Ductless Heating & Cooling Systems Market worth $145.0 billion by 2026
Ductless heating & cooling systems heat and cool the air inside buildings without the use of ductwork. The air is conditioned through two units: an indoor unit called the evaporator, and an outdoor unit called the condenser. The indoor unit is connected to the outdoor unit with a small bundle of cables, including a refrigerant line. The indoor unit consists of a cooling coil, a long blower, and an air filter, whereas an outdoor unit consists of a compressor, condenser coil, and expansion coil. Ductless heating & cooling systems are energy-efficient for lower capacity operations. Ductless heating & cooling systems are mainly categorized into split systems, and window air conditioning systems. Their applications can broadly be categorized into residential buildings, commercial buildings, and industrial buildings. The ductless heating & cooling systems market size is estimated to be USD 98.4 billion in 2021 and is projected to reach USD 145.0 billion by 2026; it is expected to grow at a CAGR of 8.1% from 2021 to 2026. According to the Consumer Technology Association (CTA), the number of smart homes in the US is expected to reach ~35.2 million units by 2020. The growth in smart homes is expected to create demand for ductless systems. An HVAC system is used in smart homes for controlling air temperature, humidity, and fresh air intake. It helps maintain better airflow and comfortable temperatures in every room. In a smart home, one can monitor the system performance and respond to system-generated alarms from local or remote locations. The demand for ductless heating & cooling systems is mainly catered to by global players manufacturing ductless heating & cooling systems for various end-use applications. The key players in the ductless heating & cooling systems market include DAIKIN INDUSTRIES (Japan), Johnson Controls (US), Carrier (US), Trane Technologies plc, (US), LG Electronics (South Korea), Emerson Electric Co. (US), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Nortek Air Management (US), Samsung Electronics (South Korea), FUJITSU (Japan), GREE (China), Hitachi (Japan), Midea (China), Panasonic (Japan), Haier Smart Home (China), Whirlpool (US), Electrolux (Sweden), and Lennox (US).
