Smart AC Controllers Market Is Estimated To Expand At A Heal...| MENAFN.COM

Tuesday, 28 March 2023 11:49 GMT

Smart AC Controllers Market Is Estimated To Expand At A Healthy CAGR In The Upcoming Forecast Period 2017-2024

(MENAFN- America News Hour) The Smart AC Controllers market has been segmented by distribution into direct sales, distributors and E-business. Among these segments, E-business segment is anticipated to grow with highest market share in upcoming years. This can be attributed to rising number of internet users aiming for hassle free-shopping. Further, rising concerns about convenience among consumers are driving the need for smart AC controllers and is anticipated to bolster the expansion of smart AC controllers market during the forecast period.

The global
market for smart ac controllers
is anticipated to witness a robust growth over the period 2017-2024. Further, rising growth of global air conditioning market is expected to propel the demand for smart AC controllers globally over the forecast period. Factors such as efficiency, effectiveness and convenience in smart air conditioners are expected to boom the smart AC controllers market by noteworthy revenue by the end of forecast period.

In the regional segment, Asia-Pacific represented the largest market in global smart AC device market due to the rising population density and increasing disposable income of the consumers. Further, heavy adoption of air conditioners in Asia Pacific region is expected to escalate the demand for smart AC controllers in the region over the forecast period. Factors such as consumer's preference of living in controlled weather coupled with high adoption rate of modern technologies made North America as the second leading market for smart AC controllers. The North America market is projected to witness a remarkable growth over the forecast period. In addition to this, the Europe region is expected to witness a satisfactory growth due to economic growth of countries of Europe region.

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Smart Technology Reflects Significant Opportunities

The smart AC controllers are usually installed with those air conditioners which are operated by remote and allow the owner to control AC either from inside or somewhere outside by using smartphones, remotes or through internet. These smartphone control and remote-free features are believed to supplement the growth of smart AC controllers market globally. Apart from this, rising disposable income of consumers and their inclination towards luxurious lifestyle is expected to escalate the demand for smart AC controllers over the forecast period.

In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

However, high cost of smart AC controllers is major challenge which is likely to hinder the growth of global smart AC controllers market in near future.

The report titled“Smart AC Controllers Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the smart AC controllers market in terms of market segmentation by distribution channel and by region.

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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.

This report also provides the existing competitive scenario of some of the key players of the smart AC controllersmarket which includes company profiling ofLG Electronics Inc., Samsung, Tado, Sensibo, Thinkeco Inc., Keen, Ecovent, Flair Smart Vent and Geoclima.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the smart AC controllersmarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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