HOME Research Insight New Product Development is the Key Strategy Adopted by Industry Players to Boost Their Growth in the Global Ductless Heating & Cooling Systems Market



New Product Development is the Key Strategy Adopted by Industry Players to Boost Their Growth in the Global Ductless Heating & Cooling Systems Market


The global market for ductless heating & cooling systems is projected to reach USD 78.62 Billion by 2021, at a CAGR of 8.18% from 2016 to 2021. The growing demand for ductless heating & cooling systems from major application industries such as hotels, hospitals, supermarkets, construction & building, and other industrial applications in emerging economies are driving the market.

New product development is the key strategy adopted by industry players to boost their growth in the global ductless heating & cooling systems market. This strategy accounted for a share of 53%, between 2012 and 2016, of all the growth strategies adopted by market players to expand their product portfolios. Besides new product developments, companies are investing in expanding their ductless heating & cooling systems equipment manufacturing facilities in emerging regions across the world. This expansion strategy accounted for a 27% share of all the development strategies between 2012 and 2016. Companies are also focusing upon the agreements/partnerships strategy since the last three years and this strategy accounted for 15% of all the strategic developments.

The Asia-Pacific region was the most active region from 2012 to 2016, in terms of strategic initiatives. Expansion was one of the preferred strategies in this region. Companies such as Daikin Industries, Ltd. made several expansions and new product launches to increase their production capacity in ductless heating & cooling systems.

Major manufacturers such as Samsung Electronics Co., Ltd. (South Korea), Hitachi, Ltd. (Japan), United Technologies Corporation (U.S.), LG Electronics Inc. (South Korea), Johnson Controls (U.S.), Daikin Industries, Ltd. (Japan), AB Electrolux (Sweden), Mitsubishi Electric Corporation (Japan), and Whirlpool Corporation (U.S.) are profiled in this report. These companies have adopted both organic and inorganic growth strategies.

Samsung Electronics Co., Ltd. (South Korea), Hitachi, Ltd. (Japan), United Technologies Corporation (U.S.), LG Electronics (South Korea), Johnson Controls (U.S.), and Daikin Industries, Ltd. (Japan) are the most active players in the global ductless heating & cooling systems market.

Daikin Industries, Ltd. is the most active player in the ductless heating & cooling systems market. It accounted for the largest share of all the developmental activities undertaken in the ductless heating & cooling systems market. As part of its strategy, the company focuses on expanding its ductless heating & cooling systems business by investing into research & development activities, specifically, in the Asia-Pacific region. The company is also expanding globally by investing in its subsidiary, Goodman Global Group, Inc., operations in the U.S. and has introduced new products for its market in the Asia-Pacific region in 20152016. In July 2016, Daikin industries invested around USD 93 million in the Thang Long Industrial Park in Vietnam to expand its production facilities in the country, mainly in the manufacture of air conditioners for residential-use.

Another company that has established a strong foothold in the global ductless heating & cooling systems market is Mitsubishi Electric Corporation (Japan). The company is focused on both, organic and inorganic growth strategies. The company is expanding its base by producing the indoor units of commercial air conditioners for the North American market. In addition to this, the company has developed a new range of products in split air conditioning and variable refrigerant flow systems portfolio. In April 2016, the company introduced the New HM Model line in the split air conditioning portfolio which helped it to strengthen its position in the global ductless heating & cooling systems market.

Related Reports:

Ductless Heating & Cooling Systems Market by Type (Split Systems, Window Air Conditioner Systems), Application (Residential Buildings, Commercial Buildings, Industrial Buildings) - Global Forecast to 2021

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