Solar air conditioning works through photovoltaic panels mounted on rooftops or walls that convert sunlight directly into electricity to power an air conditioner unit. As power outages are not an issue, solar air conditioners provide reliable cooling without relying on fossil fuel-generated electricity from utilities. The units are completely self-sufficient and have zero carbon footprint. Solar air conditioning solutions are well-suited for commercial and residential buildings looking to reduce electricity bills and lessen their environmental impact. With the demand for sustainable cooling on the rise due to global warming concerns, renewable energy HVAC technologies like solar air conditioning are increasingly being adopted.
The global solar air conditioning market is estimated to be valued at US$ 2.91 Billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the solar air conditioning market is the rising need for sustainable and eco-friendly cooling amidst growing energy prices and carbon emissions norms. Various governments across the world have introduced tax incentives, rebate programs and net-metering policies promoting renewable energy use in the building sector. Solar rooftop installation programs in numerous countries have simplified processes and reduced costs, boosting commercial viability of solar air conditioners globally. Technological innovations with higher efficiency photovoltaic panels and improved inverter designs have also expanded the potential installation locations and use cases for solar cooling. Manufacturers are focusing on developing cost-competitive products with advanced features to appeal to mass market customers.
Porter’s Analysis
Threat of new entrants: Low given the high costs associated with R&D investments and stringent government regulations for environmental protection.
Bargaining power of buyers: Moderate as buyers have some options available but quality ac units are limited.
Bargaining power of suppliers: Moderate as key components suppliers are limited yet quality suppliers have established supply chains.
Threat of new substitutes: Moderate as alternate cooling technologies exist but solar AC offers environment friendly solution.
Competitive rivalry: High owing to presence of many global players and fast growth attracting new localized manufacturers.
Key Takeaways
The Global Solar Air Conditioning Market Size is expected to witness high growth. The global solar air conditioning market is estimated to be valued at US$ 2.91 Billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific region accounts for around 40% market share primarily led by China, India, Japan and Australia. The governments in the region are offering generous incentives for adoption of solar energy and eco-friendly cooling technologies.
Key players: Key players operating in the Solar Air Conditioning market are REVITA, Ivtherapygreece, IV Boost UK, Harpal Clinic Limited, IV Drips London, VITAMIN INJECTIONS LONDON, Cryojuvenate UK Ltd., Italy Health Retreats, ELIXIR, Swiss Medical Centre, Drip Hydration, REVIV, VITANOVAS, and The IV Doc Inc. REVITA is one of the global leaders in manufacturing solar AC systems while IV therapy service providers are expanding their offerings
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
