The Ductless Hvac System Market is expected to grow at a CAGR of 7.1% to reach USD 14.2 billion by 2028. In the realm of HVAC systems, the integration of the Internet of Things (IoT) serves as a game-changer. By connecting HVAC systems to the Internet, data-sharing becomes feasible, enabling these systems to collect and store information in the cloud. This innovation enhances HVAC functionality, delivering improved efficiency and cost savings through predictive maintenance. Additionally, IoT facilitates remote monitoring, control, and diagnostics of units, reducing maintenance and repair expenses. For ductless HVAC systems, IoT offers real-time performance data access and interpretation, ultimately minimizing operational costs in the long run.
APAC dominates the regional market because of The Ductless HVAC System market represents a significant growth opportunity for businesses in the heating and cooling industry. These systems offer energy efficiency, flexibility, and ease of installation, making them an attractive alternative to traditional HVAC solutions. Key market drivers include increasing energy costs, growing demand for energy-efficient technologies, and the expanding construction sector in developing economies. Businesses investing in this market can anticipate robust growth and strong returns.
There are various factors that drive the Ductless Hvac System Market market which are as following: According to Oxford Economics' projections, the global construction market was valued at USD9.5 trillion in 2023, with emerging markets contributing USD5.7 trillion to this total. The construction sector is projected to expand by USD4.5 trillion between 2020 and 2030, reaching a value of USD15.2 trillion. Notably, emerging markets are anticipated to account for USD8.9 trillion of this growth. Among these, Sub-Saharan Africa and emerging economies in the Asia Pacific region are expected to exhibit the most significant expansion. In 2023, China, India, the United States, and Indonesia collectively accounted for 58.3% of the global construction sector's growth. Urbanization is also expected to be a major catalyst for the expansion of the construction industry in emerging markets.
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Ductless Hvac System Market Segmentation
The market witnesses several challenges, which are as follows The National Appliance Energy Conservation Act of 1987 marked the beginning of minimum efficiency requirements for central air-conditioning and heat pump equipment sold in the US. These regulations, which took effect in 1992, were subsequently updated with the New Efficiency Standard for Residential Heating and Cooling in 2006 and the National Appliance Energy Conservation Act (NAECA) in 2015. Commencing in 2023, residential ductless HVAC systems in the northern US must achieve a Seasonal Energy Efficiency Ratio (SEER) of no less than 14. In contrast, systems in the southern US, where cooling loads are more prominent, must meet a SEER of 15. These regulations aim to enhance energy efficiency and reduce energy consumption in residential heating and cooling systems.
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Some of the key companies that have been profiled in the report include:
The global Ductless HVAC System market is a significant segment within the expansive electrical components and equipment industry. This sector caters to businesses involved in the production of electric cables, wires, and various electrical components and equipment. According to Technavio, the electrical components and equipment market encompasses the revenues of manufacturers in various sectors, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC systems, and safety components. Furthermore, the market size is determined by incorporating the earnings from the rental and leasing of electrical components and equipment to diverse end-users, such as industrial, commercial, and residential entities. - The Ductless Hvac System Market is experiencing significant growth, fueled by the Rapid rising commercial and residential construction globally. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Ductless HVAC System Market is experiencing significant growth due to increasing climate change concerns and the need for energy-efficient technologies. Mini-split systems, a type of ductless HVAC, are becoming increasingly popular in both residential and nonresidential infrastructure. These systems offer sustainable cooling solutions, reducing the carbon footprint and promoting eco-friendly practices. Major players in the market include LG Electronics and Carrier. They are investing in low GWP refrigerants, replacing traditional hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), to reduce greenhouse gas emissions. The integration of IoT in HVAC systems enables real-time performance data monitoring, leading to energy savings and power saving. Control valves, sensors, and smart thermostats are essential components of modern ductless HVAC systems. They optimize energy consumption, ensuring energy efficiency and contributing to the growth of smart homes. HVAC professionals are essential in the installation and maintenance of these systems, ensuring their optimal performance. In the context of environmental concerns, energy efficiency, and sustainability, ductless HVAC systems are a smart investment for both residential and commercial construction. The market is expected to continue growing, driven by the demand for energy-saving cooling solutions.
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
