Ductless Heating and Cooling Systems Market to Cross US$ 228 Bn by 2032; China Remains a Key Market
Future Market Insights has released an exclusive research report, which shows that the ductless heating and cooling systems market is expected to grow at a CAGR of 8%, reaching US$ 228 Billion by 2032 from US$ 98 Billion in 2021.
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The pandemic impacted negatively on every business,
including the ductless heating and cooling systems market. However,
non-residential development encountered the most challenges at the start of
2020 for the ductless heating and cooling systems market.
Ductless heating and cooling systems are
commonly utilized in residential buildings to heat and cool the indoor
air. Therefore, ductless heating and cooling systems are most
popular in residential buildings.
The demand for ductless heating and cooling systems is
due to low energy consumption and ease of installation. In addition, the
Asia-Pacific region's fast-growing construction markets are boosting demand
for ductless heating and cooling systems for residential buildings,
thanks to the region's growing population, rapid urbanization, and strong
economic growth.
During the forecast period, sales of split ac with
heater increased by roughly 15%. Increased sales of split ac
with heater will result in more pollutants being emitted into the
atmosphere while the devices operate.
Ductless mini-split, multi-splits, split-ductless,
split-zoning, and variable refrigerant flows are all terms used to
describe ductless mini split ac. These air conditioners or split
heaters do not transfer air through ducting. Mini-splits are popular
in Europe and Asia, but they account for less than 5% of the market in the
United States.
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Nevertheless, they're a wonderful choice for older homes
that lack the ductwork needed for a traditional ducted heating and
cooling system, as well as homes or businesses with hot or cold zones.
As the demand for ductless heating and cooling
systems grows, the amount of energy and power consumed during
operation will also grow.
It is anticipated to result in higher total ductless
heating and cooling systems costs and the development of
environmentally sustainable cooling systems, exerting pressure
on ductless heating and cooling systems manufacturers.
In the case of ductless heating and cooling systems,
there is a lack of awareness about the economic and environmental benefits of
these systems; they are normally considered expensive, which makes ductless
heating and cooling systems market opportunity challenging
in the region.
Furthermore, there is also a lack of knowledge about
energy-efficient ductless heating and cooling systems.
The Internet of Things (IoT) is when HVAC systems are
connected to the Internet and data is shared. The Internet of Things enables
the HVAC system to have low ongoing maintenance and repair
expenses.
Cost-cutting, predictive maintenance, comfort
heating and cooling, and healthy building performance are advantages of
incorporating IoT into these applications. As a result, ductless
heating and cooling systems will benefit from the growing adoption
of IoT in the HVAC market.
Key Takeaways
- In
the United States, the ductless heating and cooling systems market
growth is expected to reach $17.6 billion by 2020.
- According
to the report, China, the world's second-biggest economy, is projected to
reach a ductless heating and cooling systems market size of
US$23.3 billion by 2027, with a CAGR of 10.8%.
- As
per the ductless heating and cooling systems market
study, Japan and Canada are two other ductless heating and cooling
systems markets expected to increase at 3.7% and 6.3%,
respectively, from 2020 to 2027.
- The
study finds that Germany is anticipated to expand at a CAGR of around 4.5%
in Europe.
- Mini-split
heating and cooling are forecasted to see a ductless
heating and cooling systems market growth at an annual rate of 8%
and reach US$65.9 billion by 2025.
- The ductless
heating and cooling systems market growth in the Window
Air Conditioner Systems segment has been updated to a revised
5.4% CAGR.
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Competitive Landscape
Between 2022 and 2032, these companies used various organic
and inorganic expansion tactics to increase their ductless heating and
cooling systems market size. In addition, these leading companies used new
product development, mergers, acquisitions, and expansion as important growth
strategies to expand their product range and regional presence and address the
growing demand for ductless heating and air conditioning units in
emerging nations.
The leading ductless heating and cooling systems
manufacturers are DAIKIN Industries (Japan), Mitsubishi,
Johnson Controls (US), Carrier (US), Trane Technologies plc
(US), LG Electronics (South Korea), Emerson Electric Co. (US), Fujitsu,
Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan),
Nortek Air Management (US), Samsung Electronics (South Korea), FUJITSU (Japan),
GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan).
- Carrier will
introduce a new Toshiba Carrier touchscreen controller for VRF systems in
North America in 2021, capable of linking up to 128 indoor devices to one
simple interface.
- Nortek
Global HVAC (NGH), a prominent unit ductless heater manufacturer,
revamped its whole Reznor brand of commercial, industrial, and residential
gas-fired unit mini split heaters for the North American
market in 2021.
- Trane
China introduced a new line of air cleaning systems in
2021 that uses modern technology to eliminate contaminants in interior
spaces, such as particles, gases, and viruses. Under the new normal with
the COVID-19 pandemic, the ductless heating, and cooling systems enhance
indoor air quality (IAQ), build environmental safety, and meet people's
additional criteria for a safe, healthy, and comfortable indoor
environment.
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