Air conditioning is a process of removing heat and moisture from a space, by cooling the area. Smart Air conditioners are connected ACs. Smart AC can be operated remotely by internet facility using a mobile application or other means of communication. Smart AC can be turned on or off by a mobile application while the AC remain connected to the Wi-Fi system. Now, the smart speaker is also compatible with an air conditioner in order to provide more convenience and comfort.
The utilization of the air conditioning has increased in the developing countries due to the increase in the disposable income of individual and lifestyle changes. Increasing temperature on the earth due to global warming is also one of the major factors augmenting the need of smart AC globally. Rising adoption of smart homes in developed economies and the introduction of smart AC compatible devices such as smartphones and smart speakers is one of the factors augmenting the market growth. The companies also use connected AC as one of the unique selling point (USP) of their products in order to increase their sells.
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Smart ACs are utilized in different sectors such as domestic sectors, commercial sectors & industrial sectors. An increase in demand for smart ACs will be observed in all sector due to lesser energy consumption. However, there are certain factors that restrain the market such as rising energy consumption & increasing in electric price, change in regulatory actions, and higher price as compared to standard air conditioners. An air conditioner can increase up to 30-40% electricity bill at a domestic or commercial place. Change in regulatory policies such as the prohibition of some refrigerant is also affecting the market. Additionally, the price of smart AC is comparatively higher to standard AC, therefore, it will face a restraint in the price-sensitive market such as India and China in the initial phase.
Global smart air conditioning market is segmented on the basis of type, refrigerant type, and end-user. By type, the market has been segmented into spilt air conditioner, window air conditioner, chillers, packaged air conditioner, and central air conditioning system. Split AC is expected to show a significant growth in the near future due to rising adoption of smart AC in the residential area. By refrigerant type, the market is segmented into HCFC, HFC, HFO, and natural refrigerant. Government regulations on refrigerants are forcing the manufacturers to develop energy efficient and eco-friendly products. There have been many technological developments observed in the market due to phasing out of key refrigerants. Once the most preferred refrigerants CFCs will be completely replaced by other refrigerants in the next few years. Similarly, HCFC is also phasing out and completely replaced by HFCs and other refrigerants in near future. Manufacturers are moving towards eco-friendlier alternatives such as HFOs and natural refrigerants. By end-user, the market has been segmented into residential, commercial, industrial and other such as healthcare facilities. It is expected that the residential sector will have a share in smart the AC market.
Geographically, the global smart air conditioning market is divided into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific represents the largest market and is considered to be the fastest developing market in the global market. The demand in air conditioning systems in Asia-Pacific is expected to be driven by Japan, China, and India. The market is expected to grow due to significant growth in disposable income, urbanization and high temperature of the region. Moreover, the technological advancement in air conditioning is expected to drive the demand for air conditioning systems during the forecast period. North America and Europe are also expected to have a significant market due to high disposable income and increasing adoption of smart homes in the region.
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Global Smart Air Conditioning Market Segmentation
By Type
· Spilt Air Conditioner
· Window Air Conditioner
· Chillers
· Packaged Air Conditioner
· Central Air Conditioning System
By Refrigerant Type
· HCFC
· HFC
· HFO
· Natural Refrigerant
By End-User
· Residential
· Commercial
· Industrial
· Other (Healthcare Facilities)
Competitive Landscape
· Key Strategy Analysis
· Key Company Analysis
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
