IoT) is a scenario in which HVAC structures are connected to the Internet and share data. It manages HVAC systems, collects data, and stores it in the cloud; it improves HVAC operations for increased efficiency and runs a predictive maintenance schedule.
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However, according to the International Energy Agency, air conditioner sales increased by around 15% between 2019 and 2020. Increased sales of air conditioners will result in more pollutants being released into the atmosphere as the structures operate. Hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs) are removed by air conditioners, which trap heat in the atmosphere and contribute to global warming.
Manufacturers of ductless heating and cooling systems and refrigerants are forced to manufacture low-carbon-emitting structures and environmentally friendly refrigerants to avoid such problems. This, in turn, is expected to result in higher overall ductless heating system costs and the development of environmentally friendly refrigerants, putting pressure on ductless system manufacturers.
Industry Dynamics
Growth Drivers
Growth in construction and concerned, innovative city projects have enabled the market to grow forward. For instance, by 2020, the U.S. had approximately 41.3 million smart homes. Market demand for ductless cooling structures is bound to rise in commercial and residential buildings for fresh air and temperature.
Also, in April 2021, Durastar, a Ferguson heating, and cooling manufacturer debuted its mini-split system range at the Power Equipment Direct chain of outlets. With a 10-year components warranty, the product innovations give homeowners a dependable performance at an affordable price. Durastar mini-split structures provide optimal performance and durability, reducing contractor returns and improving customer satisfaction. Thus, the launches of heating and cooling systems for homes are driving the ductless heating & cooling systems market growth during the forecast period.
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Report Segmentation
The market is primarily segmented based on type, application, and region.
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By Type |
By Application |
By Region |
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Insight by application
The residential buildings segment is expected to be the most significant revenue contributor based on the application segment. The rising adoption of energy ductless heating and cooling structures and the expansion of the HVAC systems market are some of the factors driving the segment's growth. People worldwide strongly desire to reduce energy consumption in their homes to ensure a sustainable future. As a result, the growing emphasis on reducing energy consumption in the residential sector will likely encourage the future adoption of energy-efficient ductless heating and cooling systems.
Geographic Overview
In terms of geography, North America had the largest revenue share. The region is expanding due to its well-developed value chain, a growing trend towards energy-efficient buildings, and the expansion of the ductless heat pumps over the forecast period. The market demand for ductless heating and cooling systems has grown dramatically over the past several years due to changing lifestyles, changing climatic conditions, and the fast expansion of the residential sector. More than half of all home energy consumption is used for space heating and cooling, according to the U.S. Energy Information Administration (EIA).
Moreover, Asia Pacific is expected to witness a high CAGR in the global market. The growing investment in building and construction in the Asia Pacific market can be attributed to the market's growth. Additionally, manufacturers of ductless heating and cooling systems focus on this region because it is the largest regional market. China is the region's largest producer and consumer of ductless heating and cooling systems. For instance, in October 2020, Trane China launched its new "Air Cleaning System suite" to decrease contaminants in indoor environments.
Under the new normal brought on by the COVID-19 outbreak, the system improves indoor air quality (IAQ) and builds environmental safety, as well as meeting people's increased market demands for a safe, healthy, and pleasant interior environment. In addition, the growing use of ductless heating and cooling systems in commercial and residential buildings is expected to propel the market over the forecast period. China's rising market demand for ductless heating and cooling systems and untapped opportunities in India are expected to drive the overall ductless heating & cooling systems market forward in the coming years.
Competitive Insight
Some market players operating in the global ductless heating & cooling systems market include Carrier, DAIKIN Industries, Electrolux, FUJITSU, Haier Smart Home, Hitachi, Honeywell International Inc., Lennox, LG Electronics, Mitsubishi Electric Corporation, Nortek Air Management, Panasonic, Samsung Electronics, and Whirlpool.
Ductless Heating & Cooling Systems Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 98.88 billion |
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Revenue forecast in 2030 |
USD 194.14 billion |
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CAGR |
8.1% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
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Segments covered |
By Type By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Carrier, DAIKIN Industries, Electrolux, FUJITSU, Haier Smart Home, Hitachi, Honeywell International Inc., Lennox, LG Electronics, Mitsubishi Electric Corporation, Nortek Air Management, Panasonic, Samsung Electronics, and Whirlpool. |
