Dublin, Oct. 14, 2022 (GLOBE NEWSWIRE) -- The "Ductless Heating And Cooling Systems Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global ductless heating and cooling system market is expected to grow from $67.70 billion in 2021 to $73.22 billion in 2022 at a compound annual growth rate (CAGR) of 8.16%. The ductless heating and cooling system market is expected to reach $106.43 billion in 2026 at a compound annual growth rate (CAGR) of 9.80%.
The main types of ductless heating and cooling systems are cooling only split system, heat pump, chilled water system and window air conditioners. The cooling only split system are an HVAC system that includes indoor and outdoor units linked by copper tubing. Split systems have a heat pump or air conditioner installed outside the home and a gas furnace or a fan coil inside. These ductless heating and cooling systems are commonly used in residential, commercial and industrial areas.
Asia-Pacific was the largest region in the ductless heating and cooling system market in 2021. The regions covered in the ductless heating and cooling system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing number of smart homes is expected to significantly contribute to the growth of the ductless heating and cooling systems market. 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 to save 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 system market.
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 to provide versatility and energy efficiency. These ductless heating and cooling systems include a wireless remote controller, an optional cable remote controller, a 24V interface, and a Wi-Fi kit.
In June 2021, Carrier Global, a US-based home appliances corporation, acquired Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co. Ltd., for an undisclosed amount. With this acquisition, Carrier will access the fast-increasing variable refrigerant flow (VRF) and light commercial markets. Guangdong Giwee Group is a China-based heating, ventilation, and air conditioning manufacturer.
Scope
Markets Covered:
1) By Type: Cooling Only Split System; Heat Pump; Chilled Water System; Window Air Conditioners
2) By Application: Residential; Commercial; Industrial
Key Topics Covered:
1. Executive Summary
2. Ductless Heating And Cooling Systems Market Characteristics
3. Ductless Heating And Cooling Systems Market Trends And Strategies
4. Impact Of COVID-19 On Ductless Heating And Cooling Systems
5. Ductless Heating And Cooling Systems Market Size And Growth
6. Ductless Heating And Cooling Systems Market Segmentation
7. Ductless Heating And Cooling Systems Market Regional And Country Analysis
8. Asia-Pacific Ductless Heating And Cooling Systems Market
9. China Ductless Heating And Cooling Systems Market
10. India Ductless Heating And Cooling Systems Market
11. Japan Ductless Heating And Cooling Systems Market
12. Australia Ductless Heating And Cooling Systems Market
13. Indonesia Ductless Heating And Cooling Systems Market
14. South Korea Ductless Heating And Cooling Systems Market
15. Western Europe Ductless Heating And Cooling Systems Market
16. UK Ductless Heating And Cooling Systems Market
17. Germany Ductless Heating And Cooling Systems Market
18. France Ductless Heating And Cooling Systems Market
19. Eastern Europe Ductless Heating And Cooling Systems Market
20. Russia Ductless Heating And Cooling Systems Market
21. North America Ductless Heating And Cooling Systems Market
22. USA Ductless Heating And Cooling Systems Market
23. South America Ductless Heating And Cooling Systems Market
24. Brazil Ductless Heating And Cooling Systems Market
25. Middle East Ductless Heating And Cooling Systems Market
26. Africa Ductless Heating And Cooling Systems Market
27. Ductless Heating And Cooling Systems Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Ductless Heating And Cooling Systems Market
29. Ductless Heating And Cooling Systems Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- Daikin Industries Ltd.
- Fujitsu General Ltd.
- Hitachi Ltd.
- LG Electronics Corp
- Johnson Controls International
For more information about this report visit https://www.researchandmarkets.com/r/vu7ex9
