LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global smart connected air conditioner market report until 2020. This research report also lists six other prominent vendors that are expected to impact the market during the forecast period.
| In 2015, the global smart connected air conditioner market is expected to generate a revenue of USD 9.61 billion by 2020, growing at a massive CAGR of almost 60%. |
The use of and dependence on devices that can be controlled remotely through wireless connection is increasing globally — a factor that is one of the key drivers for the market. Connectivity has become a necessity in today's day-to-day life, especially because it allows consumers to control essential tasks remotely. Wireless technologies like ZigBee and Wi-Fi are making inter-operability between devices possible.
Moving beyond smartphones and tablets, wireless connectivity is now being extended to a wide range of household appliances, enabling them to collect and exchange data through the Internet of Things (IoT). IoT helps to connect people and devices to each other via the internet. A lot of smart appliances have gone through huge transition due to the growing popularity of IoT, which integrates digital and wireless technology.
Competitive vendor landscape
The global smart connected air conditioners market is growing at a steady rate. With both established and small players investing significantly in smart appliances, the competition among them is expected to intensify over the next five years. For instance, Haier Electronics, which currently has a limited product offering, is using its capital expenditure to develop web-linked appliances to tap the market in China and cater to the tech-savvy consumers in the country. The company is already facing competition from Lenovo and Xiaomi, which are entering the smart home devices market.
Poonam Saini, a lead analyst at Technavio for research on retail goods and services, says, “The increasing vendor competition is leading to the introduction of new innovative machines, which will affect the market during the forecast period. Companies are also spending a significant amount on R&D to develop innovative and improved quality products and stay abreast with emerging technologies that have a bearing on their product lines.”
Smart features will be increasingly adapted in air conditioners during the forecast period, which will drive the cost of adaption downward. But players will have to make sure that the positioning of these air conditioners is such that it enhances the awareness of these devices among potential consumers and encourages them to buy them.
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Top five smart connected air conditioner market vendors are as follows:
Daikin Industries
Daikin Industries offer room air conditioning systems, packaged air-conditioning systems, heat pump hot water supply and room heating systems, air conditioning systems for facilities and plants, medium and low temperature air conditioning systems, multiple air conditioning systems for office buildings, humidity-adjusting external air processing units, absorption refrigerators, water chillers, air handling units, air purifiers, and marine type container refrigeration systems. In FY2015, this segment reported USD 15.23 billion revenue, which accounted for 89% of the company's total revenue.
Haier
Haier offers air-conditioners that are developed based on PMV (Predicted Mean Vote) human thermal comfort technology, air jet technology, and smart control technology. This segment offers household air conditioners and commercial air conditioners. In FY2015, this segment reported USD 1.01 billion revenue, which accounted for 7% of the company's total revenue.
LG Electronics
LG Electronics engages in manufacturing and selling mobile communication devices, consumer electronics, and home appliances. It offers products such as flat panel TVs, mobile devices, air conditioners, washing machines, and refrigerators. The company also offers wireless devices with a free smart phone app that provides monitoring and remote control capabilities for LG Duct-Free Split Air Conditioners.
Mitsubishi Electric
Mitsubishi Electric manufactures and markets electrical and electronic products and systems worldwide. Its products are used in energy and electric systems, industrial automation, information and communication systems, electronic devices, and home appliances. As of March 2016, the company had 135,160 employees. In FY2015, the company reported USD 36.62 billion revenue.
Samsung Electronics
Samsung Electronics comprises its visual display business (LCDs, LEDs, and PDP TVs); digital appliances business (offers home appliances such as air conditions, robotic vacuum cleaners, refrigerators, washing machines, and other appliances); printing solutions business (offers a wide array of printers such as A4 laser printers and multifunction printers); and health and medical equipment business (provides ultrasound, digital X-ray, and diagnostic devices). In FY2015, this segment reported USD 41.46 billion revenue, which accounted for 23% of the company's total revenue.
Browse Related Reports:
- Global Residential Air Conditioners Market 2015-2019
- Non-Residential Air Conditioners Market in Europe 2015-2019
- Global Home Electronics Safe Market 2016-2020
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