Smart Cooling Systems Market to Reach $156.6 Billion, Globally, by 2032 at 53.4% CAGR: Allied Market Research

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Aug 05, 2024, 11:05 ET

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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SOURCE Allied Market Research