In a remarkable trajectory, the global ductless heating and cooling systems market not only attained an approximate valuation of US$ 98 billion in 2021 but is also poised for an extraordinary journey ahead. Fueled by a robust Compound Annual Growth Rate (CAGR) of 8% from 2022 to 2032, the industry is anticipated to reach an impressive valuation of around US$ 228 billion by the conclusion of this transformative decade.
Ductless heating and cooling systems have swiftly become integral to modern smart homes, providing meticulous control over indoor air quality and climate. These systems excel in regulating temperature, humidity, and fresh air intake, contributing to the establishment of a comfortable and sustainable living environment. Their unique appeal lies in adaptability for optimization through various components, including smart thermostats, sensors, control valves, heating and cooling coils, dampers, actuators, pumps, and fans. As the market for these systems continues to evolve, the emphasis on precision and sustainability in climate control is expected to drive its remarkable growth.
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Ductless Heating and Cooling Systems Market: Dynamics & Trends
Air conditioners and freezers are familiar examples of heat pumps. The term ‘heat pump’ is more general and applies to many HVAC (heating, ventilating, and air conditioning) devices used for space heating or space cooling. Ductless systems utilize variable speed compressors with inverter technology (alternating current cycle to direct current cycle) to match the continuous requirement of heating/cooling loads.
Thus, the inefficient on/off cycle of the conventional electric resistance and central heating systems is avoided. Conventional electric resistance and heating systems are often associated with uncomfortable temperature variations and high energy consumption.
The inverter technology makes the operation ultra-quiet at variable speeds. This results in even temperature control, energy savings, and high power dehumidification. The compressor speed modulates automatically, akin to a vehicle’s cruise control. This variable compressor speed enables the system to avoid running at maximum capacity constantly and draw energy when needed.
Ductless heating and cooling systems offer highly flexible heating and cooling solutions depending on the zones and closed spaces. These systems save overall cost power consumption as compared to ducted systems and conventional electric resistance and heating systems.
Apart from saving costs, installation ion of ductless systems enables tax credits and utility rebates for a year (in federal, state, or local level programs), especially in North America, Europe, and some countries in Asia such as Japan.
Ductless heating and cooling systems are quick and easy to install. They do not disrupt daily activities regardless of the space where they are intended to be installed. Based on environment protection, heating and cooling systems, especially the cooling systems, emit CFCs (Chloro-Fluoro-Carbons) that directly damage the protective layer of ozone. Ductless systems with the latest inverter technology and improved refrigerant usage lower the carbon footprint and are considered to be highly environmentally friendly.
Ductless Heating and Cooling Systems Market: Segmentation
Based on application, the ductless heating and cooling systems market can be segmented by type into single-zone systems and multi-zone systems. In terms of end-use, the market can be divided into HVAC (heating ventilation and air conditioning), water heating, and district heating. Based on region, the global ductless heating and cooling systems market can be segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
A list of Key Players Covered in the Ductless Heating and Cooling Systems Market are:
- Hitachi Ltd
- LG Electronics
- Mitsubishi Electric Co
- Daikin Industries Ltd
- Trane Technology
- Johnson Controls
- Lennox International Inc.
- Whirlpool Corporation
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Market Segments Covered:
By Product Type:
- Split System
- Mini Split System
- Multi Split System
- VRF system
- Window Air conditioning System
- Residential Building
- Commercial Building
- Industrial Building
- North America
- Latin America
- Asia Pacific
- Middle East & Africa