Ductless Heat Pump Market By Application (Residential {Single Family, Multi Family}, Commercial), By System (Single Zone, Multi Zone), & Forecast, 2023 - 2032

Ductless Heat Pump Market By Application (Residential {Single Family, Multi Family}, Commercial), By System (Single Zone, Multi Zone), & Forecast, 2023 - 2032

Global Ductless Heat Pump Market size is expected to grow significantly through 2032, owing to the rising adoption of energy-efficient, low-emission technologies. Rapid commercialization and urbanization have increased the demand for heating solutions in developing and developed economies. As per the International Energy Agency, in 2021, around 50% of energy demand from buildings was for water and space heating, resulting in 2,450 Mt of direct CO2 emissions. To aid these concerns, governments across several economies are implementing stringent norms to achieve energy efficiency, which may contribute to industry growth over the next ten years.

Furthermore, extreme weather conditions in European economies such as Germany and France and rising per capita income will strengthen the industry outlook. Companies operating in the field are focusing on expansion strategies to stay ahead of the competition. Citing an instance, in July 2022, Panasonic, a leading electronics manufacturer, announced its electrical construction material business expansion including indoor air quality products and wiring devices in Vietnam. Such strategic moves and initiatives will favor the market demographics in the long run.

The overall ductless heat pump market is categorized on the basis of application, system, and region.

In terms of application, the ductless heat pump market size from commercial segment is anticipated to record a decent valuation by 2032. Escalating efforts by the government in developed and developing countries to cut down industrial emissions are contributing to segment growth. In fact, in March 2023, the U.S. government announced an investment of around USD 6 billion for the acceleration of industrial decarbonization projects as an effort to become a clean energy economy.

Single zone ductless heat pump market size is expected to garner notable gains through 2032. These heating systems are increasingly affordable and easy to install, making them ideal for small homes, home additions, and other residential applications. Their small size and high flexibility are working in favor of their mass adoption. Moreover, increasing efforts by industry players towards developing single-zone ductless heat pumps with advanced capabilities will further boost product uptake.

Europe Ductless Heat Pump Market held over 20% market share in 2022. This can be credited to the stringent framework focused on cutting carbon and GHG emissions. In fact, France aims to become Europe’s first decarbonized country by achieving carbon neutrality by 2050. In addition, cooling and heating account for the region’s 50% of energy usage. Favorable government policies to fulfill heating demand in the wake of the ongoing energy crisis will also contribute to regional market growth.