Energy

Ductless HVAC system Market Share- Revenue, Growth and Size by 2030

The global ductless HVAC system market 2020 is all set to advance at a decent rate of close to 8.5% between 2022 and 2030 (forecast timeline), says Market Research Future (MRFR).

Growth Boosters and Main Barriers

Ductless HVAC system market size continues to expand favorably all over the world, since these systems are easily installable and consume low energy, given that they do not need duct for the cooling process. These systems are increasingly gaining traction on account of their features such as cooling stages, variable fan speeds as well as multiple heating. Also, rising environmental temperature coupled with the surge in disposable income can boost the demand for ductless HVAC system.

The ductless HVAC system market also stands to benefit from the soaring demand for energy-efficient solutions, increase in government incentives with tax credit programs, and the emerging trend of smart homes. Given the increasing temperature as well as unpredictable climatic conditions, many customers now consider ductless HVAC system as a long-term investment. Besides, increasing inclination towards comfort among consumers also boosts the ductless HVAC systems market share across the globe.

Next gen technologies like automated control systems, remote control access are Internet of Things (IoT) are disrupting the ductless HVAC equipment system industry. IoT-backed HVAC units work by connecting to the internet and offer real-time data regarding the condition of the systems to the users as well as manufacturers, which helps detect any defects and also bring down the maintenance costs.

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Top Market Participants

Trane, Whirlpool Corporation, United Technologies Corporation, LG Electronics, Daikin Industries Ltd., Johnson Controls, Samsung Electronics Co. Ltd., Hitachi Ltd., Electrolux, Mitsubishi Electric Corporation are some of the top participants in the ductless HVAC system market.

Market Segmentation

The market segmentation for ductless HVAC system includes equipment type, implementation type, and application.

The equipment types studied in the report are heating, ventilation and cooling. The heating equipment makes for a significant part of a HVAC system and is used for heating the buildings to a certain temperature. This is a common practice in cold regions that observe frequent climate change. In addition, the mounting demand for renewable energy sources and the strong backing from the government in the form of subsidiaries also fosters the demand for heating equipment.

The implementation types covered are retrofit and new construction.

The application-based segments offered in the report are industrial, commercial and residential. Ductless HVAC systems are largely deployed in residential buildings to heat and cool the indoor air. Since these systems make use of less energy compared to the ducted types and are easily installable, they are being increasingly used in residential buildings. Therefore, out of all the applications in the ductless HVAC system market, the residential building segment is projected to note the highest growth prospects in the following years.

Regional Outlook

The main markets for ductless HVAC system identified in the report are Asia Pacific (APAC), North America, Europe and the Rest of the World (RoW).

APAC ranks first in the global market for ductless HVAC system and is expected to maintain its lead throughout the review period. Fast-emerging countries with their expansive construction sectors, burgeoning population, rapid urbanization and steady economic growth are some of the top factors boosting the market growth in the region. Mini split ductless HVAC systems are a big hit in the region, with most of the demand coming from the residential segment. The increasing collaborations between industry experts and regulatory bodies to boost the awareness about star-labeled HVAC units and the presence of government initiatives promoting the deployment of high quality energy-efficient units in new and old buildings can deem profits for the regional market in the approaching years.

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Europe represents the developed part of the globe, housing a significant share in the global market. The chief growth-inducers in the regional market include the presence of an illustrious real estate sector as well as a tourism sector. High sales of commercial HVAC units, implementation of strict government norms, surge in construction activities, and a thriving industrial base lay the groundwork for the business growth in the region.