A report published by Allied Market Research, titled, “Smart Cooling Systems Market Report”, forecasts that the global market is expected to garner $137,548 million by 2022 and register a CAGR of 52.4% during the period 2014 – 2022.

Portland, OR -- (SBWire) -- 08/30/2017 --These systems find applications in residential, commercial, and industrial sector. The research highlights driving factors, restraints, opportunities, and challenges.

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According to the study, there are many factors that encourage prominent players to bring innovations in the wireless communication. These include change in lifestyle and consumer shift towards smart or connected products. In addition, the demand for smart cooling systems market continues to gain traction especially from residential and commercial sectors. This is owing to rise in need for effective and efficient cooling systems in smart cities and data centers, respectively. This trend is anticipated to last in the future and drive the market growth.

The report divides the smart cooling system market into type and geography. Based on type, it categorizes the industry into smart split ACs, smart AHU (air handling unit), smart chillers, and smart windows ACs. The smart split AC segment dominated the market with around 74% market revenue share in 2014. Furthermore, this segment is anticipated to continue its dominance throughout the forecast period, owing to rise in application of smart split ACs in smart buildings data centers.

The study covers geographical distribution of the smart cooling system market, such as North America, Europe, Asia-Pacific, and LAMEA. As per it, the Europe region was the highest revenue contributor and accounts for around 35% share of the overall market size in 2014. The Asia-Pacific market is expected to grow at the highest CAGR of 59.1% during the forecast period. This is due to increase in penetration of smart air-conditioners and smart refrigerators in residential as well as commercial sectors.

The report highlights competitive scenario of the smart cooling systems industry and offers comprehensive analysis of key growth strategies incorporated by major players. Some of the key players which operate in the market include Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., LG Electronics Ltd., Videocon Industries Ltd., Voltas Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Blue Star Ltd., Electrolux AB, and Friedrich Air Conditioning Co., Ltd.

Key Findings of Smart Cooling Systems Market:

- The smart split AC segment ruled the smart cooling systems industry in 2014, and is expected to grow at the highest CAGR.

- Within system types, the smart chiller segment is anticipated to generate significant growth opportunities for key players which operate in the market across the globe.

- The Europe dominated the global market in 2014, however, the Asia-Pacific region would surpass Europe in terms of adoption of smart cooling systems by 2022.

- The U.S. was a world leader in terms of expenditure on smart cooling systems followed by Germany in 2014.

- India, China, and other developing markets are anticipated to offer significant opportunities for major players of the market.

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