Key Highlights

• Innovative cooling technology known as solar air conditioning uses solar energy to run air conditioning units. It generates electricity by using photovoltaic (PV) panels to capture solar energy, which is then used to run the air conditioner. Solar air conditioning offers energy-efficient cooling solutions for residential, commercial, and industrial areas by lowering dependency on conventional grid-based electricity. It lowers greenhouse gas emissions while assisting in reducing peak energy consumption during hot weather. By employing renewable solar energy to create comfortable interior environments, solar air conditioning helps to ecologically responsible and sustainable cooling solutions.

• The market size of the worldwide Solar Air Conditioning market surpassed USD XX billion in 2022, and by 2032, it is projected to reach USD XX billion, boosting at a CAGR of XX%.

• In October 2021, a cutting-edge new product from LG Electronics is the LG Air Conditioner with Solar Hybrid Heat Pump. To efficiently cool and heat your home, this system combines solar energy with a heat pump. The system captures solar energy during the day and stores it, using it to run the heat pump at night.

• The pressing need for eco-friendly and sustainable cooling solutions in light of rising global temperatures and increased electricity consumption is what fuels the solar air conditioning market. Solar-powered air conditioning systems are becoming more popular as environmental issues are being more widely recognized and there is a demand for cleaner solutions. These systems make use of the plentiful solar energy resources to provide dependable cooling while lowering power prices and carbon emissions. Government subsidies, renewable energy goals, and improvements in photovoltaic technology all contribute to the market's expansion. The market for solar air conditioning is expanding rapidly as businesses and individuals work to combat climate change and attain energy independence. This market is a crucial player in the shift to greener and more environmentally friendly cooling options.

Scope of the Industry Profile

Key Players

• Lennox (US)

• Videocon (India)

• Harvest Air Conditioner (China)

• HotSpot Energy Inc. (US)

• Aussie Solar World (US)

• Solair World International (US)

• Icesolair (Australia)

• Gree (China)

• Midea Group Onyx Solar AC (China)

• Solar Panels Plus LLC (US)

Segmentation

By Product Type

• Split Solar A/C

• Window Solar A/C

• Cassette Solar A/C

• Floor Standing Solar A/C

By End User

• Residential

• Commercial

• Industrial

By Power Source

• Hybrid Solar

• 100% Grid off

What to Expect from Industry Profile

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Solar Air Conditioning market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Solar Air Conditioning market.

3. Leading company profiles reveal details of key Solar Air Conditioning market players’ global operations, strategies, financial performance & their recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Solar Air Conditioning market with forecast for decade by both market share (%) & revenue (USD Million).

Recent Development

• In October 2021, a cutting-edge new product from LG Electronics is the LG Air Conditioner with Solar Hybrid Heat Pump. To efficiently cool and heat your home, this system combines solar energy with a heat pump. The system captures solar energy during the day and stores it, using it to run the heat pump at night.

Segment Insights

By Power Source

The demand for energy-efficient cooling solutions that combine the advantages of solar electricity and traditional energy sources is what fuels the hybrid solar air conditioning market. By addressing the intermittent nature of solar energy, this hybrid strategy makes sure that cooling continues and is dependable even when there is little sunlight. The market is expanding as a result of increased government support for renewable energy adoption as well as rising global demand for sustainable technology. Hybrid solar air conditioning systems provide lower electricity costs, less dependency on fossil fuels, and lower carbon emissions, making them a desirable alternative for customers and organizations who care about the environment. Technological developments in photovoltaics and energy storage have further fueled the market's growth by improving the viability and affordability of hybrid solar air conditioning systems.

By End-user

The growing demand for energy-efficient and affordable cooling solutions is what is driving the development of solar air conditioning for residential end users. Solar air conditioning presents an appealing solution for homes looking to lower their electricity costs and lessen their environmental impact. Homeowners are encouraged to invest in renewable energy technologies by rising electricity prices as well as government subsidies and incentives. Additionally, the demand for domestic solar air conditioning is driven by growing awareness of climate change and the need for sustainable practices. The viability and appeal of solar air conditioning are further enhanced by technological developments in photovoltaics and energy storage systems, making it a desirable alternative for environmentally concerned homes seeking to maximize comfort and minimize energy consumption.

Regional Insights

The market for solar air conditioning in North America is propelled by a number of elements that are consistent with local energy and environmental concerns. The adoption of solar air conditioning systems is fuelled by the region's growing emphasis on sustainable practices as well as the increased demand for energy-efficient cooling solutions. Market expansion is facilitated by incentive programs, supportive government regulations, and growing public concern over climate change and energy efficiency. The widespread availability of solar energy throughout several North American states hastens the uptake of solar-powered devices. The solar air conditioning market in North America is experiencing a considerable uptick as consumers and companies look for affordable, environmentally friendly cooling solutions, presenting itself as a key player in a greener and more sustainable energy landscape.