Ductless heating and cooling systems, also known as mini-split systems, are a type of HVAC (Heating, Ventilation, and Air Conditioning) system that does not require ductwork. These systems consist of an outdoor unit and one or more indoor units that are mounted on the wall or ceiling of a room. Unlike traditional HVAC systems, which use ducts to distribute conditioned air throughout a building, ductless systems use refrigerant lines to connect the indoor and outdoor units. This allows for more flexible installation options and the ability to customize temperature settings for individual rooms or zones.
In recent years, the construction industry has witnessed a significant surge in growth, leading to the development of innovative urban projects. This growth has created a need for efficient heating and cooling systems, and the ductless heating & cooling systems’ market has flourished as a result. One of the key advantages of ductless heating and cooling systems is their ability to provide fresh air and maintain comfortable temperatures in both commercial and residential buildings. As a result, market demand for these systems is expected to continue to rise in the coming years.
Based on SNS Insider analysis, ductless systems can be integrated into home automation and smart home systems, allowing for greater control over temperature and energy usage. This is becoming increasingly important to homeowners who are looking for more energy-efficient and convenient solutions for their homes.
Major players in the market
The key players are DAIKIN Industries, Johnson Controls, Carrier, Trane Technologies plc, LG Electronics, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corporation, Nortek Air Management, Samsung Electronics, Hitachi Ltd., Lennox International Inc., and Whirlpool Corporation. Of course there are other regional players too.
Impact of recession
Recession can have a significant impact on various industries, including the HVAC (heating, ventilation, and air conditioning) market, and specifically on the ductless heating and cooling systems segment. However, it is worth noting that ductless heating and cooling systems have become increasingly popular in recent years due to their energy efficiency, flexibility, and ease of installation. As such, the ductless heating & cooling systems market may be more resilient to economic downturns compared to other HVAC segments.
Key regional developments
According to the recent market trends, North America currently holds the largest revenue share in the ductless heating & cooling systems market. This can be attributed to the region’s well-established value chain, as well as the increasing adoption of energy-efficient buildings and the proliferation of ductless heat pumps in the forecast period. The demand for ductless heating and cooling systems has witnessed a significant surge in recent years, primarily due to changing lifestyles, evolving climatic conditions, and the rapid expansion of the residential sector.
High market potential indicators
The split system segment is set to dominate the market. This is due to the increasing adoption of split systems in residential and commercial spaces, as they offer higher efficiency, flexibility, and ease of installation compared to traditional HVAC systems.
The residential buildings segment is predicted to dominate the market in the coming years. This is due to the increasing demand for energy-efficient and cost-effective HVAC solutions in residential spaces.
