Overview and Scope
The ductless heating and cooling systems are used to control air temperature, resulting in better airflow and more comfortable temperatures. These systems are less expensive than installing central heating and air conditioning with no existing ducts and are handier than single-room heaters and window air conditioners. It offers varied control, energy savings, and improved air quality, enabling it to increase the efficiency and comfort of indoor environments.
Sizing and Forecast
The ductless heating and cooling systems market size has grown strongly in recent years. It will grow from <b>$78.63 billion in 2023 to $86.34 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. </b> The growth in the historic period can be attributed to energy efficiency regulations, increasing awareness of environmental sustainability and energy conservation, increased construction industry, fluctuating energy prices, and government incentives.
The ductless heating and cooling systems market size is expected to see strong growth in the next few years. It will grow to <b>$123.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. </b> The growth in the forecast period can be attributed to climate change mitigation efforts and the need for energy-efficient buildings, adoption of green building certifications and standards, research and development sustainable materials, increasing demand for passive house and zero-energy building designs, and urbanization and population growth. Major trends in the forecast period include smart and wi-fi-enabled systems, sustainability and eco-friendly refrigerants, inverter technology, ductless mini-split systems, and heat pump technology.
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Segmentation & Regional Insights
The ductless heating and cooling systems market covered in this report is segmented –
1) By Type: Cooling Only Split System, Heat Pump, Chilled Water System, Window Air Conditioners
2) By Application: Residential, Commercial, Industrial
<b>Asia-Pacific</b> was the largest region in the ductless heating and cooling system market in 2023. The regions covered in the ductless heating and cooling systems market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing number of smart homes is expected to propel the growth of the ductless heating and cooling systems market going forward. Smart homes give customers more control over home energy consumption by automating tasks such as regulating temperature, turning on/off lights, opening, and shutting window treatments, and adjusting watering based on weather. These facilities ensure electricity and reduce power and water bills. For instance, according to a survey by Oberlo, a Lithuania-based software development company, in 2022, nearly 57.4 million households in the US are currently using smart home devices, which is a 6.7% increase from 2021 where the number was 53.8 million households using smart home devices. Therefore, the growing number of smart homes will drive the ductless heating and cooling systems market during forecast period.
Key Industry Players
Major companies operating in the ductless heating and cooling systems market include <b> Daikin Industries Ltd., Fujitsu General Ltd., Hitachi Ltd., Lucky Goldstar Electronics Corp., Johnson Controls International PLC, Carrier Global Corporation, Trane Technologies plc, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Solutions LLC, Samsung Electronics Co. Ltd., GREE Electric Appliances Inc. of Zhuhai, Midea Group Co. Ltd., Panasonic Corporation, Haier Smart Home Co. Ltd., Whirlpool Corporation, Electrolux AB, Lennox International Inc., Rheem Manufacturing Company, Pioneer Air Conditioning & Heating Co., Mirage HVAC Systems Inc., Carrier Enterprise LLC, Friedrich Air Conditioning Co. Ltd., Gree USA Inc., LG HVAC, Senville, Air-Con International Inc., Cooper&Hunter International Corporation, YMGI Group </b>
The ductless heating and cooling systems market report table of contents includes:
1. Executive Summary
2. Ductless Heating And Cooling Systems Market Characteristics
3. Ductless Heating And Cooling Systems Market Trends And Strategies
4. Ductless Heating And Cooling Systems Market – Macro Economic Scenario
5. Global Ductless Heating And Cooling Systems Market Size and Growth
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26. South America Ductless Heating And Cooling Systems Market
27. Brazil Ductless Heating And Cooling Systems Market
28. Middle East Ductless Heating And Cooling Systems Market
29. Africa Ductless Heating And Cooling Systems Market
30. Ductless Heating And Cooling Systems Market Competitive Landscape And Company Profiles
Top Major Players:
- Daikin Industries Ltd
- Fujitsu General Ltd
- Hitachi Ltd
- Lucky Goldstar Electronics Corp
- Johnson Controls International PLC
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