Major players in the smart cooling systems industry have
focused on business expansion and product launch strategies to gain
the maximum share in the market. This further results in
consolidation of the smart cooling systems market.
WILMINGTON, Del., Aug. 5, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Smart Cooling Systems
Market by Type (Smart split ACs, Smart chillers, Smart AHU and
Smart windows ACs), Application (Residential, Commercial and
Industrial): Global Opportunity Analysis and Industry Forecast,
2024-2032". According to the report, the smart cooling systems
market was valued at $3.1
billion in 2023, and is estimated to reach $156.6 billion by 2032, growing at a CAGR of
53.4% from 2024 to 2032.
Prime determinants of growth
The growing trend towards smart homes and buildings is a major
driver for the smart cooling systems market. Homeowners and
building managers are increasingly adopting smart cooling solutions
to integrate with other smart devices and systems, providing
enhanced comfort, convenience, and energy management. Governments
around the world are implementing regulations and providing
incentives to promote energy efficiency and reduce greenhouse gas
emissions. Policies such as energy efficiency standards, tax
credits, and rebates for energy-efficient appliances are
encouraging the adoption of smart cooling systems.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base
Year
|
2023
|
Market Size in
2023
|
$3.1 billion
|
Market Size in
2032
|
$156.6
billion
|
CAGR
|
53.4 %
|
No. of Pages in
Report
|
192
|
Segments
covered
|
Type, Application, and
Region.
|
Drivers
|
Rapid urbanization and
infrastructure development in emerging economies
Growing awareness and
focus on sustainability
Advances in HVAC
(Heating, Ventilation, and Air Conditioning)
Technologies
|
Opportunities
|
Rising adoption of
smart homes and buildings
|
Restraints
|
Volatile price of raw
materials
|
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on
the smart cooling systems market, owing to the temporary closure of
manufacturing firms during the lockdown.
- Not only the production but also the sale of smart cooling
systems was hampered due to the closure of manufacturing factories
across the world, especially in the initial period of the
pandemic.
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The smart split AC segment dominated the market
in 2023.
Based on type, the market is divided into smart split ACs, smart
chillers, smart AHU (air handling unit), smart windows ACs, and
others. Smart split ACs are designed to be highly energy-efficient,
incorporating features like inverter technology, variable speed
compressors, and intelligent thermostats. These technologies
optimize energy usage, leading to significant cost savings on
electricity bills, which is a major selling point for both
residential and commercial users.
Smart split ACs come with advanced features such as remote
control via smartphones, voice control compatibility with virtual
assistants (e.g., Amazon Alexa, Google Assistant), and programmable
settings. These features provide users with enhanced convenience
and control over their indoor climate, making smart split ACs
highly attractive.
The commercial segment dominated the market in 2023.
Based on application, the market is segregated into residential,
commercial, and industrial.
The commercial segment is the leading segment that dominated the
global market share in 2023. Continuous advancements in sensor
technology, connectivity, and AI have enhanced the functionality
and reliability of smart split ACs. These improvements make smart
split ACs more effective in providing optimal cooling while
minimizing energy consumption. Commercial buildings, including
offices, retail spaces, hotels, and hospitals, require efficient
cooling systems to manage large spaces and diverse requirements.
Smart cooling systems provide significant energy savings, helping
businesses reduce operating costs and meet sustainability
goals.
The Asia-Pacific region dominated the market share
in terms of revenue in 2023.
The smart cooling systems market is analyzed across North America, Europe, Asia-Pacific, Latin
America, and MEA. In 2023, Asia-Pacific accounted for largest market
share, and it is expected to grow at a significant CAGR throughout
the forecast period. China holds
the maximum share in the smart cooling systems industry in the
Asia-Pacific region.
The Asia-Pacific region is at
the forefront of adopting new technologies. There is a growing
interest in smart home and smart building technologies, which
include smart cooling systems. The tech-savvy population and
favorable regulatory environment support the growth of this market.
There is a growing awareness of environmental sustainability and
the need to reduce carbon footprints in the Asia-Pacific region. Businesses and consumers
are increasingly adopting energy-efficient and environmentally
friendly cooling solutions, contributing to the growth of the smart
cooling systems market.
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Leading Market Players: -
- Mitsubishi Electric Corporation
- LG Electronics Ltd.
- Samsung Electronics Co. Ltd.
- Videocon Industries Ltd.
- Daikin Industries Ltd.
- Voltas Ltd.
- Fujitsu General Ltd.
- Blue Star Ltd.
- Friedrich Air Conditioning Co., Ltd.
- Electrolux AB.
The report provides a detailed analysis of these key players in
the smart cooling systems market. These players have adopted
different strategies such as new product launches, expansion, and
acquisitions to increase their market share and maintain dominant
shares in different regions. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
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