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.

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.

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.

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.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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