As per MRFR analysis, the Residential Ductless Split Ac Market Size was estimated at 20.03 (USD Billion) in 2022. The Residential Ductless Split Ac Market Industry is expected to grow from 21.06 (USD Billion) in 2023 to 33.09 (USD Billion) by 2032. The Residential Ductless Split Ac Market CAGR (growth rate) is expected to be around 5.15% during the forecast period (2024 - 2032).
Key Residential Ductless Split Ac Market Trends Highlighted
The residential Ductless Split AC Market is followed because of the increasing need for energy-efficient cooling and growth in urban centers. With the change in time, consumers prefer more ductless ACs due to ease of installation, less energy consumption, and individual cooling. There are also increasing customized solutions and the availability of richer models, which are pushing the market up. In addition to that, the use of inverter technology and smart connectivity are providing better customer satisfaction and increasing demand for products.
The rising incomes and improving knowledge of the health benefits of maintaining comfortable indoor temperatures also help increase the market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Ductless Split Ac Market Drivers
Increasing Demand for Energy-Efficient Cooling Solutions
The rising global demand for energy-efficient cooling solutions is a major driver of the Residential Ductless Split Ac Market Industry. As consumers become more aware of the environmental impact of traditional air conditioning systems, they are increasingly seeking out more sustainable alternatives.
Ductless split AC systems are a highly efficient cooling solution, as they use less energy than traditional systems and do not require ductwork, which can lose up to 30% of cooling energy. This makes them an attractive option for homeowners and businesses looking to reduce their energy consumption and carbon footprint.
Growing Popularity of Smart Homes
The growing popularity of smart homes is another key driver of the Residential Ductless Split Ac Market Industry. Smart homes are equipped with a range of interconnected devices that can be controlled remotely, including lighting, appliances, and HVAC systems. Ductless split AC systems are well-suited for smart homes, as they can be easily integrated with smart thermostats and other home automation systems. This allows homeowners to control their cooling systems from anywhere, using their smartphone or tablet.
Government Incentives and Regulations
Government Incentives and Regulations In addition to this, government incentives and regulations are also boosting the market. Governments in many countries are offering tax breaks and rebates to homeowners utilizing energy-efficient cooling systems, including ductless split ACs.
In some other countries, governments have a regulation that all new buildings must meet set energy efficiency standards. These factors are boosting the market as they make ductless split ACs a better option for residential and business uses.
Residential Ductless Split Ac Market Segment Insights:
Residential Ductless Split Ac Market Capacity Insights
The Residential Ductless Split Ac Market is segmented by capacity into Below 9000 BTU, 9000-12000 BTU, 12000-18000 BTU, and 18000 BTU and above. Residential ductless split ACs in the 9000-12000 BTU segment will dominate the Residential Ductless Split Ac Market for the entirety of the forecast period. This segment is expected to account for just over 35% of the revenue of the global market in 2023. The growth of this segment is primarily driven by the demand for energy-efficient and affordable cooling solutions for residential purposes.
The 12000-18000 BTU segment also has a significant revenue share and is expected to make substantial gains during the forecast period. The increased adoption of split ductless AC systems in larger residential spaces like bigger homes and small commercial spaces will drive the growth of this segment, which is forecasted to account for approximately 25% of the revenue of the global market by 2024. The Below 9000 BTU segment will have a similar share of the market throughout the forecast periodapproximately 18%-20% of the revenue of the global market.
The demand for portable and compact ductless split ACs for use in smaller spaces like apartments and hotel rooms will drive the growth of this segment. The 18000 BTU and above will see modest growth during the forecast period and account for just over 20% of the revenue of the global market in 2024. It is driven by the demand for high-capacity ductless split ACs for use in larger residential spaces and small commercial spaces for residential purposes.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Ductless Split Ac Market Inverter Technology Insights
Inverter technology plays a crucial role in the global residential ductless split AC market, offering significant advantages over non-inverter models. Inverter ACs precisely control the compressor speed to match the cooling or heating demand, resulting in optimized energy efficiency.
According to market data, inverter ACs held a dominant share of 62% in the Residential Ductless Split Ac Market in 2023, primarily driven by their ability to reduce energy consumption by up to 30%. The inverter technology segment is projected to maintain its dominance in the coming years, with a projected market size of USD 15.36 billion by 2024, exhibiting a robust growth rate of 5.8%. The increasing adoption of inverter ACs in residential applications is attributed to growing consumer awareness about energy efficiency and cost savings, particularly in regions with high electricity costs.
Residential Ductless Split Ac Market Mounting Type Insights
The Residential Ductless Split Ac Market is segmented by mounting type into wall-mounted, ceiling-mounted, and floor-mounted. The wall-mounted segment is expected to hold the largest market share in 2023 due to its ease of installation and cost-effectiveness. The ceiling-mounted segment is expected to grow at the highest CAGR during the forecast period due to its ability to provide even cooling and heating throughout a room.
The floor-mounted segment is expected to account for a small share of the market due to its higher cost and space requirements.In 2023, the Residential Ductless Split Ac Market by mounting type is expected to be valued at USD 21.06 billion.
Residential Ductless Split Ac Market Cooling Media Insights
The Residential Ductless Split Ac Market is segmented into various categories, including cooling media. The most commonly used cooling media in residential ductless split AC units are R-410A, R-32, and R-452B. R-410A has been the dominant cooling media in the industry for over a decade. It is a blend of R-32 and R-125 and has an ozone depletion potential (ODP) of zero. However, R-410A has a high global warming potential (GWP) of 2,088. Due to environmental concerns, its use is being phased out in many regions. R-32 is a next-generation refrigerant with a lower GWP of 675.
