Ductless Heating & Cooling Systems Market | Key players operating in the market include Dow Inc, Mitsui Chemical, Exxon Mobil Corp, LydondellBasell Industries N.V., Ineos Group

According to recent market research the "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", The global ductless heating & cooling systems market size is projected to grow from USD 98.4 billion in 2021 to USD 145.0 billion by 2026, at a CAGR of 8.1% from 2021 to 2026. 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. 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.

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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.

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.

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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.

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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Daikin manufactures general air-conditioning equipment with in-house divisions covering both air conditioning and refrigerants. The company mainly operates through Air Conditioning, Chemicals, and other business segments. The Air Conditioning segment offers HVAC products such as split/multi-split air conditioners, unitary air conditioners, air-to-water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC. The Chemicals segment offers fluorocarbon gas, fluororesin, and other chemical products such as semiconductor etching agents, water and oil repellent, surfactant, carbon fluoride, and fluorine oil. The Other segment covers oil machinery, special machinery, and electronic systems. Daikin has more than 100 production units across the world and conducts businesses in more than 150 countries. Furthermore, the company has acquired the ISO9001 certification for all production facilities and implements high-quality maintenance and management systems in its development, procurement, and production facilities.

Johnson Controls conducts its business through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company provides HVAC equipment, energy management systems, security systems, fire detection systems, and fire suppression solutions. Moreover, it offers products related to HVAC equipment, which include heating, cooling, air handling, and controls solutions. The company also provides HVAC operations, maintenance (planned and preventive), and repair services; remote monitoring management services; predictive and diagnostic services; system integration services; part replacement and supplies services; and managed and training services.

LG Electronics produces consumer electronics and home appliances. Major operating segments of the company are Home Entertainment (HE), Home Appliances & Air Solutions (H&A), Mobile Communications (MC), Vehicle Component Solutions (VS), Innotek, Business Solutions (BS), and Other. The Home Appliances & Air Solutions segment manufactures refrigerators, washing machines, vacuum cleaners, and residential and commercial air conditioners. Under this segment, LG Air Conditioning Technologies offers duct-free systems, Variable Refrigerant Flow (VRF) systems, and packaged terminal air conditioner (PTAC) systems. The company operates through wholly owned subsidiaries in North America, Europe, and Asia.

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