The global IOT enabled AC market is segmented into product type such as window AC, split AC, central AC, portable AC and hybrid AC. Among these segments, split AC is expected to dominate the overall IOT enabled AC market and is anticipated to capture a noteworthy CAGR during 2017-2027. Split air conditioner provides benefits such as they are easy to install, provide climate control and offer quiet operation. Extremely easy installation is one of the major factors for the growth of split air conditioners as to install them there is no need of ductwork. The indoor unit is approximately 100 feet above the outdoor unit and only a small hole in wall is needed for copper tubes and wiring.
Global IOT enabled AC market is anticipated to grow at a good CAGR during the forecasted period i.e. 2017-2027. Many companies are investing their money in IOT enabled AC market as they are highly efficient and energy consumption in these AC is very less as compared to conventional air conditioners. Awareness among people related to the latest technology also helps the market of IOT enabled AC to grow globally.
In terms of regional platform, North America accounted for the largest market of IOT enabled AC in terms of revenue in 2017. High adoption rate of advance technology among American population helps the market of IOT enabled AC to grow in this region. Due to the rise of commercial and residential sector in this region contributed to the growth of IOT enabled AC market. Asia Pacific is anticipated to be the fast-growing market for IOT enabled AC due to high industrialization and urbanization in this region. Skilled labor is available at low cost which helps in the production of IOT enabled AC in this region. Due to high urbanization and awareness among population there is high demand for IOT enabled AC in this region.
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Rising demand of IOT enabled devices
There is a strong hype of IOT enabled devices among population across the globe. IOT enabled devices are equipped with highly efficient sensors which sense the relevant parameters around their environment. IOT enabled devices such as IOT enabled AC are in great demand among consumers as they are highly efficient, provide power cooling and reduce the energy consumption.
IOT enabled AC are equipped with such sensors which can control things according to the users and have a mechanism to alert users regarding any fault in the device. These features of IOT enabled AC are expected to contribute in the growth of IOT enabled AC market globally.
High cost of IOT enabled devices as compared to conventional devices is expected to affect the market of IOT enabled AC.
Rapid rise in urbanization
Among various domains for IOT are being explored, one such is to use IOT in urbanization of cities. Smart cities projects are passed by many governments of different nations across the globe. It is expected that in these smart cities there will be a high demand for latest IOT enabled technologies.
Due to rise of smart cities it is expected that there will be demand for IOT enabled appliances such as IOT enabled AC. This factor will contribute in the growth of IOT enabled AC market across the globe.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global IOT enabled AC market which includes company profiling of Daikin industries, LG electronics, Haier, Mitsubishi Electric, Samsung Electronics, Onida, Blue star and Electrolux. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global IOT enabled ACmarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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