In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart AC controllers are used to make any common air conditioner smart whether in terms of convenience, efficiency or effectiveness. These smart AC controllers are usually installed with those air conditioners which are operated by remote. Smart AC controllers allow the owner to control AC either from inside or somewhere outside by using smartphones, remotes or through internet. Rising concerns about convenience among consumers are driving the need for smart ac controllers. Further, major players such as LG Electronics and PG&E are developing smart AC controllers which are anticipated to offer more convenience to consumers and to make the normal air conditioner more efficient in terms of operating cost.
Global smart AC controllers market is anticipated to witness a robust growth over the forecast period 2017-2024. Rising growth of global air conditioning market is expected to propel the demand for smart AC controllers globally over the forecast period. In terms of region, global smart AC controllers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia-Pacific emerges as leading region in global smart AC device market due to the rising population density and increasing disposable income of the consumers. Further, heavy adoption of air conditioner in Asia Pacific region is expected to escalate the demand for smart AC controllers in this region over the forecast period.
Apart from this, North America region is the second leading market for smart AC controllers and is projected to witness a remarkable growth of smart device market over the forecast period owing to the factors such as consumers preference of living in controlled weather coupled with high adoption rate of modern technologies in this region. In addition to this, the Europe is expected to witness a satisfactory growth over the forecast period due to economic growth of countries of Europe region.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global smart AC controllers market includes the following segments:
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global smart AC controllers market is driven by various factors such as rising disposable income of consumers and their inclination towards luxurious life style. Smart AC device offers various features such as smartphone control and remote-free operation. Such factors are driving the growth of global smart AC controllers market. In addition to this, smart AC controllers can control the weather system of air conditioner and reduce electricity consumption rate of the air conditioner. These factors are likely to drive the growth of global smart AC controllers market. Apart from this, rising adoption of air conditioner across the globe is a major driver which is expected to escalate the demand for smart AC controllers over the forecast period.
In North America, consumers are used to live in controlled weather and their rising inclination towards the smart AC controllers is anticipated to drive the growth of global smart AC controllers market over the forecast period. Moreover, leading players such LG and Samsung are increasing investment for technological advancement of smart AC controllers. Rapidly changing climate conditions all over the globe is also a major factor driving the growth of global smart AC controller market. However, high cost of smart AC controllers is major challenge which is likely to hinder the growth of global smart ac controllers market.