iCrowdNewswire Jan 18, 2021 3:47 PM ET
Market Research Future (MRFR)’s latest study indicates that the ductless HVAC system market 2020 can progress at an approx. rate of 9.45% between 2018 and 2024 (appraisal period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the ductless HVAC system market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
The impact analysis on COVID-19 by MRFR suggests that the energy and power sector can be massively affected by the falling demand coupled with the crashing prices of power around the world. Considering the long-term impact of COVID-19, a majority of the renowned vendors are currently trying to bring down the costs of protecting their assets, and are also putting in efforts to ensure uninterrupted operations to control the revenue loss. While various countries are striving to find a COVID-19 breakthrough, the lockdown situation has managed to restrain the movement of materials across energy and power plants. The short term impact has resulted in a considerable downfall in the investment capacity along with a drop in power prices in the face of political turbulence, confirms the COVID-19 analysis by MRFR.
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Primary Drivers and Key Barriers
Despite the deep impact of the SARS-CoV-2 outbreak, the ductless HVAC system market is expected to perform well during the appraisal period. The market size continues to expand in view of the fact that consumers are more aware of the ductless HVAC systems’ benefits, such as easy to install and consumption of low energy, as they do not require duct for the cooling process. The high traction of the market has been as a result of their features like variable fan speeds, multiple heating and cooling stages. The surging environmental temperature along with the increase in disposable income of people in developing regions also drives the sale of ductless HVAC systems.
The market also benefit from the increase in government incentives in the form of tax credit programs, the rising trend of smart homes and the mounting demand for energy-efficient solutions. On account of the surging temperature and the fluctuating climatic conditions worldwide, customers are now opting for ductless HVAC systems, considering these as a long-term investment. In addition to this, the growing preference for comfort among consumers also leads to higher growth of the ductless HVAC systems market.
Latest technologies such as remote control access with Internet of Things (IoT) and automated control systems have disrupted the ductless HVAC system industry to a large extent. IoT-based ductless HVAC system works using the internet and provides real-time information to the users and manufacturers about the condition of the systems, helping in detecting any issues and also cut down the maintenance costs.
The ductless HVAC system market has been considered for equipment type, implementation type, as well as application.
The equipment types considered in the market study are heating, ventilation and cooling. The heating equipment generates the highest demand in the market, as the equipment heats the buildings to a certain temperature. A common practice in colder areas that observe frequent climate change, the demand for heating equipment is quite high here. Also, the soaring demand for renewable energy sources along with the solid backing from governments in the form of subsidiaries also induces growth of the heating equipment market.
The implementation types include retrofit as well as new construction.
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The application-dependent market categories include commercial, residential and industrial. Ductless HVAC systems find extensive deployment in residential buildings for heating and cooling the air inside. Since these systems utilize lower energy compared to ducted ones and are easy to install, their demand in residential buildings has surged tremendously over the years. As a result, the ductless HVAC system market is anticipated to note the strongest growth in the residential building section in the following years.
The main markets for ductless HVAC system identified in the report are Asia Pacific (APAC), North America, Europe and the Rest of the World (RoW).
APAC is the most profitable market for ductless HVAC systems and can maintain its position throughout the evaluation period. Rapidly emerging countries with their thriving construction sectors and expanding population, steady economic growth and rapid urbanization are instrumental in the market growth across the region. Mini split ductless HVAC systems have become quite popular across India and China, with a majority of the demand generated from the residential sector. Surge in collaborations among market experts and regulatory bodies to promote star-labeled HVAC units combined with the rising number of government initiatives in favor of high quality energy-efficient units in old as well as new buildings can also boost the profits of the regional market in the ensuing period.
Europe, representing the developed portion of the world, has clinched a substantial share in the overall market. The key growth-boosters in the market are the existence of a well-developed real estate and tourism sectors. The robust growth of commercial ductless HVAC units, government imposing stringent norms and policies, rise in construction activities, and a flourishing industrial base has laid down a solid groundwork for the business in Europe.
Table Of Contents
1. Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Ductless HVAC Market, By Equipment Type
1.1.2. Global Ductless HVAC Market, By Implementation Type
1.1.3. Global Ductless HVAC Market, By Application
1.1.4. Global Ductless HVAC Market, By Region
2. Market Introduction
2.1. Market Definition
2.2. Scope Of The Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Market Factor Indicator Analysis
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