Global Ductless HVAC system Market Synopsis
As per a detailed analysis by Market Research Future (MRFR), the global ductless HVAC system market is likely to experience a CAGR of 8.5% during the forecast period (2016-2021). As the ductless HVAC system consume low energy, it is gaining popularity worldwide. Ductless HVAC is referred to as a system which is generally used for heating and cooling purposes. It is a low-cost system, can be easily installed, and its temperature adjustment can be made easily due to its size. Heating, ventilating, and air conditioning (HVAC) equipment performs cooling and heating for commercial, residential, and industrial buildings. The system also guarantees maintenance of humidity and home temperature in an economic way.
Market Potential and Pitfalls
The Ductless HVAC System Market Reports is experiencing a significant spike in its growth as the system consumes less energy and can be easily installed since these systems do not use ducts for cooling process. Factors such as highly flexible solutions, low carbon footprint, and enhanced indoor air quality are stimulating the market growth during the forecast period. The advancement in technology is further driving the market growth during the review period. While traditional HVAC systems force to heat and cool air with the help of ducts, ductless systems deliver air to different zones directly. They feature a small outdoor unit along with one or more indoor units which require access to electricity and mounting capabilities. The overall cost savings leads the home owners to switch to ductless HVAC systems. Such factors are predicted to enhance the market growth across the globe. Several features such as multiple stages of cooling and heating and variable fan speeds enable the market to reach out to a wider segment of audience.
On the contrary, the high initial installment cost coupled with the adverse effects on the environment are the top tow concerns estimated to restrict the growth of ductless HVAC system market over the years.
Global Ductless HVAC System Market: Segmental Analysis
The global ductless HVAC system market has been segmented o the basis of equipment type, implementation type, and application.
By mode of equipment type, ductless HVAC system market comprises ventilation, heating, and cooling.
The implementation type comprises retrofit and new construction.
By mode of application, the market has been segmented into commercial, residential, and industrial. Among these, the residential segment commands the largest market share. As these systems can be easily installed and consume low energy, they are highly adopted in the residential buildings.
Regional Frontiers
Geographically, the ductless HVAC system market has been studied under regions namely, Europe, Asia Pacific, North America, and Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region is estimated to command the largest market share and is likely to retain its dominance in the coming years. emerging economies like India and China are estimated to experience rapid growth rate and change in climatic condition which further enhances the growth of the market. Moreover, the booming constriction industry is likely to stimulate the market’s course in the coming years. Moreover, the steady economic growth along with surging population especially in countries like South Korea, China, Japan, India, and Indonesia are creating significant growth in the usage of ductless heating & cooling systems in commercial as well as residential buildings.
The North American region is considered to be one of the largest consumers of the system as this region experiences very high temperature during summer. The need for these systems becomes crucial during this time of the season. The populace in this region is considered to have a high purchasing power parity which triggers its demand in this region. The construction sector in this region has also showcased a significant growth which further enhances the market’s course.
Competitive Dashboard
The prominent players operating in the global ductless HVAC system market comprises Hitachi, Ltd., Samsung Electronics Co., Ltd., LG Electronics, United Technologies Corporation, Mitsubishi Electric Corporation, Johnson Controls, Daikin Industries Ltd., Whirlpool Corporation, Trane, and Electrolux.
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