Smart Air Conditioners
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Smart Air Conditioners Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been a significant increase in the size of the smart air conditioners market. It is projected to expand from a value of $18.74 billion in 2024 to approximately $20.92 billion in 2025, experiencing an 11.6% compound annual growth rate (CAGR). The surge in growth historically can be traced back to enhanced consumer insight into health and wellness, escalating urbanization, growing demand for comfort among consumers, improved living conditions, and innovation of energy-saving and eco-friendly air conditioning options.
Smart Air Conditioners Market Size Forecast: What’s the Projected Valuation by 2029?
The market size of smart air conditioners is anticipated to experience substantial expansion in the forthcoming years. It is slated to reach a value of $32.46 billion by 2029, escalating at a compound annual growth rate (CAGR) of 11.6%. This market progression in the forecast period is primarily due to expansion in the construction industry, rising interest in smart homes, an increase in consumer disposable income, surging consumer demand, and considerable demand in various commercial sectors. Significant trends to watch in the forecast period encompass the integration of AI-driven features, sophisticated IoT connectivity, advances in technology, the introduction of new products, and user-friendly interfaces.
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What Are the Drivers Transforming the Smart Air Conditioners Market?
The expansion of the construction industry is predicted to stimulate the smart air conditioner market’s growth. This industry is associated with tasks concerning the planning, designing, construction, and upkeep of buildings, infrastructure, and various physical structures. Boosts in infrastructure investment, urbanization phenomena, and the need for environmentally friendly construction options are propelling the growth of the construction industry. As this sector contributes to various development areas, especially residential, commercial, and industrial projects, the demand for HVAC systems, which include smart air conditioners for suitable indoors, is expected to rise. Modern amenities and technologies, including smart home functions, are typically incorporated into new construction projects, prompting the use of smart air conditioners. For example, the Office for National Statistics, a UK-based official statistics producing agency, mentioned in a report published in August 2023, that the estimated monthly construction output recorded a 1.6% increase in volume in June 2023, owning to a rise in new construction work (2.0%) and repair and maintenance activities (1.1%). When compared to the first quarter of 2023, there was a 0.3% increase in construction output from April to June 2023. It’s noteworthy that June 2023, which saw a 0.9% rise in the repair and maintenance activities, solely drove this increase. Hence, the burgeoning construction sector is fueling the growth of the smart air conditioner market.
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What Long-Term Trends Will Define the Future of the Smart Air Conditioners Market?
In the smart air conditioner market, primary corporations are crafting avant-garde technology that combines artificial intelligence (AI) and the Internet of Things (IoT) to heighten energy conservation and improve user experience. This progress introduces elements like predictive maintenance allowing systems to predict potential malfunctions and enhance efficiency, resulting in decreased energy application and minimized operational expenses. To illustrate, Voltas, an Indian enterprise, in April 2024, presented its latest HVAC range at ACREX 2024, equipped with progressive AI functionalities enabling users to monitor and regulate their systems using a mobile application. This unveiling underscores Voltas’ dedication towards ecologically responsible and energy-saving solutions, and also boosts user experience by offering real-time data and analytics regarding system performance and energy utilization.
Which Segments in the Smart Air Conditioners Market Offer the Most Profit Potential?
The smart air conditioners market covered in this report is segmented –
1) By Type: Split, Window, Portable, Other Types
2) By Connectivity: Wi-Fi, Bluetooth, Other Connectivities
3) By Application: Residential, Buildings, Industrial Buildings, Commercial Buildings
Subsegments:
1) By Split: Wall-Mounted Split Air Conditioners, Floor-Mounted Split Air Conditioners
2) By Window: Vertical Window Air Conditioners, Horizontal Window Air Conditioners
3) By Portable: Compact Portable Air Conditioners, Dual-Hose Portable Air Conditioners
4) By Other Types: Central Air Conditioning Systems, Smart Mini-Split Systems
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Which Firms Dominate the Smart Air Conditioners Market by Market Share and Revenue in 2025?
Major companies operating in the smart air conditioners market are Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., LG Electronics Inc., Panasonic Corporation, Haier Group Corporation, Midea Group Co. Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Gree Electric Appliances Inc., Daikin Industries Ltd., Johnson Controls International plc, Fujitsu General Ltd., Carrier Global Corporation, Whirlpool Corporation, Trane Technologies Plc, Electrolux AB, AUX Group Co. Ltd., Godrej Industries Limited, Lennox International Inc., Hisense Kelon Electrical Holdings Company Limited, Havells India Limited, Rheem Manufacturing Company, Blue Star Limited, Voltas Limited, Chigo Holding Ltd., Friedrich Air Conditioning Co. Ltd., Chunlan Group, Videocon Industries Limited, Bryant Ltd
Which Regions Offer the Highest Growth Potential in the Smart Air Conditioners Market?
Asia-Pacific was the largest region in the smart air conditioner market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the smart air conditioners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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