Among types, the smart split ACs segment was the highest segment in terms of smart cooling systems market share contribution in 2014. Furthermore, among regions, Asia-Pacific region is projected to surpass European market in terms of smart cooling systems market size.
The prominent players of the market across the globe include 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.
The global smart cooling systems market is segmented based on type and geography. Based on the type, the market is divided into smart split ACs, smart chillers, smart AHU (air handling unit), smart windows ACs, and others (portables ACs, fan coils, refrigerator, indoor packaged, and rooftops ACs). Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Source: Primary & Secondary Research and AMR Analysis
Technological advancement and increased awareness
Key players manufacturing and offering smart cooling systems have identified considerable amount of growth opportunities in the market and tend to invest significant share of their annual revenue on the development of communication technologies to enhance the user experience and minimize the communication error from remote locations. In addition, they have invested considerable amount on product promotions which enabled them to spread awareness among end users regarding the product adoption.
Changing Lifestyle and consumer shift towards smart cooling systems
There has been a shift in consumer product preferences from conventional cooling systems to smart cooling systems. This is majorly attributed to benefits offered by smart cooling systems along with significant increase in per capita income, and purchasing power parity especially in emerging markets such as India. Furthermore, this trend is projected to continue throughout the forecast period and drive the market growth.
Increase in adoption of smart cooling systems
The adoption of smart or connected products have increased at a radical rate. This is attributed to the continuous advancement in communication technologies along with increased awareness among end users about key benefits of smart products such as smartphones, tablets, smart air-conditioners, and smart refrigerators. Furthermore, these smart products have enabled users to easily monitor, control, and optimize their devices from anywhere.
Rise in demand for efficient smart cooling systems
The demand for smart cooling systems is gaining traction especially from residential and commercial sectors owing to increase in need for efficient cooling systems in smart cities and data centers, respectively. This trend is projected to continue in the future and drive the market growth throughout the forecast period.
High initial investment
Installation of smart cooling systems requires high initial investment. In addition, replacement of conventional cooling also increases the cost. This limits small organizations and residential users to switch from older cooling system to smart cooling systems. Thus, it could hinder the market growth to some extent.
Lack of supportive programs especially in emerging markets
Developing countries such as Africa and Algeria lag behind in terms of adoption of smart cooling systems due to lack of government initiatives to encourage end users to invest into smart cooling systems. Further, low per capita income and lack of awareness about the benefits of smart cooling systems discourage the market growth.
Smart homes in emerging markets
Key players are projected to concentrate on introduction of smart cooling products for emerging markets. This is anticipated to increase the product penetration and enable key providers to establish themselves well in the emerging markets.
Tie-ups or long term contracts with government
Governments are focused towards introducing smart city plans and tend to spend huge amount for such initiatives. Further, prominent players offering smart cooling systems are projected to customize their smart cooling systems offering to win long-term contracts and gain competitive edge.
- The study provides an in-depth analysis of the global smart cooling systems market along with current trends and future estimations to elucidate the imminent investment pockets.
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the smart cooling systems market.
- The report provides information of key drivers, restraints, and opportunities along with their impact analysis.
- Quantitative analysis of the current market and forecast for the period of 2014‐2022 is provided to highlight the financial appetency of the smart cooling systems market.
- Porter’s Five Forces analysis illustrates the potency of buyers and suppliers that participate in the market.
- Value chain analysis provides a clear understanding on the roles of stakeholders.
KEY MARKET SEGMENTS
- Smart split ACs
- Smart chillers
- Smart AHU (air handling unit)
- Smart windows ACs
- Others (portables ACs, fan coils, refrigerator, indoor packaged, and rooftops ACs)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
KEY MARKET PLAYERS PROFILED IN THE REPORT
- Blue Star Ltd.
- Daikin Industries Ltd.
- Electrolux AB
- Friedrich Air Conditioning Co., Ltd.
- Fujitsu General Ltd.
- LG Electronics Ltd.
- Mitsubishi Electric Corporation
- Samsung Electronics Co. Ltd.
- Videocon Industries Ltd.
- Voltas Ltd.
Libelium Comunicaciones Distribuidas S.L, EpiSensor, Thingsee ‐ a Haltian Group company, and Wovyn, L.L.C.