Ductless Heating & Cooling Systems Market worth $145.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 15, 2022 /PRNewswire/ -- According to the new market research report "Ductless Heating & Cooling Systems Market by Type(Split Systems, and Window Air Conditioning Systems), Application(Residential Buildings, Commercial Buildings,and Industrial Buildings) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Ductless Heating & Cooling Systems Market is projected to grow from USD 98.4 billion in 2021 to USD 145.0 billion by 2026, at a CAGR of 8.1% during the forecast period. Constant efforts for developing next-generation low global warming potential refrigerants for ductless systems is expected to be the key growth opportunity for the market players.
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The ductless heating & cooling systems market includes major Tier I and II players like DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), and others. These players have a strong market presence for ductless heating & cooling systems across various countries in North America, Europe, APAC, and RoW.
Growing trend of smart homes
The ductless heating & cooling systems market size is estimated to be USD 98.4 billion in 2021 and is projected to reach USD 145.0 billion by 2026; it is expected to grow at a CAGR of 8.1% from 2021 to 2026. According to the Consumer Technology Association (CTA), the number of smart homes in the US is expected to reach ~35.2 million units by 2020. The growth in smart homes is expected to create demand for ductless systems. An HVAC system is used in smart homes for controlling air temperature, humidity, and fresh air intake. It helps maintain better airflow and comfortable temperatures in every room. In a smart home, one can monitor the system performance and respond to system-generated alarms from local or remote locations.
New energy-efficient ductless systems are replacing the traditional HVAC systems. Upcoming technologies such as ice-powered AC, motion-activated air conditioning systems, and smart vents are integrated into modern ductless systems to increase energy efficiency, reduce energy costs, and lower carbon emissions.
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Residential: Largest application of ductless heating & cooling systems market
The residential application segment is expected to hold the largest market share during the forecast period. The growth is attributed to the increasing adoption of ductless heating & cooling systems in residential buildings, growing demand for energy-efficient devices, and rising awareness regarding energy conservation in developing regions such as APAC and RoW. Moreover, increasing investments by governments for the construction of residential spaces are also expected to propel the growth of the ductless heating & cooling systems market for residential application.
APAC is the fastest-growing market for ductless heating & cooling systems
APAC is projected to be the fastest-growing ductless heating & cooling systems market. The growth of the APAC ductless heating & cooling systems market can be attributed to the growing investment in building & construction in the region. Additionally, Ductless heating & cooling systems manufacturers are targeting this region, as it is the strongest regional market. China is the leading producer and consumer of ductless heating & cooling systems in the region. Other major markets in the region are emerging economies such as Japan, India, and Thailand.
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Most active players in the ductless heating & cooling systems market:
DAIKIN Industries (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), 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), Haier Smart Home (China), Whirlpool (US), Electrolux (Sweden), and Lennox (US).
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