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Smart Cooling Systems Market Report 2023 | USD 137,548 million and CAGR of 52.4%
Smart Cooling Systems Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $137,548 million by 2022, registering a CAGR of 52.4% during the period 2014 - 2022.
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The smart cooling system comprises smart air-conditioners and smart refrigerators. These cooling systems are autonomous and can be easily monitored, controlled, and optimized from remote location via any connected devices such as tablets and smartphones. These systems find applications in residential, commercial, and industrial sector.
The market is further driven by government initiatives to promote energy efficiency and reduce carbon emissions, which have led to the introduction of various regulations and subsidies for the installation of energy efficient cooling systems. Additionally, increasing investments in research and development of smart cooling systems are also contributing to market growth.
Smart Cooling Systems Market Dynamics
The growing demand for improved energy efficiency and better temperature control is driving the growth of the smart cooling systems market. Additionally, the increasing penetration of connected devices and the IoT is also contributing to the growth of the market. The integration of cloud computing technology in smart cooling systems is also driving the market growth as it provides users with real-time energy monitoring and control options.
Furthermore, increasing investments in research and development of smart cooling systems are also contributing to market growth. The increasing number of government initiatives to promote energy efficiency and reduce carbon emissions is also driving the growth of the market.
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Smart Cooling Systems Market Segmentation
By type, the smart split AC segment dominated the market in 2014 with around 74% market revenue share. Furthermore, the segment is projected to continue its dominance throughout the forecast period, owing to the increase in the application of smart split ACs in data centers and smart buildings.
Based on geography, the smart cooling systems market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor in 2014, accounting for around 35% share of the overall smart cooling systems market size. The Asia-Pacific market is projected to grow at the highest CAGR of 59.1% during the forecast period owing to increased penetration of smart air-conditioners and smart refrigerators in residential as well as commercial sectors.
The report features a competitive scenario of the smart cooling systems industry and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key players operating in the smart cooling systems market 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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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