Selbyville, Delaware, May 04, 2023 (GLOBE NEWSWIRE) --
Ductless Heat Pump Market size is expected to cross a valuation of USD 20.5 billion by 2032, according to the latest research report by Global Market Insights Inc.
A surge in demand for advanced space heating systems is expected to proliferate the industry growth. The increasing energy costs and household bills have encouraged the deployment of residential ductless heat pumps as an energy-efficient alternative to conventional space heating systems.
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Rise in green buildings to foster the product demand
The commercial ductless heat pump market is estimated to amass USD 5 billion by 2032. The growing efforts to clean energy transition are accelerating the demand for sustainable heating technologies, thus prompting commercial buildings to switch to ductless heat pumps. With the increasing emphasis on sustainable heating and cooling, several restaurant owners are deploying ductless systems on screened-in patios and enclosed decks to enhance energy and cost efficiency. Furthermore, green infrastructure initiatives will flourish the demand for these pumps.
Growing incidences of power outages to fuel deployment of single-zone ductless heat pumps
The industry size from single-zone systems is expected to witness 9.5% CAGR from 2023 to 2032. Single-zone heat pumps offer myriad benefits including controlled heating & cooling, zero ductwork across single-family structures, and greater interior design flexibility. These units are primarily deployed in single rooms such as workspaces, and garages, with similar functionality as that of window units, only with better aesthetic and energy efficiency. These heat pumps are gaining significant traction as they offer better resilience through redundancy, especially useful with the rising frequency of power outages.
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Surging energy consumption to augment North America ductless heat pump industry growth
North America market size is poised to attain 7.5% gains between 2023 and 2032. High demand for HVAC systems along with the growing awareness regarding the impact of traditional space heating technologies is driving the adoption of cleaner systems. Countries such as the U.S. and Canada have experienced an uptick in energy consumption in both residential and commercial sectors in the past few years.
According to the data released by the U.S. Energy Information Administration (EIA), in 2021, the commercial sector accounted for 7.5% of the total national primary energy consumption, whereas residential consumption was 10.8%. Hence, the rising energy demand for space heating across residential & commercial spaces will spur the regional ductless heat pump market demand.
Strategic expansion & investments to boost the global industry growth
Some of the leading companies in the ductless heat pump sector DAIKIN INDUSTRIES, Ltd., Trane, Carrier, FUJITSU GENERAL LIMITED, SAMSUNG, Johnson Controls, Lennox International Inc., Gree Electric Appliances, Inc., Panasonic Corporation, Rheem Manufacturing Company, Klimaire Products Inc., Bosch Thermotechnology Corp., Blue Star Limited., Bryant Heating & Cooling, MRCOOL., Argoclima S.p.A. are. These firms are focusing on strategic initiatives and investments to expand their customer network.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Ductless Heat Pump industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Application trends
2.1.3 System trends
2.1.4 Regional trends
Chapter 3 Ductless Heat Pump Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory Landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 Increasing demand for energy-efficient systems
3.4.1.2 Positive transition toward clean energy alternatives
3.4.1.3 Growing demand for advanced space heating technologies
3.4.1.4 Rapid urbanization and commercialization
3.4.2 Industry Pitfalls and Challenges
3.4.2.1 Presence of a wide variety of alternatives
3.5 Growth potential analysis
3.6 Porter's Analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
