Global Ductless Heating & Cooling Systems Market - 2020-2027
Ductless systems use capricious speed inverter compressor epertise to heat and cool any breathing space where they are set up. They are also identified as heat pumps or small splits units that are competent cooling and heating systems. These systems are quite economical, secure and energy competent, and sturdy. They are mutual heat pumps that transmit heat between outdoor and indoor air. Moreover, this air is contracted or prolonged utilizing a refrigerant.
The global ductless heating & cooling systems market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
Ductless heating & cooling systems are witness a soaring demand from the construction sector in the Asia-Pacific region. Expansions and new product launch activities related to the development of high-energy efficient solutions undertaken by different companies are the vital factors driving the growth of the global ductless heating & cooling systems market.
Significant growth in residential buildings, the fastest-growing application for ductless heating & cooling systems is a key driver
Ductless heating & cooling systems are majorly used for heating and cooling indoor air in residential buildings. Residential buildings have come across as the major consumers for the ductless heating & cooling systems. The demand is due to the low energy consumption of ductless heating & cooling systems and their easy installation. Fast-growing construction markets in the Asia-Pacific region such as India and China among others are stimulating the demand for ductless heating & cooling systems for residential buildings, which is a result of the rising population, rapid urbanization and strong economic growth in the region.
Growing demand for energy efficient systems, is boosting the ductless heating & cooling systems market
The global construction industry is anticipated to grow at a steady pace attributed to the increasing demand for residential buildings in major economies such as India, China, the U.S., Middle East and others. There is a high growth in the numbers of residential buildings which is expected to stimulate the demand for ductless heating & cooling systems. Although, the high initial installation cost and the lower capacity of ductless systems as compared to ducted air conditioners may restrain its growth in future.
COVID-19 Impact Analysis
COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. The construction industry was one of the sectors that bore the worst brunt of COVID-19, as it was already battling a liquidity crunch as fallout of the non-banking financial institutions in the financial sector since over a year. Many projects remained in the unfinished stages due to the lack of funds. Those that were completed, were unsold, owing to changing buyer preferences.
COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. The demand for residential construction was also on a hold, as potential homeowners kept their purchase decisions on standby due to various reasons & uncertainty triggered by COVID crisis.The commercial construction (new buildings & refurbishments), infrastructure projects, and road construction and repair are industries have witnessed a substantial decline. Also, industrial manufacturing was severely affected due to the COVID-19 outbreak. Residential construction had also struggled, especially interior projects. The work from home and social distancing has highly impacted this industry. The impact of coronavirus on the construction industry, hence led to the declining of GDP not only in real estate but also in several associated sectors.
Based on the type, the ductless heating & cooling systems market has been classified into split systems and window air conditioner systems.
The split systems gained populairty in the ductless heating & cooling systems market
Split systems allow the user to control the temperature of individual zones as per requirement. This enables the user the flexibility of operation and provides saving in operating cost. The major advantage of the split system is the low noise level of the system. Split systems are primarily used in supermarkets, schools, hospitals, hotels, and residential buildings. The growth of the commercial sector will also propel the split systems market during the forecast period.
Based on the application, the ductless heating & cooling systems market has been classified into residential buildings, commercial buildings, and industrial buildings.
The residential building segment is likely to garner the highest share during the review period
Growing popularity from the housing buildings application is the most important driver for the residental buildings segment growth. The global manufacture industry is anticipated to develop with the rising demand for residential buildings in most important economies such as the U.S., India, the Middle East, China, Brazil, Germany, and others. High expansion in the numbers of residential buildings is anticipated to fuel the popularity for ductless heating & cooling systems, but the high primary installation price and the lower capability of ductless systems when compared to ducted air conditioners can hold back its growth in the coming years.
Based on geography, the study analyzes the ductless heating & cooling systems market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Asia-Pacific leads the global market throughout the forecast period
The Asia-Pacific region is the highest-growing market for ductless heating & cooling systems. The rapid economic growth and increasing population in countries such as India, China, Japan, South Korea, Malaysia and Indonesia are leading to a significant increase in the use of ductless heating & cooling systems in residential & commercial buildings. Furthermore, China is the largest market for ductless heating & cooling systems, globally. The market in India is expected to experience the highest growth in the Asia-Pacific region during the forecast period.
The ductless heating & cooling systems market is highly competitive, owing to the presence of big brands. The key ductless heating & cooling systems market players which are contributing to the growth of the global market include Samsung Electronics Co. Ltd. (South Korea), Hitachi Ltd. (Japan), United Technologies Corporation (U.S.), LG Electronics (South Korea), and Johnson Controls (U.S.) and others.
Samsung Electronics Co. Ltd.
Overview: Samsung Electronics Co., Ltd. is a South Korean based multinational electronics company headquartered in the Yeongtong District of Suwon. Samsung Electronics has played a key role in the group's corporate governance due to circular ownership. Samsung Electronics has assembly plants and sales networks in 74 countries and employs around 290,000 people. It is majority-owned by foreign investors. It is the world's largest manufacturer of consumer electronics by revenue. As of 2019, Samsung Electronics is the world's second largest technology company by revenue.
Product Portfolio: The company's portfolio comprises mobile phones, semi-conductors, hard-drives, televisions and others.
The global ductless heating & cooling systems market report would provide access to an approx. 33 market data table, 38 figures and 200 pages.
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