An air conditioner comes with three different components, namely evaporator, condenser, and compressor. The refrigerant that moves inside the air conditioning system is considered the core of the air conditioning system. In the whole process of cooling, the compressor takes in the most amount of electricity for the purpose of heating and compressing the refrigerant.
With so high consumption of electricity and steep rise in the electricity bills, the demand of solar air conditioning system is bound to rise. The global solar air conditioning market is estimated to gather momentum from the demand for more convenience and comfort in day to day life. In addition, drastic change in the lifestyle of people is likely to propel growth of the global solar air conditioning market over the assessment period.
Apart from that, rise in the number of government initiatives such as tax benefits are provided for the promotion of solar energy as the main source of energy is likely to add further impetus to the global solar air conditioning market over the period of forecast.
Solar air conditioning units come in two different variants:
- Hybrids – This type of solar air conditioning system makes a combination of photovoltaic technology with direct current. It automatically makes a switch between battery and solar power as and when needed. When it is set to hybrid mode, these air conditioning systems charge their batteries in the presence of sunlight. When it is not charging in the sun, the system operates on the battery backup and charges its batteries with alternating current power.
- Chillers – These also go by the name of evaporative coolers. They work by cooling and heating water through condensation and evaporation. By lowing over water-saturated material, chillers cool the air. Solar energy is utilized to power the motor and the fan.
Asia Pacific is estimated to account for a leading position in the global solar air conditioning market throughout the tenure of forecast. Such market dominance is owing to the rapid rise in the disposable income of the people with inclination to spend on premium products.
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Global Solar Air Conditioning Market: Overview
Rising global temperature has significantly increased demand for air conditioning systems. Whereas, increasing carbon footprint due to the growing use of air conditioners had increased demand for solar air conditioning. Application of solar air conditioning is widely seen in commercial, residential, and industrial setups. Growing efforts to save electricity and increasing environmental concerns has further augmented demand in the global solar air conditioning market.
The global solar air conditioning market is expected to include information about power source, end user, and product type as its key segments. Based on product type, the market is likely to include split solar A/C, cassette solar A/C, window solar A/C, and floor standing solar A/C.
The report gives key insights about solar air conditioning and various factors that grow more possibilities in expanding the global solar air conditioning market. The information presented is backed by statistical insights. Moreover, the information is derived from various authentic sources including interviews, events, webinars, podcasts, official websites of companies and government department dealing with this market.
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Global Solar Air Conditioning Market: Trends and Opportunities
As per the National Oceanic and Atmospheric Agency data, global temperature has increased by 0.84°C. Owing to this fact, environmental concerns have increased rapidly and various initiatives to reduce carbon emission were started. In this scenario, use of solar air conditioning will help in reducing carbon emission. Additionally, increasing government initiatives along with tax benefits provided in various countries is also estimated to fuel the market growth.
According to the data presented in India Brand Equity Foundation 2017 report, states that the disposable income of people is likely to increase up to US$631 by 2020. Owing to this fact, one can assume that the demand in the global solar air condition market will rise considerably in the coming years.
Global Solar Air Conditioning Market: Geographic Analysis
Geographically, Asia Pacific is likely to hold maximum share in the global solar air conditioning market over the forecast period. Higher economic development that led in increasing disposable income of individuals is expected to drive demand in this market. People in developing economies are willing to spend more on the utility product that might trigger demand for solar air conditioners. Moreover, high demand for solar air conditioners is also seen among small and medium sized enterprises that resulted in expand this market.
The report also provides information on other regions including North America, Latin America, Europe, and the Middle East and Africa. Of these regions, North America is expected to hold second position in the global solar air conditioning market. This growth is attributed to the growing adoption of advanced technology in this region.
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Global Solar Air Conditioning Market: Companies Mentioned
The report elucidates on the profiling leading players operating in the global solar air conditioning market. Strategies used by key players, their investments, mergers, agreements, and areas of innovations are thoroughly described in this segment. For instance, Videocon unveiled a Hybrid Solar Air Conditioner (AC) that completely works on solar energy. The objective of the company was to eliminate consumption of electricity and allows 100% power saving. Initiatives like these are expected to create new growth prospects for this market.
The report gives detailed information about some of the prominent players operating in the global solar air conditioning market. It includes Videocon, Lennox, Midea Group Onyx Solar AC, Harvest Air Conditioner, Aussie Solar World, HotSpot Energy Inc., Icesolair, Solair World International, Gree, and others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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