Global Smart Air Conditioner Market, By Product (Temperature Control, Humidity Control, Ventilation Control, Integrated Control), Application (Residential Buildings, Industrial Buildings, Commercial Buildings) – Industry Trends and Forecast to 2030.
Smart Air Conditioner Market Analysis and Size
Smart air-conditioner refers to the product that consists of heating, ventilation, and air-conditioner (HVAC) systems. The connected technology provides thermal comfort and enhances indoor air quality. HVAC systems primarily generally operates the engineering principles of fluid transfer, warmth transfer and thermodynamics. HVAC is defined as a crucial feature of residential structures such as hotels, senior living facilities, apartment buildings and family homes. The increase in rapid penetration of the Internet of Things (IoT) across the globe acts as one of the major factors driving the growth of global smart air conditioner market.
Data Bridge Market Research analyses that the global smart air conditioner market which was USD 15.82 billion in 2022, will reach USD 40.59 billion by 2030, and is expected to undergo a CAGR of 12.5% during the forecast period. “Temperature Control” dominates the type segment of the global smart air conditioner market by due to its various properties such as comfort and convenience, energy efficiency, remote control, energy management and insights and adaptive comfort features. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.
Smart Air Conditioner Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Temperature Control, Humidity Control, Ventilation Control, Integrated Control), Application (Residential Buildings, Industrial Buildings, Commercial Buildings)
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Countries Covered
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(U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa)
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Market Players Covered
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DAIKIN INDUSTRIES, Ltd. (Japan), Electrolux (Sweden), Carrier Corporation (U.S.), Hitachi, Ltd. (Japan), Mitsubishi Electric Corporation(Japan), Panasonic Corporation (Japan), Voltas Ltd. (India), Johnson Controls (U.S.), TOSHIBA CORPORATION (Japan), FUJITSU GENERAL (Japan), Ingersoll-Rand plc (U.S.), ABS Aircon Engineers Private Limited (India), and LG Electronics(South Korea)
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Market Opportunities
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Market Definition
A smart air conditioner, often referred to as a "smart AC" or "connected air conditioner," is an advanced cooling and heating system equipped with integrated technology and connectivity features that allow users to remotely control and monitor their HVAC (Heating, Ventilation, and Air Conditioning) system using a smartphone, tablet, computer, or voice commands through a smart assistant or home automation system
Global Smart Air Conditioner Market Dynamics
Drivers
- Remote Control and Convenience
The convenience of remotely controlling air conditioning settings via smartphones and voice assistants is a significant driver. Users can adjust temperature and settings from anywhere, improving comfort and convenience. Smart air conditioners offer a range of benefits when it comes to remote control and convenience. These devices are equipped with technology that allows users to control them remotely using their smartphones, tablets, or other smart devices.
- Integration with Smart Homes
The growing trend of smart home automation encourages the adoption of smart air conditioners. These units can integrate with other smart devices, creating a more connected and seamless living environment. Integration with smart home systems is a key feature of modern smart air conditioners. When smart air conditioners are seamlessly integrated into a smart home ecosystem, they can work together with other connected devices to enhance comfort, convenience, and energy efficiency.
Opportunities
- Commercial Applications
The adoption of smart air conditioners in commercial buildings and offices is an emerging opportunity, as these settings seek to improve energy management and occupant comfort. Smart air conditioners have several valuable applications in commercial settings, where they can contribute to increased energy efficiency, cost savings, and improved comfort for both employees and customers.
- Innovative Features of Smart Air Conditioners
Continuous innovation can create opportunities for companies to differentiate their products. New features such as advanced sensors, predictive maintenance, and improved energy efficiency can attract customers. Many smart air conditioners now integrate with voice assistants like Amazon Alexa, Google Assistant, and Apple HomeKit. This allows users to control the air conditioner using voice commands, making it even more convenient.
Restraints/Challenges
- Infrastructure Limitations
In some regions, limited access to high-speed internet or reliable connectivity can hinder the performance of smart air conditioners and limit their capabilities. While smart air conditioners offer numerous benefits, they also come with certain infrastructure limitations that users and manufacturers need to consider. These limitations can affect their functionality and performance.
- Data security and Privacy Concerns
Smart air conditioners collect data about usage patterns and user behavior. Concerns about data security and privacy may discourage some users from adopting these devices. Adhering to manufacturer guidelines and working with experienced HVAC professionals can provide valuable insights and ensure proper maintenance practices are followed. Also, the lack of favorable reimbursement scenarios and technology penetration in the developing economies, heavy custom duty imposed on medical devices, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2023-2030.
This global smart air conditioner market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global smart air conditioner market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In December 2022, LG Electronics launched the new LG ArtCool Gallery unit. The unit features a 27-inch LCD screen that can display a variety of exclusive static pictures selected via the LG ThinQ app, as well as family photos uploaded to it via a smart smartphone. ArtCool Gallery incorporates the LG AI Dry technology, which can eliminate any moisture that forms within the air conditioner. This new model includes a bottom grill that can be removed for easy cleaning as well as a cover that makes installation much easier
- In August 2022, Xiaomi launched a new air conditioner in China called the Mijia Air Conditioner Natural Wind 1.5 hp. The wind deflector on the gadget has a large airflow range, opening up to 106 mm (4.2 in), and can be adjusted from 0 to 180°. This enables air circulation rates of up to 700 m3 (24,720 ft3) per hour. The user can utilize Xiao AI voice commands or the Mijia app to control this smart AC and connect it to other IoT gadgets in their house.
Global Smart Air Conditioner Market Scope
The global smart air conditioner market is segmented on the basis of product and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Temperature Control
- Humidity Control
- Ventilation Control
- Integrated Control
Application
- Residential Buildings
- Industrial Buildings
- Commercial Buildings
Global Smart Air Conditioner Market Regional Analysis/Insights
The global smart air conditioner market is analyzed and market size insights and trends are provided by country, product and application as referenced above.
The countries covered in the global smart air conditioner market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
Asia Pacific dominates the global smart air conditioner market because of the rapid urbanization, rising population, and increasing disposable income levels within the region.
North America is expected to witness significant growth during the forecast period of 2023 to 2030 because of the government promoting use of energy-efficient systems by providing subsidies and tax benefits in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from Global versus Regional brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Air Conditioner Market Share Analysis
The global smart air conditioner market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the global smart air conditioner market.
Some of the major players operating in the global smart air conditioner market are:
- DAIKIN INDUSTRIES, Ltd. (Japan)
- Electrolux (Sweden)
- Carrier Corporation (U.S.)
- Hitachi, Ltd. (Japan)
- Mitsubishi Electric Corporation(Japan)
- Panasonic Corporation (Japan)
- Voltas Ltd. (India)
- Johnson Controls (U.S.)
- TOSHIBA CORPORATION (Japan)
- FUJITSU GENERAL (Japan)
- Ingersoll-Rand plc (U.S.)
- ABS Aircon Engineers Private Limited (India)
- LG Electronics (South Korea)
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