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News
MARKET FOR SMART COOLING SYSTEMS TO GROW TO USD156.6 BILLION BY 2032
Edited by Eamonn Ryan
The worldwide market for smart cooling systems , which was valued at USD3.1 billion in 2023 , is anticipated to skyrocket to USD156.6 billion by 2032 . This impressive growth , representing a compound annual growth rate ( CAGR ) of 53.4 % from 2024 to 2032 , is highlighted in a recent report by Allied Market Research .
The surge in smart home and smart building trends is a major catalyst for the expansion of the smart cooling systems market . Both homeowners and building managers are increasingly opting for smart cooling solutions that integrate seamlessly with other smart devices , improving comfort , convenience , and energy efficiency . Additionally , government regulations and incentives aimed at promoting energy efficiency and curbing greenhouse gas emissions are further accelerating the adoption of these systems .
DOMINANCE OF SMART SPLIT ACS In 2023 , smart split air conditioners were the leading segment of the market , thanks to their superior energy efficiency and advanced features like inverter technology , variable speed compressors , and intelligent thermostats . These innovations help optimise energy consumption , lower electricity expenses , and offer remote control through smartphones and voice assistants , enhancing user convenience .
The commercial segment was the largest contributor to the market in 2023 . Developments in sensor technology , connectivity , and artificial intelligence have improved the performance and reliability of smart split ACs . These systems are essential for cooling extensive commercial spaces such as offices , retail establishments , hotels , and hospitals . They provide significant
“ The surge in smart home and smart building trends is a major catalyst for the expansion of the smart cooling systems market .”
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CAGR of 53.4 % from 2024 to 2032 is highlighted in a recent report by Allied Market Research .
energy savings and assist businesses in reducing operational costs and achieving sustainability targets .
The Asia-Pacific region led the market in revenue in 2023 and is projected to maintain its growth momentum . China plays a major role in this region , driven by a tech-savvy population , supportive regulatory environment , and increasing environmental awareness that fuels the adoption of smart cooling technologies .
KEY MARKET PLAYERS Prominent companies such as 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 ., and Electrolux AB are pivotal in driving the market forward . These companies are implementing various strategies , including new product introductions , market expansion , and strategic acquisitions , to strengthen their market presence and maintain competitiveness across different regions .
These strategic actions are vital for enhancing market reach , addressing changing consumer preferences , and sustaining growth amid a competitive market landscape . RACA
REFERENCE : Smart Cooling Systems Market Size , Share & Analysis By 2032 ( alliedmarketresearch . com )
www . refrigerationandaircon . co . za RACA Journal I October 2024 3