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Ductless HVAC System Market by Type and Geography - Forecast and Analysis 2022-2026

  • Published: Mar 2022
  • Pages: 130
  • SKU: IRTNTR72081
Technavio

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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.

What will the Ductless HVAC System Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Ductless HVAC System Market Size for the Forecast Period and Other Important Statistics

 

Ductless HVAC System Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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.

Who are the Major Ductless HVAC System Market Vendors?

The report analyzes the market’s competitive landscape and 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
  • Valeo SA

 

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.

Product Insights and News

  • AB Electrolux - The company offers ductless split in Europe, North America, Latin America, Asia Pacific, and MEA. 
  • AB Electrolux - In April 2021, the company appointed Vanessa Butani as the new VP Group Sustainability. 

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.

Ductless HVAC System Market Value Chain Analysis

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.

Which are the Key Regions for Ductless HVAC System Market?

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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.

What are the Revenue-generating Type Segments in the Ductless HVAC System Market?

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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.

 

Ductless HVAC System Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 7.58%

Market growth 2022-2026

$ 15.36 billion

Market structure

Fragmented

YoY growth (%)

7.18

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 55%

Key consumer countries

US, China, Japan, South Korea, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

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

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

Customization purview

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What are the Key Data Covered in this Ductless HVAC System Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive ductless HVAC system market growth during the next five years
  • Precise estimation of the ductless HVAC system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the ductless HVAC system industry across APAC, Europe, North America, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of ductless HVAC system market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Type
      • Exhibit 26: Chart on Comparison by Type
      • Exhibit 27: Data Table on Comparison by Type
    • 5.3 Single-zoned - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Single-zoned - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 29: Data Table on Single-zoned - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 30: Chart on Single-zoned - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Single-zoned - Year-over-year growth 2021-2026 (%)
    • 5.4 Multi-zoned - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Multi-zoned - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 33: Data Table on Multi-zoned - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 34: Chart on Multi-zoned - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Multi-zoned - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Type
      • Exhibit 36: Market opportunity by Type ($ billion)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 Japan - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.12 South Korea - Market size and forecast 2021-2026
      • Exhibit 78: Chart on South Korea - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 79: Data Table on South Korea - Market size and forecast 2021-2026 ($ billion)
      • Exhibit 80: Chart on South Korea - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on South Korea - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ billion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 AB Electrolux
              • Exhibit 89: AB Electrolux - Overview
              • Exhibit 90: AB Electrolux - Business segments
              • Exhibit 91: AB Electrolux - Key news
              • Exhibit 92: AB Electrolux - Key offerings
              • Exhibit 93: AB Electrolux - Segment focus
            • 10.4 Carrier Global Corp.
              • Exhibit 94: Carrier Global Corp. - Overview
              • Exhibit 95: Carrier Global Corp. - Business segments
              • Exhibit 96: Carrier Global Corp. - Key news
              • Exhibit 97: Carrier Global Corp. - Key offerings
              • Exhibit 98: Carrier Global Corp. - Segment focus
            • 10.5 Daikin Industries Ltd.
              • Exhibit 99: Daikin Industries Ltd. - Overview
              • Exhibit 100: Daikin Industries Ltd. - Business segments
              • Exhibit 101: Daikin Industries Ltd. - Key offerings
              • Exhibit 102: Daikin Industries Ltd. - Segment focus
            • 10.6 Haier Smart Home Co. Ltd.
              • Exhibit 103: Haier Smart Home Co. Ltd. - Overview
              • Exhibit 104: Haier Smart Home Co. Ltd. - Business segments
              • Exhibit 105: Haier Smart Home Co. Ltd. - Key offerings
              • Exhibit 106: Haier Smart Home Co. Ltd. - Segment focus
            • 10.7 Hitachi Ltd.
              • Exhibit 107: Hitachi Ltd. - Overview
              • Exhibit 108: Hitachi Ltd. - Business segments
              • Exhibit 109: Hitachi Ltd. - Key offerings
              • Exhibit 110: Hitachi Ltd. - Segment focus
            • 10.8 LG Electronics Inc.
              • Exhibit 111: LG Electronics Inc. - Overview
              • Exhibit 112: LG Electronics Inc. - Business segments
              • Exhibit 113: LG Electronics Inc. - Key news
              • Exhibit 114: LG Electronics Inc. - Key offerings
              • Exhibit 115: LG Electronics Inc. - Segment focus
            • 10.9 Mitsubishi Electric Corp.
              • Exhibit 116: Mitsubishi Electric Corp. - Overview
              • Exhibit 117: Mitsubishi Electric Corp. - Business segments
              • Exhibit 118: Mitsubishi Electric Corp. - Key offerings
              • Exhibit 119: Mitsubishi Electric Corp. - Segment focus
            • 10.10 Samsung Electronics Co. Ltd.
              • Exhibit 120: Samsung Electronics Co. Ltd. - Overview
              • Exhibit 121: Samsung Electronics Co. Ltd. - Business segments
              • Exhibit 122: Samsung Electronics Co. Ltd. - Key news
              • Exhibit 123: Samsung Electronics Co. Ltd. - Key offerings
              • Exhibit 124: Samsung Electronics Co. Ltd. - Segment focus
            • 10.11 Subros Ltd.
              • Exhibit 125: Subros Ltd. - Overview
              • Exhibit 126: Subros Ltd. - Business segments
              • Exhibit 127: Subros Ltd. - Key offerings
              • Exhibit 128: Subros Ltd. - Segment focus
            • 10.12 Trane Technologies plc
              • Exhibit 129: Trane Technologies plc - Overview
              • Exhibit 130: Trane Technologies plc - Business segments
              • Exhibit 131: Trane Technologies plc - Key offerings
              • Exhibit 132: Trane Technologies plc - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 133: Inclusions checklist
                • Exhibit 134: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 135: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 136: Research methodology
                • Exhibit 137: Validation techniques employed for market sizing
                • Exhibit 138: Information sources
              • 11.5 List of abbreviations
                • Exhibit 139: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The ductless hvac system market growth will increase by $15.36 billion during 2022-2026.
              The ductless hvac system market is expected to grow at a CAGR of 7.58% during 2022-2026.
              Technavio has segmented the ductless hvac system market by type (Single-zoned and Multi-zoned) and geographic (APAC, Europe, North America, Middle East and Africa, and South America).
              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, Valeo SA are a few of the key vendors in the ductless hvac system market.
              APAC will register the highest growth rate of 54.88% among the other regions. Therefore, the ductless hvac system market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • China
              • Japan
              • South Korea
              • Germany
              The key factors driving the ductless hvac system market growth are:
              • Rapid rising commercial and residential construction globally
              • Rapid transformation of IoT within the HVAC industry
              The ductless hvac system market vendors should focus on grabbing business opportunities from the single-zoned segment as it accounted for the largest market share in the base year.
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