The global smart air conditioning market is expected to witness significant growth over the forecast period. Smart air conditioning particularly by name is known as heating, ventilation and air conditioning (HVAC) systems. The combined technology provides thermal comfort and enhances indoor air quality. HVAC systems primarily operate on mechanical engineering principles of thermodynamics, fluid transfer, and heat transfer. Thus, HVAC is an important feature of residential structures such as apartment buildings, hotels, family homes, and senior living facilities.
The design of such HVAC systems vary with building models. For example, design, installation, and control systems are integrated into one or more HVAC systems in modern buildings. For larger and spacious buildings, HVAC systems are analyzed through mechanical engineers and building service designers. Humidity, odors and air quality can be controlled with the use of forced or displacement ventilation systems. Overall, smart air conditioning devices are used to heat, cool, and control moisture and air quality levels in home and buildings.
The major driving factor for the market growth of the smart air conditioner market is easy fault detection of smart devices. Evolution of monitoring systems and intelligent technology is considered another key factor. Several factors like changes in energy regulations, technological advancements by producers, and growing demand across commercial sectors boosts the market growth.
However, government rules &stringent regulations sometimes act as hindrance in design, innovation, implementation, and production of HVAC systems.
On the basis of system, the smart air conditioning market is segmented into temperature control, humidity control, ventilation control, and integrated control. On the basis of component, the market is segmented into sensors, control valves, dampers, controlled & controlled devices, actuators, pumps & fans, VAV controllers, and FCU controllers.
On the basis of revenue source, the market is bifurcated into HVAC controls and building energy management systems (BEMS). On the basis of application, the market is classified into residential buildings, industrial buildings, and commercial buildings. Commercial buildings are then classified into office buildings, education centers, hospitality centers, retail centers, and others. Residential applications are projected to grow at the highest CAGR for the forecast period.
On the basis of geography, the global smart air conditioning market spans North America, Europe, Asia-Pacific, and Middle-East and Africa. Regions such as China, Japan, and India are driving the growth of the market in the APAC market. APAC regions have a considerable market size and a wider scope for the development of the HVAC industry.
The key players in the smart air conditioning market include Daikin Industries, LG Electronics, Haier, Mitsubishi Electric, Samsung Electronics, Videocon, Voltas, FUJITSU GENERAL, Blue star, Friedrich, Electrolux.
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