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Smart Air Conditioners Market Archiving Market Forecast Report 2024-2033 | Share, Overview, Outlook
Smart Air Conditioners Market Growth
According to The Business Research Company's, the smart air conditioners market size has grown rapidly in recent years. It will grow from $16.72 billion in 2023 to $18.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to growing consumer awareness of health and wellness, increasing urbanization, rising consumer demand for comfort, increased living standards, and development of energy-efficient and eco-friendly air conditioning solutions.
The smart air conditioners market size is expected to see rapid growth in the next few years. It will grow to $29.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to growing construction sector, growing popularity of smart-homes, increasing disposable income of consumers, increasing consumer demand, and rising demand across commercial sectors. Major trends in the forecast period include integration of ai-driven features, advanced IoT connectivity, technological advancements, development of new products, and user-friendly interfaces.
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Market Drivers and Trends:
The growing construction sector is expected to propel the growth of the smart air conditioner market going forward. The construction industry encompasses all activities related to planning, designing, constructing, and maintaining buildings, infrastructure, and other physical structures. The construction sector is experiencing growth due to increased infrastructure investment, urbanization trends, and demand for sustainable building solutions. As the construction sector participates in development, particularly in residential, commercial, and industrial projects, there will be a higher demand for HVAC (Heating, Ventilation, and Air Conditioning) systems, including smart air conditioners, to provide comfortable indoor environments. New construction projects often incorporate modern amenities and technologies, including smart home features, driving the adoption of smart air conditioners. For instance, in August 2023, according to a report published by the Office for National Statistics, a UK-based producer of official statistics, the estimated monthly construction output saw a 1.6% increase in volume in June 2023, attributed to rises in both new construction work (2.0%) and repair and maintenance activities (1.1%). The quarterly data for April to June 2023 compared to January to March 2023 showed a 0.3% increase in construction output. Notably, this increase was driven entirely by the performance in June 2023, where repair and maintenance activities saw a 0.9% uptick. Therefore, the growing construction sector is driving the growth of the smart air conditioner market.
Major companies operating in the smart air conditioner market are developing advanced technologies, such as real-time humidity sensors, to serve customers with advanced features better. A real-time humidity sensor is an electronic device that senses, measures, and reports air's relative humidity (RH) or determines the amount of water vapor in gas in real time. For instance, in January 2021, Lloyd, a brand owned by Havells India Limited, an India-based manufacturer of air conditioners, launched the Intelli-Logic smart air conditioners. The unique feature of this smart air conditioner lies in its patented technology tailored for the challenging, humid climates of coastal regions. It autonomously regulates relative humidity (RH) levels to 40% to 55%, ensuring a consistently comfortable environment. Operating in real-time, it seamlessly adjusts to ambient conditions for effective cooling even amidst scorching temperatures reaching up to 52 degrees Celsius. With a remarkable 10-meter-long air throw and intelligent 4-way swing, it delivers uniform cooling across every room corner, elevating comfort to new heights.
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Major Key Players of the Market:
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
Smart Air Conditioners Market 2024 Key Insights:
• The smart air conditioners market is expected to grow to $29.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Construction Sector Driving Growth In The Smart Air Conditioner Market
• Innovative Technological Advancements In Smart Air Conditioners
• Asia-Pacific was the largest region in the smart air conditioner market in 2023
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