Solar air conditioners serve as an effective alternative to conventional air conditioners owing to their ability to utilize solar energy for cooling purposes without emitting greenhouse gases. Solar air conditioners make use of advanced thermodynamic processes like absorption cooling and desiccant cooling to provide cooling effect by leveraging solar irradiance. With rising energy costs and focus on transitioning to renewable energy sources, the adoption of solar air conditioning systems is growing. 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 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing awareness about energy conservation and renewable energy sources has accelerated the adoption of solar air conditioning systems across both residential and commercial sectors. Solar air conditioners provide a sustainable and cost-effective alternative to traditional air conditioners which rely on fossil fuels. Furthermore, various governments across countries are offering subsidies and tax benefits on purchasing of solar air conditioning equipment in order to promote sustainable cooling practices. Rising per capita income levels in emerging economies have also augmented the demand for advanced cooling solutions, thereby fueling the growth of solar air conditioning market during the forecast period.
Segment Analysis
The global solar air conditioning market is dominated by the split solar air conditioning sub-segment which holds around 65% share of the total market. This sub-segment is dominating as split AC provides flexibility in installation and space requirement compared to other type of ACs. It can heat and cool individual rooms and areas separately which makes it a preferred choice among residential and commercial users globally.
Key Takeaways
The Global Solar Air Conditioning Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 7.2% during this period and reach a size of US$ 2.52 Bn by 2024.
Regional analysis: The Asia Pacific region currently dominates the global solar air conditioning market and is expected to continue its dominance over the forecast period. Countries like China, India, Japan and South Korea are major markets in this region. Growing construction activities along with rising disposable income are driving the growth of solar AC installations in Asia Pacific.
Key players operating in the solar air conditioning market are REVITA, Ivtherapygreece, IV Boost UK, Harpal Clinic Limited, IV Drips London, VITAMIN INJECTIONS LONDON, Cryojuvenate UK Ltd., Italy Health Retreats, Séchoir, ELIXIR, Swiss Medical Centre, Drip Hydration, REVIV, VITANOVAS, and The IV Doc Inc. REVITA and Ivtherapygreece collectively hold around 35% of the global market share currently.
For More Insights, Read: https://www.newswirestats.com/solar-air-conditioning-market-trends-growth-and-regional-outlook-2023-2030/
