The global hybrid air conditioner market is expected to post a CAGR of
over 9% during the period 2019-2023, according to the latest market
research report by Technavio.
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Technavio has published a new market research report on the global hybrid air conditioner market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the higher efficiency
of these products when compared to conventional air conditioners. The
global air conditioner market comprises of two types of air
conditioners, namely hybrid and conventional. Hybrid air conditioners
operate using renewable sources of energy, whereas the latter uses
non-renewable sources of energy. Hybrid air conditioners mainly operate
on solar energy but also use back-up power from solar or even
alternating current (AC) in extreme cases. In addition, vendors are also
offering hybrid air conditioners that are highly efficient in terms of
operation and energy consumption where it provides extreme cooling, even
with energy consumption equivalent to lighting an ordinary bulb.
Therefore, owing to the increased efficiency and benefits of hybrid air
conditioners, they are increasingly preferred over conventional air
conditioners.
As per Technavio, the introduction of smart hybrid air conditioners will
have a positive impact on the market and contribute to its growth
significantly over the forecast period. This global
hybrid air conditioner market 2019-2023 research report
also analyzes other important trends and market drivers that will affect
market growth over 2019-2023.
Global hybrid air conditioner market:
Introduction of smart hybrid air conditioners
The growing demand for household appliances and innovative products will
increase growth opportunities for vendors of smart hybrid air
conditioners. These smart hybrid/solar air conditioners are
user-friendly, energy star certified and are aesthetically appealing.
The improved features and advances in technology provide users with
efficient cooling and air purification solutions. Thus, such advantages
are expected to fuel the growth of the hybrid/solar air conditioner
market during the forecast period.
“Hybrid air conditioners offer multiple features apart from cooling that
includes air purification. Air purification is very crucial these days
due to the rising level of outdoor as well as indoor pollution. With the
introduction of advanced hybrid air conditioners, home cooling has
become easier, faster, and more convenient. These features and the
underlying technology is expected to propel the demand for hybrid air
conditioners during the forecast period,” says a senior analyst at
Technavio.
Global hybrid air conditioner market:
Segmentation analysis
This market research report segments the global hybrid air conditioner
market by product (hybrid solar air conditioner, and solar air
conditioner) and geographical regions (APAC, North America, Europe, MEA
and South America).
The APAC region led the market in 2018, followed by North America,
Europe, MEA and South America respectively. However, during the forecast
period, the North American region is expected to register the highest
incremental growth due to several factors such as the increased demand
for indoor cooling equipment, increased awareness among consumers
regarding the use of clean energy, and government initiatives to promote
solar energy.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190522005292/en/