Global Smart Air Conditioner Market Gaining Momentum—Projected to Reach USD 23.5 Billion in 2027
Published | 13 September 2021
Globally, the smart air conditioner market is being driven by factors such as rising temperatures, a booming construction industry, energy-saving features of smart air conditioners, the growing popularity of smart homes, and the integration of AI and other technologies...
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global smart air conditioner market was worth USD 11.2 billion in 2020 and is further projected to reach USD 23.5 billion by 2027, at a CAGR of 11.8% during the forecast period (2021-2027). Globally rising temperatures, a flourishing construction industry, energy-saving features of smart air conditioners, the growing popularity of smart homes, and the integration of AI and other technologies are all contributing to the growth of the smart air conditioner market.
The Growing Popularity of Smart Homes Propelling Market growth
Smart homes are gaining substantial popularity with the emergence of AI and the IoT (Internet of Things). Companies like Google, Amazon, Siemens, Phillips, Panasonic, and others are working to provide a secure, energy-efficient, fully automated home experience with the integration of technology. Machine learning and AI have also been integrated with IoT to create a wide range of smart home devices. Depending on who lives in the house, these smart devices can adjust their functionality.
Smart air conditioners come with high energy efficiency, Wi-Fi-enabled services, connectivity to Alexa, Siri, or Google, and the ability to be controlled from an application. According to Digitized House Media, LLC., a U.S.-based smart home company, around 70% of US consumers own at least one smart device. The growing popularity of smart homes will create an increasing demand for smart air conditioners in the coming years and is likely to drive the growth of the global smart air conditioner market.
The Commercial Segment of Smart Air Conditioner Market is Booming
The global smart air conditioner market has been segmented into commercial, residential, and others in terms of applications. Among these segments, the commercial sector led the market due to increasing industrialization. Moreover, the growing business and corporate sectors globally have led to the construction of large numbers of commercial buildings and offices, driving the growth of the commercial smart air conditioner market. Also, the benefits of smart AC, such as providing comfort according to users’ convenience and energy conservation, are attributable to the commercial sector’s growth. Additionally, smart air conditioners benefit the commercial segment by reducing energy consumption and improving environmental quality. Additionally, rapid urbanization boosts industrial output, stimulating the demand for smart air conditioners in the commercial sector globally.
Impact of COVID-19 on Smart Air Conditioner Market
The COVID-19 created havoc in the world, with coronavirus cases surging rapidly. As offices were shut down and companies shifted to working from home, the demand for commercial services decreased exponentially. Due to the prolonged lockdown, residential demand increased as people remained confined within their homes.
During the initial phase of the pandemic, numerous companies have reported difficulties procuring components from China, Japan, South Korea, and other markets. As restrictions were eased towards the end of 2020, the market showed some signs of recovery. However, the second wave of the COVID-19 in 2021 halted recovery, and countries once again went under lockdown. Vaccination drives have aided market recovery. However, the market may take a few years to reach pre-COVID levels.
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The Asia Pacific Dominates the Global smart Air Conditioner Market
Based on regions, the Smart Air Conditioner market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific will dominate the world smart air conditioner market over the forecast period due to key market players like Panasonic, LG, Toshiba, Haier in the region. Additionally, growing disposable countries in emerging economies like India, Malaysia, Vietnam, Indonesia, South Korea, changing consumer trends, and the increasing popularity of smart homes in the region drive the smart air conditioner market in the Asia Pacific.On the other hand, North America is likely to witness the fastest growth due to the early adoption and increasing awareness of intelligent devices, such as smart air conditioners.
Due to the large number of players involved, the global smart air conditioner market is highly fragmented. Companies active in new product development, expansion, and acquisition stay competitive in the market. Some key players in the global smart air conditioner market are Blue Star Ltd, Daikin Industries, LG Electronics, Haier, Mitsubishi Electric, Samsung Electronics, Videocon, Voltas, Fujitsu General, Blue star, Friedrich, Electrolux, Carrier, Panasonic, York, Hitachi, Trane, Gree, Midea, Chunlan, Chigo, AUX, Hisense Kelon, Ingersoll-Rand PLC, Godrej Appliances Ltd., Robert Bosch GmbH, Toshiba Corp., Whirlpool Corp, United Technologies Corporation, and other prominent players.
In July 2021, Haier launched the industry's first Smart sharing AC service in India under its micro-enterprise- Haier Smart Solutions. The company claimed that the service is fully automated, managed by the IoT (Internet of Things), and can be availed via “Smart Sharing App.”
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global smart air conditioner market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global smart air conditioner market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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