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| Solar Air Conditioning Market |
Market Overview: Solar air conditioning makes use of photovoltaic solar panels to power air conditioning units. These systems offer advantages like lower electricity bills, reduced carbon footprint, and independence from power outages. With rising energy costs and awareness about environmental protection, solar air conditioners are becoming increasingly popular.
The global
Solar Air Conditioning Market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends: One of the major trends driving the growth of the solar air
conditioning market is the increasing adoption of agricultural drones.
Agricultural drones equipped with thermal cameras are being used to inspect
solar panels and identify any panels that require cleaning or repair. The
drones can quickly scan large solar farms and detect issues like shading,
faults or underperformance. This enables timely maintenance and maximizes the
energy generation from solar installations used for powering air conditioners.
Using drones for inspections reduces maintenance costs and downtime of solar
air conditioning systems in agriculture and other sectors.
Segment Analysis
The global solar air conditioning market is segmented by product type,
installation type, application, and geography. By product type, the split air
conditioning systems segment held the largest share in 2022 and is expected to
witness high growth during the forecast period owing to the benefits they offer
such as space saving, easy installation, and low maintenance. By installation
type, the new installation segment dominated the market in 2022 as it allows
consumers to choose advanced solar AC systems as per their needs and
preferences. However, the replacement segment is likely to grow at a higher
CAGR during the forecast period. By application, the residential segment
accounts for the largest share of the market and will continue to retain its
dominance through 2030 due to increasing inclination towards green living and
rising environmental concerns among homeowners.
Key Takeaways
The global Solar
Air Conditioning Market Share size is expected to reach US$ 5.4 Bn by 2030, expanding at a
healthy CAGR of 13% during the
forecast period. The rising demand for energy-efficient cooling systems along
with favorable government initiatives and subsidies to promote renewable energy
are fueling the market growth.
Regionally, Asia Pacific leads the global market and is anticipated to witness
the fastest growth over the next eight years. Countries such as China, India,
and Japan are the key markets in the region on account of rapid urbanization,
growing construction activities, rising disposable income, and supportive
government policies promoting sustainable technologies.
Key players operating in the solar air conditioning market are Lennox,
Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World,
Solair World International, Icesolair, Gree, Midea Group and Onyx Solar ac.
These companies are focusing on new product developments and expansion of their
distribution network across geographies to consolidate their market position.
Several strategic initiatives including partnerships, mergers & acquisitions
and capacity expansions have been witnessed in the market over the past years.
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