Smart Cooling Systems Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032

Smart Cooling Systems Market Research, 2032

The global smart cooling systems market size was valued at $3.1 billion in 2023, and is projected to reach $156.6 billion by 2032, growing at a CAGR of 53.4% from 2024 to 2032.

The smart cooling system consists of smart refrigerators and smart air-conditioners. End users can easily monitor, control and optimize these cooling systems from remote location via any connected devices. The smart cooling system is projected to huge growth potential for prominent players due to increase in number of internet and smart products users.

Smart Cooling Systems Markets Dynamics

Key Takeaways:

• The smart cooling systems market overview study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Billion) for the projected period 2023-2032.
• More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major smart cooling systems industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
• The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global smart cooling systems market and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.

Industry Trends:

• In December 2023,  Vertiv completed acquisition of CoolTera Ltd. CoolTera is a provider of coolant distribution infrastructure for data center liquid cooling technology.
• In April 2024, Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A. and Mitsubishi Electric Europe B.V. acquired AIRCALO, an air-conditioning company in France. The acquisition aims to expand the cooling system business in European market.

Key Market Dynamics

The rise in global temperatures due to climate change, the demand for smart cooling systems has been increasing rapidly. These systems provide energy-efficient and environmentally friendly solutions for cooling indoor spaces, such as homes, offices, and commercial buildings will drive the global smart cooling systems market growth.

 The smart cooling systems market is projected to grow substantially in the coming years, fueled by the increasing awareness of the importance of sustainable and energy-efficient cooling solutions. With advancements in technology, smart cooling systems can now be controlled and monitored remotely using mobile apps, allowing users to adjust the temperature and settings according to their preferences.

One of the key drivers of the smart cooling systems market is the growing adoption of smart home automation systems. These systems allow homeowners to control various aspects of their homes, including heating, cooling, and lighting, from a single device. This convenience, coupled with the energy-saving benefits of smart cooling systems, has been driving the smart cooling systems market growth.

Value Chain Analysis of Global Smart Cooling Systems Market

The value chain of the global smart cooling systems market helps to identify the key activities and processes involved in bringing a smart cooling system from conception to end-user.

Research and Development: This is where the innovation and design of smart cooling systems take place. Companies invest heavily in R&D to come up with new and improved technologies that can enhance energy efficiency and performance of cooling systems.

Manufacturing: Once the design is finalized, manufacturing takes place to produce the actual cooling systems. This involves sourcing raw materials, assembling components, and quality control to ensure that the final product meets the required standards.

Marketing and Sales: Marketing is essential to create awareness about smart cooling systems and generate demand among consumers. Sales teams are responsible for selling the products through various distribution channels such as online platforms, retailers, and direct sales.

Installation and Servicing: After the sale, the installation of smart cooling systems is crucial to ensure proper functioning. Companies may provide installation services or work with third-party contractors. Servicing and maintenance are also key components of the value chain to keep the systems running smoothly.

End User: The end user plays a critical role in the value chain as they are the ones who ultimately benefit from using smart cooling systems. Their feedback and satisfaction are essential for companies to improve their products and services.

Smart Cooling Systems Market Segmentation

The global smart cooling systems market is segmented based on type, application, and region. Based on type, the smart cooling systems market is divided into smart split ACs, smart chillers, smart AHU (air handling unit) , smart windows ACs, and others. Based on application, the market is segregated into residential, commercial, and industrial. Region wise, the smart cooling systems market share is analyzed across North America (U.S., Canada, Mexico) , Europe (Germany, UK, France, Italy, Rest of Europe) , Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific) , and LAMEA (Latin America, Middle East, and Africa) .

Regional/Country Market Outlook

The regional and country market outlook for the smart cooling systems market can vary based on several factors including economic conditions, industrial development, infrastructure projects, regulatory policies, and construction activities.

• High demand for sustainable building practices, significant investments in infrastructure, and a robust tech industry.
• European countries such as Germany, the UK, France, and Italy have well-established construction and industrial sectors, driving demand for smart cooling systems  in various applications including factories, warehouses, and public infrastructure.
• Increasing investments in Asia-Pacific construction projects, manufacturing facilities, transportation infrastructure, and commercial buildings drive demand for smart cooling systems in the region.
• The commercial sector in Middle East is also driving the growth of the smart cooling systems market. Businesses are looking for ways to reduce their operating costs and improve their sustainability efforts. Smart cooling systems offer a solution by providing real-time data and analytics on energy usage, allowing businesses to identify inefficiencies and optimize their cooling systems for maximum efficiency.
• Middle East, particularly countries like the United Arab Emirates, Saudi Arabia, and Qatar, exhibit strong demand for smart cooling systems driven by ongoing construction projects, industrial expansion, and infrastructure development initiatives.
• Government initiatives and regulations in Asia-Pacific aimed at reducing carbon emissions and promoting energy efficiency have also contributed to the growth of the smart cooling systems market. Many countries are offering incentives and rebates for the installation of energy-efficient cooling systems, further driving the demand for smart cooling solutions.

Competitive Landscape

The major players operating in the smart cooling systems market include Mitsubishi Electric Corporation, LG Electronics Ltd., Samsung Electronics Co. Ltd., Videocon Industries Ltd., Daikin Industries Ltd., Voltas Ltd., Fujitsu General Ltd., Blue Star Ltd., Friedrich Air Conditioning Co., Ltd., and Electrolux AB.

Key Sources Referred

1. Global Construction Outlook 2023
2. Manufacturers Association (SMA)
3. Ministry of Housing and Urban Affairs (India)
4. World Economic Forum
5. European Committee for Standardization (CEN)
6. International Institute of Refrigeration (IIR)
7. International Council of Air-Conditioning, Refrigeration, and Heating Manufacturers Associations (ICARHMA)

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the smart cooling systems market segments, current trends, estimations, and dynamics of the smart cooling systems market analysis from 2024 to 2032 to identify the prevailing smart cooling systems market opportunities.
• The smart cooling systems market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the smart cooling systems market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global smart cooling systems market forecast.
• smart cooling systems market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global smart cooling systems market trends, key players, market segments, application areas, and market growth strategies.