The global air conditioning market was valued at over USD 112 billion in 2016 and is expected to surpass USD 169 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global air conditioning market, under its new research areas portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Daikin, GREE Electric Appliances, Midea, Mitsubishi Electric, Panasonic, and Toshiba Carrier.
According to Abhay Sinha, a lead research analyst at Technavio, “The inverter technology introduced in the market saves up to 35% to 45% electricity consumption. This technology was invested in Japan and helps change the flow rate of the refrigerant based on the heat of the room.”
This new technology is concerned with the electro motors of the compressors in an air conditioner and reduces the heat flow without turning off the compressor. The inverter technology has variable speed motors and requires less power supply from the start. This technology is applicable for solar PV air conditioners and helps reduce the size of PV panels. The vendors in the market are introducing additional features like sleep state technology, which has a sensor that detects when users fall asleep and control temperature settings for better comfort.
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Growing demand for integrated systems
The vendors are offering HVAC and building systems that are integrated with the lighting and access control points that will help the building owners to streamline their systems. The integration of various devices allows higher energy efficiency in managing building systems as it allows control from one interface to another and facilitates better operations and performance. The access controls integrated with HVAC controls allows building managers to use a single platform to monitor cooling and increase or decrease the cooling based on the number of people in the air conditioning environment.
Growing popularity of smart thermostats
The smart thermostats introduced in the market allow monitoring of temperatures remotely with the help of mobile devices and laptops. These thermostats offer energy and money-saving opportunities by providing monitoring humidity, temperature, and assist in altering cooling cycles. These systems have a low cost of installations, making it very popular among various residential and commercial building owners. Some of the smart thermostat available in the market include Nest, ecobee3, and Lyric.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Air Conditioning Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Data Center Precision Air Conditioning Market 2016-2020
- Global Split Air Conditioning Market 2016-2020
- Global Air Filter Market 2016-2020
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