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Residential Ductless Split AC Market Trends

Report ID: GMI10669
Published Date: Aug 2024
Report Format: PDF

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Residential Ductless Split AC Market Trends

The surge in residential construction, particularly in urban and suburban locales, is paving the way for the adoption of ductless split systems in new homes. According to the U.S. Census Bureau, residential construction spending reached $800 billion in 2023, highlighting the sector's growth. Moreover, the rising inclination towards renovating and modernizing older residences is further fueling the demand for these systems.

Adding to this momentum, numerous governments and utility companies are rolling out incentives, rebates, and tax credits to promote energy-efficient home upgrades. For instance, the U.S. Department of Energy offers tax credits for high-efficiency ductless split AC systems, which can cover up to 30% of the installation cost. These financial perks not only offset initial costs but also act as a catalyst for widespread adoption.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of residential ductless split AC was worth about USD 19.9 billion in 2023 and will expand at 4.5% CAGR between 2024 and 2032, owing to growing demand for energy-efficient and flexible cooling solutions.

The wall mounted segment garnered 67% share in 2023, fueled by its space-saving design, ease of installation, and superior cooling efficiency.

Asia Pacific residential ductless split AC industry achieved 42% share in 2023 and will record 5.8% CAGR through 2032, due to rapid urbanization, rising disposable incomes, and increasing demand for energy-efficient cooling solutions.

Key players operating in the residential ductless split AC market are Carrier, DAIKIN INDUSTRIES, Ltd., FUJITSU GENERAL, GE Appliances, GREE Comfort, Hitachi, Ltd., Johnson Controls International plc., LG Electronics, Mitsubishi Electric Corporation, Panasonic Corporation, Samsung HVAC, LLC., Senville, Toshiba Heat Pumps, and Trane, among others.