In a recent published report, Kenneth Research has updated the market report for Smart AC Controller Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart AC Controller Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Global smart AC controller market marked a growth of 28.0% in 2018. Moreover, the market is expected to flourish at a CAGR of 26.0% and is likely to garner USD 8,770.1 Million by the end of 2025. Factors such as increasing disposable income coupled with evolving lifestyle of the consumers is projected to accelerate the growth of the global smart AC controller market. Additionally, rapid economic growth has led to a considerable increase in the size of the middle class and the growing household incomes resulting in higher disposable incomes. Further, this factor is expected to increase the growth of smart AC controller market over the forecast period i.e. 2018-2025.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Further, the market of smart AC controller is anticipated to achieve a Y-o-Y growth rate of 24.6% in 2025 as compared to the previous year. Further, growing technological advancements is expected to spur the growth of smart AC controller market over the forecast period. North America is expected to notable modest growth over the forecast period i.e. 2018-2025 by registering a CAGR of 25.0% over the forecast period. Further, the market is expected to account USD 1,140.1 Million by 2025 from USD 187.9 Million in 2017. U.S. is the major contributor to the growth of North America smart AC controller market. U.S. smart AC controller accounted for a market share of 97.0% in 2017 and further, is expected to increase to a market share of 96.9% by the end of 2025.
Europe smart AC controller market is projected to reach to a valuation of USD 587.6 Million by the end of 2025 from USD 96.7 Million in 2017 Global smart AC controller market is segmented by connectivity into IR, IR + Bluetooth and others. IR segment accounted for USD 527.3 Million in 2017. Further, IR segment is expected to grow at a CAGR of 23.1% over the forecast period. Moreover, the market of IR smart AC controller is expected to achieve Y-o-Y growth rate of 21.7% in 2025 as compared to previous year.
“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”
Additionally, global smart AC controller market is segmented by application into split AC, window AC, portable AC and others. The market of split AC in smart AC controller is projected to garner USD 5,709.3 Million by the end of 2025 from USD 887.9 Million in 2017. Split AC smart AC controller market is anticipated to grow at a CAGR of 25.9% over the forecast period. Moreover, the market of split AC is expected to achieve Y-o-Y growth rate of 24.6% in 2025 as compared to previous year.
Key Players:
Tado° GmbH, Honeywell International Inc., LG Electronics, Ambi Labs and Sensibo are some of the prominent players of smart AC controller market.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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