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Global Ductless Heating And Cooling Systems Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Ductless Heating And Cooling Systems Global Market Report 2024
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According to The Business Research Company's, The ductless heating and cooling systems market size has grown strongly in recent years. It will grow from $78.63 billion in 2023 to $86.34 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. 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 $123.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. 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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Market Drivers and Trends:
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.
Technological innovation is a key trend gaining popularity in the ductless heating and cooling systems market. Major companies operating in the ductless heating and cooling systems market are focused on providing technologically advanced devices to strengthen their market position. These companies are implementing next-generation technologies into their devices and framework, such as automation, Internet of Things, advanced control algorithms, inverter-driven compressors, intelligent valves, and others to provide independent humidity and temperature control while eliminating the need for environmentally hazardous refrigerants. For instance, in March 2021, Carrier, a US-based home appliance company, introduced new ductless heating and cooling products that are fully communicative, providing versatility and energy efficiency. These products include the Performance Series high wall ductless system, which comprises the 40MAHB indoor unit and the 38MARB outdoor unit, and the multi-poise 40MBAA air handler.
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Major Key Players of the Market:
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
Ductless Heating And Cooling Systems Market 2024 Key Insights:
• The ductless heating and cooling systems market size is expected to see strong growth in the next few years. It will grow to $123.61 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Rising Prevalence Of Intelligent Or Connected Homes
• Development Of Technologically Advanced Products
• Asia-Pacific was the largest region in the ductless heating and cooling system market in 2023
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