The demand for greater comfort among people and changing lifestyles are anticipated to support market expansion for solar air conditioning. For a comfortable lifestyle, air conditioning systems are being used more frequently every day. In addition, solar air conditioners have a number of advantages over electrically powered conventional air conditioners, including reduced operating and maintenance costs. Solar air conditioning systems are being widely used, which is also a result of the growing impact of greenhouse gases on global warming. Additionally, expanding government efforts and tax benefits provided in many nations are anticipated to boost market expansion. Due to their lower operating costs than traditional air conditioning systems, solar air conditioning systems are also preferred. For instance, the Indian government launched the Solar Energy Subsidy Scheme, which provides subsidies ranging from 25 to 50% for the installation of solar panels on a homeowner's roof. The market is anticipated to expand as a result of rising demand for solar air conditioning systems among small and medium-sized businesses in Asia Pacific's emerging economies.
Coherent Market Insights estimates that the size of the global market for Solar Air Conditioning, which was estimated at USD 514.42 million in 2022, is anticipated to increase at a CAGR of 2.5% over the course of the forecast period and reach USD 596.59 million by 2030.
Leading Companies in the Solar Air Conditioning Industry
1. Lennox,
The company was started in 1895 and is based in Texas, United States. Lennox International Inc. offers climate control goods for the refrigeration, heating, ventilation, and air conditioning industries. Lennox Industries Unveils Revolutionary Smart Home Technology in January 2023. The company added the EnlightTM and XionTM product lines in February 2023, expanding its extensive assortment of high-performing packed rooftop units.
2. Videocon,
The company was started in 1979 and is based in Mumbai, Maharashtra, India. The company sells a variety of home appliances, including microwaves, air conditioners, refrigerators, and televisions. In the domains of exploration and extraction, Videocon Industries also engages in real estate and the oil and gas retail industries.