Smart Cooling Systems Market Expected to Reach $156.6 Billion by 2032

According to a new report published by Allied Market Research, titled, “smart cooling systems market" was valued at $3.1 billion in 2023, and is projected to reach $156.6 billion by 2032, growing at a CAGR of 53.4% from 2024 to 2032.

The smart cooling system comprises smart air-conditioners and smart refrigerators. These cooling systems are autonomous and can be easily monitored, controlled, and optimized from remote location via any connected devices such as tablets and smartphones. These systems find applications in residential, commercial, and industrial sector.

Changing lifestyle and consumer shift towards smart or connected products have encouraged prominent players to bring innovation in the wireless communication and connectivity technology. In addition, the demand for smart cooling systems is gaining traction especially from residential and commercial sectors owing to increase in need for effective and efficient cooling systems in smart cities and data centers, respectively. This trend is projected to continue in the future and drive the market growth.

By type, the smart split AC segment dominated the market in 2023 with around 74% market revenue share. Furthermore, the segment is projected to continue its dominance throughout the forecast period, owing to the increase in the application of smart split ACs in data centers and smart buildings.

Based on geography, the smart cooling systems market is segmented into four major regions, namely North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor in 2023, accounting for around 35% share of the overall smart cooling systems market size. The Asia-Pacific market is projected to grow at the highest CAGR during the forecast period owing to increased penetration of smart air-conditioners and smart refrigerators in residential as well as commercial sectors.

The report features a competitive scenario of the smart cooling systems industry and provides comprehensive analysis of key growth strategies adopted by major players. Some of the key players operating in the smart cooling systems market include Mitsubishi Electric Corporation, LG Electronics Ltd., Samsung Electronics Co. Ltd., Videocon Industries Ltd., Daikin Industries Ltd., Voltas Ltd., Fujitsu General Ltd., Blue Star Ltd., Friedrich Air Conditioning Co., Ltd., and Electrolux AB.

Key Findings of Smart Cooling Systems Market :

• The smart split AC segment dominated the smart cooling systems industry in 2023,  and is expected to grow at the highest CAGR.
• Among system types, the smart chiller segment is projected to create significant growth opportunities for prominent players operating in the global market.
• Europe dominated the global market in 2023, however by 2032, Asia-Pacific is projected to surpass Europe in terms of adoption of smart cooling systems.
• U.S. was leading in terms of spending on smart cooling systems in 2023, followed by Germany. In addition, India, China, and other emerging markets are projected to provide significant opportunities for major players operating in the market.