SEATTLE, March 05, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global solar air conditioning market was valued at US$ 17.41 Billion in 2017, and is projected to exhibit a CAGR of 9.3 % over the forecast period (2018 – 2026)
Key trends and analysis of the global solar air conditioning market:
The demand of solar air conditioning systems is increasing due to changing lifestyle and preference for high comfort among people. The solar air conditioning market is witnessing significant growth due to its low operational cost than conventional air conditioning systems. Increasing government initiatives to promote use of solar energy as primary source of energy to reduce carbon emission by providing tax benefits and other related benefits is also expected to boost the market growth. For instance U.S. Department of Energy (DOE), U.S. Department of Agriculture (USDA), U.S. Department of Housing and Urban Development (HUD), and the Environmental Protection Agency (EPA) all these agencies have partnered together to expand solar access to all Americans, with specific emphasis on low- and moderate-income (LMI) households. Along with this, growing environment concerns to reduce carbon emission among people has impacted the market growth in a positive way.
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Furthermore, regulatory norms in various countries for electrical appliance manufacturers to manufacture energy-efficient products has led to increasing development of hybrid air conditioning systems that operate on both solar energy and electricity. This, in turn, has led to growth of the solar air conditioning market. Moreover, solar air conditioning systems require less maintenance than conventional air conditioners.
Major restraining factor for growth of the global solar air conditioning market is high initial investment for installation and high maintenance cost of solar air conditioning system, which includes installation of solar panels, battery, and compressor that are available at high cost.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/solar-air-conditioning-market-2528
Key Market Takeaways:
- The global solar air conditioning market is projected to witness a CAGR of 9.3 % during the forecast period, owing to increasing preference for a comfortable lifestyle and growing environmental concerns
- Asia Pacific held a dominant position in the global solar air conditioning market in 2017, and is expected to retain its dominance throughout the forecast period. This is owing to high population and growing standard of living, owing to increasing disposable income in this region.
- North America is expected to be the fastest growing market throughout the forecast period as early adoption of this technology is seen in the region
- Among power source, the hybrid solar air conditioning segment is projected to hold major share in the global solar air conditioning market. This is due to the ability of hybrid air conditioning systems to change the power source whenever required. Increasing consumption of electricity can lead to fluctuations in grids and power cuts, which further increases demand for hybrid solar air conditioning.
- Among end user verticals, residential as well as the commercial segment is expected to witness significant growth in the global solar air conditioning market over the forecast period. Solar air conditioning is preferred mostly to reduce electricity cost in both commercial and residential spaces. 30 – 35% of the total electricity used in any residential or commercial spaces is consumed by air conditioning systems.
- Major players operating in the global solar air conditioning market include, Lennox, Videocon, Harvest Air Conditioner, HotSpot Energy Inc., Aussie Solar World, Solair, Icesolair, Gree, Midea Group, Onyx Solar ac. and others