Solar air conditioning uses solar electricity to power air conditioning systems, providing energy efficient cooling solutions without contributing to carbon emissions. Solar air conditioners use photovoltaic panels to convert sunlight into electricity that powers vapor-compression or absorption refrigeration cycles. They help reduce peak energy demand and offer savings on electricity bills.
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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising concerns over greenhouse gas emissions and focus on renewable energy sources for power generation are driving the adoption of solar air conditioning systems globally. Solar air conditioning provides a sustainable alternative to traditional air conditioning systems that rely on fossil fuels. They help lower carbon footprint by utilizing clean solar power for cooling. Furthermore, various government policies and incentives promoting solar power installations are also fueling the deployment of solar air conditioners. Growing awareness about energy efficiency and cost savings through solar air conditioning over the long run is further propelling the market growth.
Threat of new entrants: The technology required to produce solar air conditioners requires sizable investment, acting as a barrier. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative conventional air conditioners.
Bargaining power of suppliers: Dependence on solar panels and other component suppliers gives them some power over manufacturers.
Threat of new substitutes: Rising popularity of other renewable-energy based technologies like wind energy poses a threat.
Competitive rivalry: Intense as manufacturers compete on technology, pricing and after-sales services.
Strengths: Environment friendly solution, utilizes free solar energy, reduces electricity bills.
Weaknesses: High initial costs, depends on weather conditions, requires large area for installation.
Opportunities: Increasing awareness about green technologies, supportive government policies and initiatives.
Threats: Fluctuating silicon prices affect solar panel costs, rapid technological changes.
The global Solar Air Conditioning Market Share is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to rising awareness about energy conservation. Regionally, Asia Pacific dominates the market currently due to rapid infrastructure growth in major economies like China and India.
The North America solar air conditioning market is estimated to reach US$ 712.2 Million by 2030 owing to supportive government policies and increasing adoption of renewable energy systems across residential sector in U.S. and Canada.
Key players operating in the solar air conditioning market are Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair World International, Icesolair, Gree, Midea Group Onyx Solar ac.
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