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The global market for air conditioners (AC) is being rapidly driven by the advent of the Internet of Things (IoT) technology. Air conditioners equipped with the Internet of Things (IoT) are robustly gaining momentum owing to the strong penetration of smartphones and smart speakers like Amazon Alexa and Google Home. Thus, the growing adoption of smart home infrastructure is driving the growth of the market. IoT-enabled air conditioning systems allow users to operate remotely over internet accessibility, and the commonality of internet services is further favouring the market. Furthermore, Artificial Intelligence (AI) is also significantly contributing to the market growth of air conditioners as manufacturers are increasingly deploying AI in air cooling systems to intelligently sense the room temperature and accordingly modify the temperature of the AC, thus enabling in saving energy. Thus, the introduction of advanced digital technology into air conditioning systems aided by internet connectivity is augmenting the growth of the market.
Voltas (NSE: VOLTAS), the leading market player in the global market for air conditioners, developed the industry’s first adjustable inverter AC range in March 2019. Voltas’s adjustable inverter AC comes with the unique value proposition of ‘flexible air conditioning’ that allows users to switch from 1.5 Ton to 1 Ton capacity, and otherwise, depending on the ambient heat or number of people in the room, leading to savings and optimisation of running cost. Such developments by leading market players are pushing the growth of the market.
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The major players in the global air conditioners (AC) market are Nortek, AB Electrolux, LG Electronics, DAIKIN INDUSTRIES, Ltd., Fujitsu General Limited, and Johnson Controls, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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