Global Solar Air Conditioning Market, By Power Source (Hybrid Solar A/C and 100% Grid Off A/C), By P

Published Date: | Report Code : EQ1940837

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Market Dynamics:

The Solar Air Conditioning Market is expected to promise high growth owing to increasing demand for reducing electricity costs in recent years. Increasing demand from applications including residential building, commercial building, industrial building, and others is expected to drive the growth of the solar air conditioning market. This market has witnessed the number of key developments by major companies including Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair, Icesolair and others with a focus on organic as well as inorganic growth strategies.  Developing regions including the Asia Pacific and the Middle East have been among the high potential markets with high growth in some of the key economies.

Solar air conditioning utilizes solar power for the cooling purpose. Therefore, it is also known as solar cooling. The cooling is done through photovoltaic conversion and solar thermal energy conversion. Solar air conditioning helps in reducing electricity costs. Some advantages of solar air conditioning over conventional air conditioning are low operational and maintenance costs. The solar air conditioning market is expected to grow due to the rising electricity rates and an increasing need to reduce energy consumption. However, the high initial set up costs may restrain the growth of this market. Many companies are focusing on investing in R&D for technological advancements and innovative product development.

Segment Insights:

The global solar air conditioning market has been segmented based on power source, product type, and application. Based on the power source, the hybrid solar A/C segment is projected to witness high growth due to the ability of hybrid air conditioning systems to change the power source whenever required.

Based on product type, the market has been segmented into split solar A/C, window solar A/C, and floor standing solar A/C. All the product types witness high usage due to the increasing demand from residential, commercial, and industrial buildings, owing to robust developments taking place in the building & construction industry, rising environmental concerns, changing consumer preferences, etc.

Solar air conditioning is expected to witness high demand from IT & telecom, IT & BPO, manufacturing, retail, and other sectors. The Asia Pacific is expected to lead the solar air conditioning market due to increasing disposable income, rapidly developing economies, and rising demand for solar air conditioning systems across small and medium-sized enterprises of countries such as India, China, Japan, and others. 

Key Factors Impacting Market Growth:

  • Rising temperature in various regions
  • Changing lifestyles with a high comfort level among people
  • Increasing government initiatives to use solar energy in power consumption 

Regional Analysis:

Major regions for the solar air conditioning market are estimated to North America, Western Europe, and the Asia Pacific. North America and Western Europe have been traditional markets for solar air conditioning owing to the strong presence of the industrial sector. The industrial sector has been one of the key contributors to the economies in these regions. Major industries in these regions are estimated to be applications including residential building, commercial building, industrial building, and others. These industries have an established base resulting in stable market demand. Moreover, most of these industries have been witnessing a transition in terms of product development and production methods. These factors are expected to drive the demand for the solar air conditioning market in North America and Western Europe region. Major markets by country in these regions include the US, Germany, France, UK, Canada, Spain, and others.

The Asia Pacific and the Middle East region have witnessed tremendous growth in the industrial sector in recent years. Major companies operating in this market have made strategic developments to improve market presence in these regions. In addition to this, some of the fastest-growing economies including China and India have been major markets for various end-use industries including building & construction, automotive, healthcare, manufacturing, and so on. Among these applications industries including residential building, commercial building, industrial building, and others are estimated to register a high demand for the solar air conditioning market during the forecast period. On the other hand, the Middle East region has witnessed diversification in terms of industrial outlook in recent decades. UAE, Saudi Arabia, Qatar, and others have been instrumental in promoting the development of various industries including building & construction, pharmaceuticals, automotive, and so on. This is expected to drive the growth of the solar air conditioning market directly or indirectly in the region. Eastern Europe consisting of Russia and Turkey promises a stable demand for the solar air conditioning market during the forecast period. The rest of the World including South America and Africa are estimated to be a developing market with strong potential in the strategic future.

Companies Covered: Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair, Icesolair, and Gree and Midea Group 

Market Segmentation:

By Power Source:

  • Hybrid Solar A/C
  • 100% Grid Off A/C

By Product Type:

  • Split Solar A/C
  • Window Solar A/C
  • Cassette Solar A/C
  • Floor Standing Solar A/C

By Application:

  • Residential Building
  • Commercial Building
  • Industrial Building
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Power Source
    • By Product Type
    • By Application
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Power Source
    • By Product Type
    • By Application
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Power Source
    • By Product Type
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Power Source
    • By Product Type
    • By Application
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Power Source
    • By Product Type
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Power Source
    • By Product Type
    • By Application

Reasons to Buy This Report:

  • Market size estimation of the global solar air conditioning market on a regional and global basis
  • Unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

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