Reports - Smart Cooling Systems Market
Smart Cooling Systems Market Size, Share & Trends Analysis Report by Type (Smart Split Air-Conditioners, Smart Chillers, Smart Air Handling Unit (AHU), Smart Windows Air-Conditioners (ACs), Others (Portables ACs, Fan Coils, Refrigerator, Indoor Packaged, and Rooftops ACs)) by Application (Residential, Commercial, Industrial) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)
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2032
52.4%
Asia Pacific
North America
2018 - 2022
2022 - 2032
The final deliverable will encompass both quantitative and qualitative data, providing a comprehensive analysis of the market. The scope is customizable.
The global Smart Cooling Systems Market is valued at USD 199.1 Billion in 2023 and is projected to reach a value of USD 8800 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 52.4% between 2024 and 2032.
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The Asia Pacific Smart Cooling Systems market exhibited significant dominance in 2023, with 61.5% of the revenue share. Rapid urbanization, industrial expansion and an increasing middle class are driving the Asia Pacific Smart Cooling Systems Market to substantial growth. The main contributors are countries such as China, Japan, South Korea and India, with increasing adoption of smart technologies in the residential, commercial or industrial sector. IoT Based Cooling Systems are being innovated by major companies like Panasonic, Daikin and Samsung offering features that include remote control, energy management & artificial intelligence optimization. Government policies promoting energy efficiency and green building practices further stimulate the demand.
The global Smart Cooling Systems market can be categorized as Type, Application, and Region.
Extensive growth was observed in the Global Smart Cooling Systems market within the Smart Split Air-Conditioners category in 2023. The Type segment is divided into Smart Split Air-Conditioners, Smart Chillers, Smart Air Handling Unit (AHU), Smart Windows Air-Conditioners (ACs), and Others (Portables ACs, Fan Coils, Refrigerator, Indoor Packaged, and Rooftops ACs). The smart split air-conditioners segment in the global Smart Cooling Systems market is witnessing major growth, driven by rising consumer demand for energy efficiency, connectivity, and user-friendly controls. Such air conditioners are equipped with advanced technologies like IoT and AI, allowing users to control temperature settings remotely, monitor energy consumption, and optimize cooling based on usage patterns. Brands like Daikin, Mitsubishi Electric and LG are leading this segment, offering innovative features like voice control, smart sensors, and integration with home automation systems. The segment is also seeing increased adoption due to its versatility and ability to cater to both residential & commercial applications.
In 2023, significant growth was seen in the Commercial segment. Based on the Application, the Smart Cooling Systems market is segmented into Residential, Commercial, and Industrial. The commercial segment in the global Smart Cooling Systems market is experiencing significant growth owing to the increasing need for energy-efficient solutions in offices, retail spaces and industrial settings. With the increased emphasis on sustainability and regulatory compliance, companies are increasingly encouraged to invest in Smart Cooling Systems which use advanced technologies like Internet of Things, Artificial Intelligence or Intelligent Sensors for improved operation efficiency, reduced energy consumption and operating costs. They offer real time monitoring, remote control and predictive maintenance that helps to improve performance and reduce costs.
The Smart Cooling Systems enables end users to monitor, control and optimize their systems remotely through connected devices by integrating smart refrigerators and air conditioners. Due to the growing number of internet and smart product users, this system is in a strong position for growth. Due to the benefits offered, as well as significant increases in per capita income and purchasing power, especially in developing countries, consumers are switching from traditional refrigeration systems to more smart ones. This trend is anticipated to be sustained throughout the forecast period, which will lead to a growth in the smart air conditioning market. Due to ongoing advances in communication technologies and increased consumer awareness of the benefits of smart products such as smartphones, tablets, smart air conditioners, and smart refrigerators, the adoption of smart and connected products has increased.
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Samsung India has launched the countrys first AI-enabled DVM S2 Variable Refrigerant Flow (VRF) air conditioners, providing smarter and faster cooling. As Indias most trusted consumer electronics brand, Samsung has introduced its new DVM S2 outdoor unit, which pairs with indoor AC units to deliver wind-free cooling, gently and powerfully adjusting the rooms ambient temperature. The WindFree™ technology avoids harsh cold drafts by dispersing air through 23,000 micro-holes at a slow speed of 0.15 m/s, creating a more comfortable and stiller environment. Samsungs new DVM S2 lineup comes in various capacities, from 8 HP to 34 HP, in both heat pump and cooling-only models. This range is ideal for apartments, residential complexes, office spaces, and commercial buildings.
LG Electronics, a leading brand in consumer electronics and air conditioners, has launched its 2023 lineup of DUALCOOL Inverter air conditioners, which are part of its AI+, health, and hygiene portfolio. This latest range features advanced technology, including AI+, Plasmaster Ionizer++, Hot & Cold functionality, and LG ThinQ (WiFi-enabled ACs) with voice control for hands-free operation. The 2023 collection comes with a new BEE star rating for improved energy efficiency and includes 81 models designed to offer advanced technology and convenience. Due to the increasing demand for energy-efficient cooling solutions, LG has introduced AI+ Dual Inverter air conditioners that learn from user behavior, featuring convertible technology for flexible power use and faster cooling. These air conditioners can operate at 40% to 110% capacity.
The global Smart Cooling Systems market is evolving rapidly fueled by technological advancements and a growing demand for energy-efficient cooling solutions. To optimize performance and reduce energy consumption, key players are leading the way with innovative products integrating Internet of Things devices, artificial intelligence or smart sensors. The demand for sustainable cooling solutions in the industrial, commercial and residential sectors drives the market growth. Key players are focusing on strategic partnerships, mergers, and acquisitions to consolidate their market position and increase their global footprint.
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
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