The global air coolers market size is expected to reach USD 2.5 billion by
2025, according to a new report by Grand View Research, Inc., expanding at a
CAGR of 10.8% over the forecast period. The market growth is attributed to
affordability and efficient cooling, less power consumption as compared to AC,
usage in outdoor space, and product innovation. Moreover, the product acts as a
humidifier in dry weather and is environment and eco-friendly, thereby driving
its demand.
Increasing demand for energy efficient, low
power consuming, and eco-friendly cooling products is driving the market demand
across the globe. These operate through the principle of evaporation. It uses
simple air moving technique that pulls fresh air from outside driving through wet
cooling pads, which absorb the heat from the surrounding and does not make it
dry like ACs.
Air cooler does not use any harmful cooling
agents such as CFC, HCFC, and other hydrofluorocarbons used in AC to cool the
surrounding, thereby making it more eco-friendly. Growing concerns over energy
consumption by ACs are increasing the inclination of consumers towards air
coolers. They lower approximately 80% - 90% of electricity bill as compared to
ACs, thus making them economical and energy efficient in the longer run.
Air coolers are not efficient to be used in
humid and coastal areas, which is acting as a restraint to the market growth.
However, product innovation is boosting the demand among developing economies.
Technologically advanced products are penetrating the market in both developed
and developing economies at a higher rate.
Remote control function for quick access to
settings, speed of fan, and multi speed setting are finding it place in the
market at higher rate than tradition air coolers. Innovative cooling pads such
as Honeycomb also known as Cellulose cooling pad are decreasing the maintenance
cost and increasing the cooling capacity.
By type, the air coolers market is
segmented as tower, dessert, and others. Tower accounted for the largest market
share in 2018. It is anticipated to register the fastest CAGR of 11.7% over the
forecast period owing to the stylish design and compact nature. Consumers are
more inclined towards these product types as they are easily portable and more
economical. Moreover, they are compatible in dry as well as humid air, thereby
making it a preferred choice among consumers.
Dessert air cooler and other air coolers
such as personal, window, and mini portable air coolers are expected to witness
significant growth over the forecast period. Dessert cooler held the second
largest share in the market owing to its cooling capacity as it is larger in
size. It needs to be kept outside the room to maintain its cooling capacity, if
kept inside the room, the cooling capacity is affected.
By application, the market is segmented
into residential and commercial. Residential accounted for the largest share of
80.0% in 2018 and is anticipated to witness the fastest growth over the
forecast period. Rising temperature and increasing disposable income of growing
middle class are expected to fuel the product demand in the residential
segment.
Product demand is growing in the commercial
segment due to its application in open air functions, where ACs cannot be
installed. However, air ducts and central air conditioners are preferred for
cooling as commercial space has a larger area. Groceries and retailer stores
have showcased interest in adoption of air coolers owing to growing temperature
and preference for cooler working environment.
Asia Pacific was the largest market in
2018, accounting for a share of 60.0%. The region is anticipated to witness
significant growth owing to increasing temperature and substantial climate
change. Demand is driven by adoption of air coolers in the residential as well
as commercial sectors due to preference for cooling working environment and
economically cheaper cooling product. In Asia Pacific, India holds the largest
market share owing to large middle class population. Moreover, the country is
the fastest growing market in the region owing to increasing number of
manufacturers and competitive pricing.
Players in the industry strategize to
expand globally by entering into niche markets through mergers and acquisitions
and joint ventures. For instance, Symphony acquired Munters Keruilai Air
Treatment Equipment Co., Ltd. to expand its reach in China.
To request a sample copy
or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/air-coolers-market
https://www.grandviewresearch.com/industry-analysis/air-coolers-market
Further key findings from the report suggest:
· By type, tower accounted for the largest
share in 2018 due to stylish design and compact nature
· India held the largest market share in Asia
Pacific in 2018 owing to large middle class population, increasing
manufacturers, and competitive pricing
· Key players operating in the global air
coolersmarket include Symphony Limited; Bajaj Electricals Limited; Havels India
Limited; Honeywell International Inc.; Aolan (Fujian) Industry Co., Ltd.; and
Luma Comfort.
Grand View Research has segmented the
global air coolers market on the basis of type, application, and region:
Air Coolers Type Outlook (Revenue, USD
Million, 2015 - 2025)
·
Tower
·
Dessert
·
Others
Air Coolers Application Outlook (Revenue, USD
Million, 2015 - 2025)
·
Residential
·
Commercial
Air Coolers Regional Outlook (Revenue,
USD Million, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
