Report Code: A01496 | Pages: 120 | ||
Tables: 25 | Charts: 29 |
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Smart cooling system market is projected to reach $137,548 million by 2022, with a CAGR of 52.4 % from 2016 to 2022. The smart cooling system consists of smart refrigerators and smart air-conditioners. End users can easily monitor, control and optimize these cooling systems from remote location via any connected devices. The smart cooling system is projected to huge growth potential for prominent players due to increase in number of internet and smart products users.
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, the Asia-Pacific region is projected to surpass the European market in terms of smart cooling systems market size.
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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.
Segment Overview
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.
Technological advancement and increased awareness
Key players manufacturing and offering smart cooling systems have identified the considerable amount of growth opportunities in the market and tend to invest a 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 a considerable amount on product promotions which enabled them to spread awareness among end users regarding the product adoption.
Changing Lifestyle and a 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 Smart cooling system 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 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 market growth.
Opportunities
Smart homes in emerging markets
Key players are projected to concentrate on the 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 on 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.
KEY MARKET PLAYERS PROFILED IN THE REPORT
OTHER MARKET PLAYERS MENTIONED IN THE REPORT
Libelium Comunicaciones Distribuidas S.L, EpiSensor, Thingsee ‐ a Haltian Group company, and Wovyn, L.L.C.
Smart Cooling Systems Market Report Highlights
Aspects | Details |
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By TYPE |
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By GEOGRAPHY |
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Key Market Players | LG Electronics Ltd., Voltas Ltd., Blue Star Ltd., Friedrich Air Conditioning Co., Ltd., Daikin Industries Ltd., Mitsubishi Electric Corporation, Videocon Industries Ltd., Electrolux AB, . Samsung Electronics Co. Ltd., Fujitsu General Ltd. |
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The global smart cooling systems market is projected to witness healthy growth especially in Asia-Pacific and LAMEA, owing to the increased adoption of smart products, increase in number of internet users, and changing lifestyle. The market is projected to grow at a substantial CAGR of 52.4% during 2016–2022, owing to introduction of smart city projects in developed as well as developing regions.
Smart cooling systems have gained increased adoption in the residential, commercial, and industrial sector over the years. The growth in demand for remote monitoring, optimization & automation, and the need to reduce energy wastage & faults, has increased the demand for smart cooling systems in various sectors, as these systems enable power saving and control from any location. However, installation of smart cooling systems requires high initial investment. In addition, replacement of conventional cooling with a smart system further 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.
In North America, U.S. is the most attractive market and is projected to increase at a significant rate owing to the shift in consumer preferences and adoption of smart products over conventional products.
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 in the emerging markets.
Governments are introducing smart city plans and spending huge amount towards it. Key players could sign long-terms contracts with these projects. Furthermore, prominent players offering smart cooling systems are projected to customize their smart cooling system offerings to win long-term contracts and gain competitive edge.
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