The global ductless heating & cooling systems market size was worth around USD 98.4 Billion in 2022 and is predicted to grow to around USD 205.1 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.5% between 2023 and 2030.
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➤ Growth in the market is fuelled by an expanding number of smart homes.
There is a significant expectation that the market for ductless heating and conditioning systems will expand significantly due to the increasing number of smart homes. Smart homes provide householders with greater control over their energy consumption by automating processes such as temperature control, light on/off, window treatment opening and closing, and weather-based watering adjustments. These facilities ensure energy conservation and reduced water and power expenses. For example, a survey conducted by the Lithuanian software development firm Oberlo revealed that in 2022, approximately 57.4 million households in the United States were utilising smart home devices, a 6.7% increase from the 53.8 million households that were using these devices in 2021.
➤ The market growth is being impeded by the growing environmental issue.
The increased sales of air conditioners will result in the generation of more air pollutants while they are in use. Air conditioners produce hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs), which contribute to global warming. It is imperative to develop heat-conveying devices that are both energy-efficient and have a minimal environmental impact in response to the increasing demand for ductless heating and cooling systems and freezers. In comparison to air conditioners that utilise R-22 as the refrigerant, R-32 can decrease energy consumption by 10%.
➤ An appealing opportunity is presented by technological advancements.
Technological innovation is a significant trend that is gaining momentum in the global market for ductless heating and conditioning systems. The primary focus of the main players in the ductless heating and cooling systems industry is to provide technologically advanced products in order to enhance their market position. These businesses are incorporating next-generation technologies into their products and framework to provide independent humidity and temperature control without the use of potentially harmful refrigerants. These technologies include automation, the Internet of Things, sophisticated control algorithms, inverter-driven compressors, intelligent valves, and several others.
➤ The installation cost is a significant obstacle.
One of the primary factors restricting the market for ductless heating and conditioning systems is the high cost of installation. HVAC systems that lack ducts typically necessitate a greater initial investment than conventional systems. This is due to the necessity of additional hardware, including an indoor air handler and an outdoor condensing unit, in addition to professional installation.
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The Global Ductless Heating & Cooling Systems Market is segmented based on product, application and region
Global Ductless Heating & Cooling Systems Market: Product Segment Analysis
● Split System
● Window Air Conditioning System
Global Ductless Heating & Cooling Systems Market: Application Segment Analysis
● Residential Buildings
● Commercial Buildings
● Industrial Buildings
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The global Ductless Heating & Cooling Systems market profiles key players such as:
● Honeywell International Inc.
● LG Electronics South
● Daikin Industries
● Johnson Controls
● Carrier
● Trane Technologies plc
● Mitsubishi Electric Corporation
● Nortek Air Management
● Samsung Electronics
● FUJITSU
● GREE
● Hitachi
● MiUea
● Panasonic
???? Recent Developments:
• The acquisition of Guangdong Giwee Group and all of its affiliates, including Guangdong Chigo Heating & Ventilation Equipment Co. Ltd., by the US-based home appliance company Carrier Global in June 2021. Through this acquisition, Carrier will acquire access to the light commercial and variable refrigerant flow (VRF) sectors, both of which are experiencing significant growth. Guangdong Giwee Group is a Chinese manufacturer of heating, ventilation, and air conditioning.
• Trane home (Trane) and American Standard Heating & Air Conditioning (American Standard) announced the national rollout of Link in December 2022. Link is a communication system that has been designed to simplify the installation, commissioning, and remote monitoring of variable speed HVAC systems. Following a regional build-out in spring 2022, independent Trane and American Standard dealers are now able to sell and install Link on a national scale.
➤ It is anticipated that the Asia Pacific region will experience the most rapid rate of growth during the projected period.
The global ductless heating and cooling systems market is anticipated to be dominated by the Asia Pacific region during the forecast period. The rapid industrialisation and expanding construction industry, particularly in countries such as China and India, are the primary factors contributing to the region’s growth. For instance, the India Brand Equity Foundation (IBEF) states that India intends to allocate USD 1.4 trillion towards infrastructure expenditures over the next five years as part of its “National Infrastructure Pipeline.” In FY21, FDI inflows totalled USD 81.72 billion, with infrastructure-related activities accounting for 13% of the total.
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