Ductless Heating and Cooling Market Worth $78.62 Billion by 2021
The split system is the most widely used type
PUNE, India — The global ductless heating and cooling systems market is forecast to reach $78.62 billion by 2021, growing at a compound annual growth rate (CAGR) of 8.18 percent from 2016 to 2021, according to a report published by MarketsandMarkets.
This growth is being fueled by the high demand from the residential sector and the increasing demand for ductless heating and cooling systems in the Asia-Pacific, South America, and Middle East & Africa regions. Ductless heating and cooling systems are preferred over conventional systems because of their low energy consumption and easy installation procedure.
The split system is the most widely used type of ductless heating and cooling system. The split system allows the user to control the temperature of individual zones according to need, giving the user flexibility of operation and savings in operating cost. Another major benefit of the split system is the low noise level of the system.
Residential buildings are the largest application of ductless heating and cooling systems. These include all kinds of residential structures such as houses, town houses, cottages, condominiums, and apartments. Ductless systems are energy efficient and are easy to install in residential buildings, and these factors drive the market for ductless systems in the residential segment. Mini split ductless heating and cooling systems are the most commonly used type in residential buildings because of their lower capacity and lower operating cost in residential applications.
The Asia-Pacific region is the largest market for ductless heating and cooling systems, in terms of value, and this trend is expected to continue to 2021. Countries in this region such as China, India, Japan, South Korea, and Indonesia are witnessing a significant increase in the use of ductless heating and cooling systems in residential and commercial buildings. This growth is mainly due to the rapid economic growth and increasing population that is driving demand. India is the fastest growing market for ductless heating and cooling systems and the trend is expected to continue till 2021.
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Publication date: 11/7/2016