Press release
Smart Air Conditioners Market: Major Trends Reshaping the Future of the Industry
Smart Air Conditioners Market
What Will the Smart Air Conditioners Industry Market Size Be by 2025?
The market size for smart air conditioners has experienced robust growth in the past few years, expected to expand from $18.74 billion in 2024 to an approximate $20.6 billion in 2025, marking a compound annual growth rate (CAGR) of 9.9%. This upward trend can be traced back to increased consumer consciousness about health and well-being, urbanization progression, the heightened need for comfort from consumers, an improvement in living standards, and the advancement in energy-saving and environmentally friendly air conditioning technologies.
What's the Long-Term Growth Forecast for the Smart Air Conditioners Market Size Through 2029?
The size of the smart air conditioners market is anticipated to experience swift expansion in the upcoming years. The market is expected to escalate to $31.36 billion by 2029, with a compound annual growth rate (CAGR) of 11.1%. The predicted growth during the forecast period can be credited to several factors such as the expanding construction industry, rising interest in smart-homes, increase in consumer's disposable income, escalating consumer demand, and a surge in demand across commercial sectors. Significant trends to watch out for during the forecast period encompass the incorporation of AI-driven functionalities, improved IoT connectivity, technological innovations, the launch of new products, and user-friendly interfaces.
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What Are the Key Growth Drivers Fueling the Smart Air Conditioners Market Expansion?
The smart air conditioner market is projected to expand due to the burgeoning construction industry. This industry encapsulates all activities involved in the design, planning, building, and maintaining of both the infrastructure and physical properties. Growth in the construction sector is being fueled by increasing infrastructural investment, urbanization trends, and the need for sustainable building solutions. As this sector becomes more involved in the development of residential, commercial, and industrial projects, it will also increase the demand for HVAC systems, including smart air conditioners, as they all contribute to creating comfortable indoor environments. Smart home features and other modern amenities are often integrated into new construction projects, thus enabling the adoption of smart air conditioners. For example, the Office for National Statistics, a UK-based official statistics producer, reported in August 2023, that there was a 1.6% increase in the estimated monthly construction output in June 2023, fueled by both an increase in new construction (2.0%) and repair and maintenance activities (1.1%). In comparison to January to March 2023, data from April to June 2023 revealed a 0.3% increase in construction output, with a rise in repair and maintenance activities (0.9%) in June 2023 being a primary driver. As such, the flourishing construction sector serves as a catalyst for the smart air conditioner market's growth.
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Which Emerging Trends Are Transforming the Smart Air Conditioners Market in 2025?
Prominent businesses operating in the smart air conditioner market are creating advanced technology incorporating artificial intelligence (AI) and the Internet of Things (IoT), aiming to improve energy efficiency and user comfort. These improvements lead to capabilities such as predictive maintenance, which allows systems to pre-empt failures, thus enhancing efficiency and leading to a drop in energy usage and operational expenses. For instance, in April 2024, the India-based company Voltas, rolled out its new HVAC range at ACREX 2024, with sophisticated AI features enabling users to oversee and manage their systems via a mobile app. This new product launch not only mirrors Voltas' dedication to sustainability and energy efficiency, but also enriches user experience by giving real-time feedback and data on system performance and power consumption.
How Is the Smart Air Conditioners Market Segmented?
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 Companies Are Leading the Charge in Smart Air Conditioners Market Innovation?
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 Are Leading the Global Smart Air Conditioners Market in Revenue?
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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