BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global ductless heating and cooling systems market size at USD 105.47 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global ductless heating and cooling systems market size to grow at a CAGR of 8.1% reaching a value of USD 180.87 billion by 2029. In the home market, where they are utilized to maintain a certain temperature, ductless heating and cooling systems are highly sought after. The market for ductless heating and cooling systems is expected to grow during the projected period by the rapid growth of the residential sector as a result of population expansion, changing lifestyles, and rising incomes, as well as growing consumer demand for the systems.
Global Ductless Heating and Cooling Systems Market - Overview
Ductless heating and cooling systems, in most cases, use two-way heat pumps to transfer heat from indoor to outdoor air. This air can be made wider or narrower by using a refrigerant. The ductless system used is the refrigerant vapor compression cycle, which is similar to a standard white goods cycle. They employ a refrigerant (cooling) cycle to absorb heat from the outside air and circulate colder air throughout the house. The opposite is true for the heating cycle. Ductless systems use mechanical device technology with variable-speed electrical converters to effectively heat and cool any home. Cooling systems are described using terms such as heat pumps and mini-split units, which are cost-effective heating and cooling systems. These systems are dependable, secure, cost-effective, and energy-efficient.
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Global Ductless Heating and Cooling Systems Market – By Application
Global ductless heating and cooling systems market is segmented into three applications: residential buildings, commercial buildings, and industrial buildings. During the forecast period, the residential application segment is expected to account for the highest market share. The increasing adoption of ductless heating and cooling systems in residential structures, rising consumer demand for energy-efficient products, and increasing awareness of the need for energy conservation in developing countries in the APAC region are expected to contribute to the segment growth. The market for ductless heating and cooling systems for residential applications is also expected to grow as governments increase their spending on residential construction.
Impact of COVID-19 on Global Ductless Heating and Cooling Systems Market
Because of concerns about additional COVID outbreaks and China's already hazy post-pandemic future, there is a real possibility that the world will face more severe supply chain pain and manufacturing disruptions. The complexity of the challenges will grow as a result of volatile financial markets, rising trade tensions, tougher regulatory environments, and increased pressure to incorporate climate change into economic decisions. In 2023, the majority of markets, investors, and consumers are expected to have a difficult year. Organizations and leaders who can forge a future of resilience and adaptation, on the other hand, will always have opportunities.
Competitive Landscape
Global ductless heating and cooling systems market is fiercely competitive. Prominent players in the market include Daikin Industries, Johnson Controls, Carrier, Trane Technologies plc, LG Electronics South, Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung Electronics, FUJITSU, GREE, Hitachi, MiUea, Panasonic, Haier Smart Home, Whirlpool, Electrolux, and Lennox. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Global ductless heating and cooling systems market.
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