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The ductless HVAC system market share is expected to increase by USD 15.36 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.58%.
This ductless HVAC system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ductless HVAC system market segmentation by type (single-zoned and multi-zoned) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The ductless HVAC system market report also offers information on several market vendors, including AB Electrolux, Carrier Global Corp., Daikin Industries Ltd., Fujitsu General Ltd., Haier Smart Home Co. Ltd., Hanon Systems, Hitachi Ltd., Lennox International Inc., LG Electronics Inc., MAHLE GmbH, MIDEA GROUP, Mitsubishi Electric Corp., Panasonic Corp., Rheem Manufacturing Co., Samsung Electronics Co. Ltd., Sanden Holdings Corp., Sharp Corp., Subros Ltd., Trane Technologies plc, and Valeo SA among others.
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The rapid rising commercial and residential construction globally is notably driving the ductless HVAC system market growth, although factors such as stringent government regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ductless HVAC system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Ductless HVAC System Market Driver
One of the key factors driving the global ductless HVAC system market growth is the rapid rising commercial and residential construction globally. The global construction market is expected to grow by USD 4.5 trillion between 2020 and 2030 and reach USD 15.2 trillion, with emerging markets accounting for USD 8.9 trillion in 2030. However, region-wise, the construction market in Sub-Saharan Africa is expected to have the highest growth, followed by emerging economies in APAC. Further, in 2020, China, India, the US, and Indonesia accounted for 58.3% of growth in the global construction sector. Furthermore, the residential construction sector accounted for 44% of the total global construction industry in 2020, making it is the largest sub-sector and a key driver of the global construction market's growth. This growth will be fueled by emerging economies that are looking to develop energy, transport networks, sewage and waste systems, and other large-scale projects, in the forecast period.
Key Ductless HVAC System Market Trend
Rapid transformation of IoT within the HVAC industry is one of the key ductless HVAC system market trends that is expected to impact the industry positively in the forecast period. The Internet of things (IoT) allows HVAC systems to collect data and store it in the cloud. This further improves HVAC operations and offers better efficiency, and also runs a predictive maintenance schedule. Furthermore, it also monitors, controls, and diagnoses units over the Internet in a cost-effective manner. It also allows end-users to access real-time performance data of HVAC systems and interprets it correctly, which reduces the overall cost of operating HVAC systems in the long run. For instance, IoT-enabled buildings can alert facility managers with early warnings of any operational abnormalities and allow the remote diagnosis and adjustment of units, which, in turn, could save costs by minimizing system failures. Such factors will further support the market growth in the coming years.
Key Ductless HVAC System Market Challenge
One of the key challenges to the global ductless HVAC system market growth is the stringent government regulations. For instance, the New Efficiency Standard for Residential Heating and Cooling United States of America and the National Appliance Energy Conservation Act (NAECA) went into effect in 2006 and 2015, respectively. The new standards that come into effect in 2023 require a seasonal energy efficiency ratio (SEER), a measure of a systems cooling performance, of no less than 14 for residential systems in the northern parts of the US and a SEER of 15 in the southern parts (states) of the US. In addition, the new standards require an increase in the heating efficiency of air-source heat pumps, which is measured by the equipment heating seasonal performance factor (HSPF). The minimum HSPF will be 8.8 when compared with the HSPF of 8.2 required by the current standard, which went into effect in 2015. Such factors would hamper the market growth in the forecast period.
This ductless HVAC system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global ductless HVAC system market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ductless HVAC system market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the ductless HVAC system market encompasses successful business strategies deployed by the key vendors. The ductless HVAC system market is fragmented and the vendors are deploying growth strategies such as technological innovation, packaging, and promotional activities to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ductless HVAC system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the ductless HVAC system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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55% of the market's growth will originate from APAC during the forecast period. China, Japan, and South Korea are the key markets for ductless HVAC systems in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rapid growth in construction activities and rise in population in countries such as China, Japan, and India will facilitate the ductless HVAC system market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
However, the outbreak of COVID-19 in 2020 has negatively impacted the ductless HVAC systems market. This is due to the closure of many offices as they have opted for permanent work from home (WFH). Furthermore, the regional government has imposed nationwide lockdowns, which have disrupted the global supply chain. However, the resumption of economic activities due to the relaxation in the lockdown would further be expected to drive the growth of the market during the forecasted period.
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The ductless HVAC system market share growth by the single-zoned segment will be significant during the forecast period. The significant increase in the demand for HVAC systems applications, owing to growth in household incomes and changing expenditure patterns of consumers in emerging economies, will drive the growth of the segment in focus in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the ductless HVAC system market size and actionable market insights on post COVID-19 impact on each segment.
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Ductless HVAC System Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.58% |
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Market growth 2022-2026 |
$ 15.36 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.18 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 55% |
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Key consumer countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB Electrolux, Carrier Global Corp., Daikin Industries Ltd., Fujitsu General Ltd., Haier Smart Home Co. Ltd., Hanon Systems, Hitachi Ltd., Lennox International Inc., LG Electronics Inc., MAHLE GmbH, MIDEA GROUP, Mitsubishi Electric Corp., Panasonic Corp., Rheem Manufacturing Co., Samsung Electronics Co. Ltd., Sanden Holdings Corp., Sharp Corp., Subros Ltd., Trane Technologies plc, and Valeo SA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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