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.
Full Research Report On Air Coolers Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/air-coolers-market
Air Coolers
Market Report Highlights
- 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.
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About Grand View Research
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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
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