Smart Cooling Systems Market

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.

Key Highlights of Smart Cooling Systems Market

• Asia Pacific predominantly led the Smart Cooling Systems market in 2023, with 61.5% of the total market share
• North America is projected to witness significant growth during the forecast period
• The Smart Split Air-Conditioners segment accounted for the largest market share in 2023
• The Commercial segment revealed the most significant market revenue in 2023
• Users are increasingly seeking personalized climate control, leading to cooling systems that can adapt to individual preferences and habits. This trend is facilitated by AI and smart sensors

Smart Cooling Systems Market: Regional Overview

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.

Smart Cooling Systems Market: Type Overview

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.

Smart Cooling Systems Market: Application Overview

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.

Key Trends

1. The proliferation of the Internet of Things makes it possible to connect Smart Cooling Systems to other smart devices and platforms, enabling remote control, data collection and system automation is one of the key trends in global market.
2. Due to consumer awareness and regulatory pressures, there is a growing emphasis on energy efficient systems. In order to contribute to the sustainability objectives, Smart Cooling Systems are designed to minimize energy consumption.
3. Demand for integrated cooling systems is driven by the development of smart homes and buildings. This system can be connected to several smart devices, giving centralized control and automated operation.
4. Consumers and businesses value the ability to control their cooling systems remotely via mobile apps or voice commands. This trend aligns with broader smart home and smart office ecosystems.
5. Implementing energy efficiency standards and offering incentives to promote sustainable cooling solutions are being implemented worldwide by governments, which influence the development and adoption of smart cooling technologies.

Premium Insights

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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Market Dynamics

Samsung India has launched the country's first AI-enabled DVM S2 Variable Refrigerant Flow (VRF) air conditioners, providing smarter and faster cooling. As India's 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 room's 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. Samsung's 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.

Competitive Landscape

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.

Daikin Industries Ltd., Blue Star Ltd., Friedrich Air Conditioning Co. Ltd., Electrolux AB, LG Electronics Ltd., Fujitsu General Ltd., Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., Voltas Ltd., Videocon Industries Ltd.

Recent Market Developments

• In April 2024, Electrolux Group is backing a new energy-efficient initiative in Europe. The company is one of ten appliance manufacturers that have pledged to support the new EU Code of Conduct for energy-smart appliances and interoperability. This represents progress toward creating energy-efficient appliances. The long-anticipated European Union Code of Conduct (CoC) for interoperability and energy-smart appliances was officially launched at the Hannover Messe trade fair in Germany on April 23, 2024.
• In April 2024, Mitsubishi Electric Corporation revealed that it delivered a mobile air-surveillance radar system to the Philippine Air Force in March. The system was ordered by the Department of National Defense of the Republic of the Philippines in August 2020, and it was designed, manufactured, and tested in Japan. This marks the second air-surveillance radar system and the first mobile unit delivered by a Japanese company to a foreign government, following Mitsubishi Electric's delivery of a fixed radar system to the Philippine Air Force in October 2023.
• In April 2024, Mitsubishi Electric Corporation announced that its wholly owned subsidiaries Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A. and Mitsubishi Electric Europe B.V. acquired AIRCALO, a French air-conditioning company, on April 2. Mitsubishi Electric intends to use AIRCALO's extensive product range and robust customization skills to grow and enhance its hydronic HVAC systems business in Europe's evolving market.
• In March 2024, Voltas, India's leading brand in cooling products and the top air conditioner brand from Tata, has further solidified its dominance in the cooling products sector. Voltas has introduced its SmartAir Inverter AC series, featuring a range of smart functions and IoT integration. This new series offers quieter operation, easy temperature control, and advanced features accessible through the Voltas Smart Mobile App, available on both Google Play Store and iOS App Store. The IoT-enabled device can quickly connect to the user's network and smart speakers. The SmartAir AC is compatible with Alexa and Google Home, and users can track their energy usage with the Energy Consumption Trend graph feature.

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The global Smart Cooling Systems market can be categorized as Type, Application, and Region.