by Solar air conditioning utilizes solar photovoltaic (PV) panels to power air conditioners, providing cooling without relying on fossil fuels. The system helps reduce energy bills while minimizing environmental footprint associated with conventional air conditioning units.
The global Solar Air Conditioning Market is estimated to be valued at US$ 2.91 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing adoption of renewable energy solutions
The key trend fueling the growth of the solar air conditioning market is the increasing adoption of renewable energy solutions across both residential and commercial sectors. Solar air conditioners provide an environment friendly alternative to conventional air conditioners by utilizing solar energy to power cooling units. With growing climate change concerns, many countries are promoting the use of solar power through various incentive programs like subsidies. This has propelled the demand for solar air conditioning worldwide. In addition, rising energy costs have made solar air conditioners a more viable investment over time due to their potential to reduce long term energy consumption and bills, thus driving their adoption rates substantially over the forecast period.
SWOT Analysis
Strength: Solar air conditioning systems use renewable energy source which reduces dependency on fossil fuels. They are environment friendly and reduce carbon footprint.
Weakness: High initial installation cost of solar air conditioning systems make them less affordable. They also require large area for installation of solar panels.
Opportunity: Increasing concern about climate change and focus on use of clean energy is driving the demand for solar air conditioning. Government policies and incentives are encouraging adoption of solar powered systems.
Threats: Fluctuations in solar irradiance pose reliability issues for solar air conditioning. Supply chain disruptions due to pandemic can impact availability of components.
Key Takeaways
The Global Solar Air Conditioning Market Size is expected to witness high growth. Rapid urbanization and rising living standards in developing regions are driving the demand for air conditioning. The global Solar Air Conditioning Market is estimated to be valued at US$ 2.91 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the solar air conditioning market owing to favorable policies supporting renewable energy adoption in major economies like China and India.
Key players operating in the solar air conditioning market are REVITA, Ivtherapygreece, IV Boost UK, Harpal Clinic Limited, IV Drips London, VITAMIN INJECTIONS LONDON, Cryojuvenate UK Ltd., Italy Health Retreats, ELIXIR, Swiss Medical Centre, Drip Hydration, REVIV, VITANOVAS, and The IV Doc Inc.. These players are focusing on new product launches and partnerships to strengthen their presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