It is also more energy-efficient than R-410A, resulting in lower operating costs. As a result, R-32 is expected to gain significant market share in the coming years. R-452B is a blend of R-32, R-125, and R-134a. It has a GWP of 697, which is slightly higher than R-32 but lower than R-410A. R-452B is also energy-efficient and is gaining popularity as an alternative to R-410A. The Residential Ductless Split Ac Market for cooling media is expected to reach $10.2 billion by 2024, growing at a CAGR of 5.4%. The increasing demand for energy-efficient and environmentally friendly cooling solutions is driving the growth of this market.
Residential Ductless Split Ac Market Regional Insights
The Residential Ductless Split Ac Market is segmented by region into North America, Europe, APAC, South America, and MEA. The APAC region is expected to hold the largest market share in 2023, with a valuation of 8.91 billion USD. This is due to the increasing demand for energy-efficient cooling solutions in developing countries such as China and India.
The North American region is expected to be the second largest market, with a valuation of 4.63 billion USD in 2023. The European region is expected to be the third largest market, with a valuation of 4.32 billion USD in 2023. The South American and MEA regions are expected to experience significant growth in the coming years due to the increasing demand for cooling solutions in hot and humid climates.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Ductless Split Ac Market Key Players And Competitive Insights:
The key players in the Residential Ductless Split Ac Market are majorly focused on expanding their global reach to the fast-growing demand for in-house cooling solutions. These players are heavily investing in research and development to launch highly advanced models with new features and functions.
In order to increase their market presence and get larger shares, the leader players are actively participating in partnerships, joint ventures, and acquisition of either other businesses or complementary businesses. The industry of Residential Ductless Split Ac Market is also greatly influenced by the adoption of smart and connected devices. This trend is driven by the continuously increasing penetration of the Internet of Things and the greater convenience and remote controlling and monitoring.
Daikin Industries is currently the most important part of the Global Residential Ductless Split Ac Market. The company has a very diverse product portfolio and the widest penetration in world regions. Currently, some of the most trusting and innovative cooling solutions are made by Daikin with a great level of energy efficiency and a wide distribution and customer support system. The company also strives to increase its presence in emerging markets and enlarge its shares in the most developed markets through an increased number of launches and acquisitions of strategic assets. Daikin also highly pays attention to the issue of reducing its carbon footprint and becoming more sustainable with a greener focus on business operations.
Mitsubishi Electric is also a very important player in this market. The company has a diverse range of products and a series of more advanced ductless split air conditioning systems. Mitsubishi has been heavily investing in innovated products and offers the biggest range of features, such as hyper-heating and variable-speed compressors. The company has a significant presence at a global level, including manufacturing and research and development facilities, which lets it provide the most efficient and suitable products for different markets. Furthermore, Mitsubishi Electric highly focuses on the concept of sustainability and energy efficiency. It is also active in participation in some programs and initiatives that minimize environmental impact.
Key Companies in the Residential Ductless Split Ac Market Include:
Residential Ductless Split Ac Market Industry Developments
The Residential Ductless Split Ac Market is projected to grow from USD 21.06 billion in 2023 to USD 33.09 billion by 2032, exhibiting a CAGR of 5.15% during the forecast period. Increasing demand for energy-efficient cooling solutions, rising disposable income, and supportive government regulations are key factors driving market expansion.
Emerging economies in Asia-Pacific and the Middle East present significant growth opportunities due to rapid urbanization and rising construction activities. Technological advancements, such as the development of inverter compressors and smart controls, are further enhancing the market's growth prospects. Key industry participants are focusing on strategic partnerships, product innovations, and geographic expansions to capture a larger market share.
Residential Ductless Split Ac Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 20.03 (USD Billion) |
| Market Size 2023 | 21.06 (USD Billion) |
| Market Size 2032 | 33.09 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.15% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Hisense, Daikin, Samsung Electronics, Lennox International, Carrier, Johnson Controls, Emerson Electric, Fujitsu General, Mitsubishi Electric, Panasonic, Gree Electric Appliances, Midea Group, LG Electronics, Trane Technologies, Haier |
| Segments Covered | Capacity, Inverter Technology, Mounting Type, Cooling Media, Regional |
| Key Market Opportunities | Growing renovation activities Escalating disposable income Increasing urbanization Rising number of residential construction Technological advancements |
| Key Market Dynamics | Rising energy efficiency standards Increasing demand for comfort cooling Technological advancements Government incentives Growing construction industry. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Residential Ductless Split Ac Market will be valued at USD 21.06 billion in 2023.
The Residential Ductless Split Ac Market is expected to reach USD 33.09 billion by 2032.
The CAGR of the Residential Ductless Split Ac Market is estimated to be 5.15% from 2024 to 2032.
Asia Pacific is expected to dominate the Residential Ductless Split Ac Market throughout the forecast period.
Rising demand for energy-efficient cooling solutions, increasing disposable income, and growing urbanization are key growth drivers of the Global Residential Ductless Split AC Market.
Residential Ductless Split AC systems are primarily used for space cooling, heating, and air purification in residential buildings.
Key competitors in the Residential Ductless Split Ac Market include Daikin, Mitsubishi Electric, Gree Electric, Haier, and LG Electronics.
Challenges faced by the Residential Ductless Split Ac Market include increasing raw material costs, intense competition, and stringent environmental regulations.
Growth opportunities in the Residential Ductless Split Ac Market include expanding into emerging markets, developing innovative products, and focusing on energy efficiency.
Key trends shaping the Residential Ductless Split Ac Market include the integration of smart technologies, increasing demand for inverter technology, and growing adoption of multi-zone systems.
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