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.
