by Solar air conditioning refers to air conditioners powered entirely or partially by solar energy. Solar air conditioners utilize photovoltaic solar panels to generate electricity used to power cooling systems. They offer a more sustainable alternative to traditional air conditioners which rely on non-renewable energy sources. Solar air conditioners reduce carbon emissions and energy costs as they utilize clean solar power.
Solar air conditioning systems work on the principle of photovoltaic effect. Solar panels absorb sunlight and convert it into direct current electricity. This electricity either directly powers an air conditioner or charges batteries that power the system when sunlight is unavailable. They cool interior spaces without energy bills and are particularly useful in tropical regions with abundant sunshine. The global solar air conditioning market offers significant environmental benefits over conventional air conditioning given rising global temperatures and demand for cooling. The global solar air conditioning market is estimated to be valued at US$ 2.52 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the solar air conditioning market is the development of innovative hybrid systems. Hybrid solar AC units integrate solar panels and batteries with conventional air conditioners to provide partial or complete off-grid cooling. This allows users to leverage solar power even on cloudy days using stored energy. Manufacturers are developing advanced hybrid designs to improve efficiency and cost-effectiveness. Another trend is the growing adoption of solar air conditioning in the commercial sector for properties like malls, offices and hotels. Their large roof spaces are ideal for installing sizable solar systems adequately powering VRV or VRF AC units. This helps businesses cut energy costs and electricity bills while reducing carbon footprints.
Porter’s Analysis
Threat of new entrants: Low capital requirements and lack of economies of scale pose a moderate threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like conventional air conditioners.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components.
Threat of new substitutes: Emergence of new energy-efficient technologies like geothermal air conditioning pose moderate threat of substitution.
Competitive rivalry: The market witnesses high rivalry due to presence of many global and regional players offering innovative product lineups.
Key Takeaways
The global Solar Air Conditioning Market Share is expected to witness high growth. The market in the Asia Pacific region is expected to dominate during the forecast period owing to supportive government policies favoring solar power adoption in countries like China, India, Japan, and Australia.
Regional analysis:
The Asia Pacific region accounts for over 35% of the global market share and is expected to grow at the fastest pace during the forecast period. China dominates the regional market owing to the large solar power installation base in the country. Governments in India are also offering several incentives for adoption of renewable energy technologies including solar air conditioners.
Key players:
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, Séchoir, ELIXIR, Swiss Medical Centre, Drip Hydration, REVIV, VITANOVAS, and The IV Doc Inc. REVITA and Cryojuvenate UK Ltd., are among the prominent brands with a wide regional presence across Europe and Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
