Air Coolers Market Size, Share, Global Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Air Coolers Market


The global Air Coolers market size is projected to reach US$ 2.73 billion by 2026, from US$ 1.47 billion in 2020, at a CAGR of 10.8% during 2021-2026. 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 is environment and eco-friendly and acts as a humidifier in dry weather.

Increasing demand for energy efficient, low power consuming, and eco-friendly cooling products is driving the product demand across the globe. Air coolers 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, making it more eco-friendly. Growing concerns over energy consumption by AC is 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.

Consumers are reluctant to opt for air coolers as they take up space and does not go with aesthetics of the room. Many manufactures identified this as a concern and they are designing air coolers in smaller, sleek, and stylish designs. With innovation, manufactures are making it more powerful that would be enough to be used in big rooms and are easy to move around with the help of castor wheel. Moreover, easy installation and portability over AC are boosting the demand for air coolers. Air cooler cost 80% - 85% less than AC, thereby making it more affordable and adaptable to growing middle class population across the globe.

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 its 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 a place in the market than traditional ones. Innovative cooling pads such as Honeycomb also known as Cellulose cooling pad are decreasing the maintenance cost and increasing the cooling capacity.

Market Segmentation, Outlook & Viewpoint: Global Air Coolers Market

Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Tower
  
Dessert
  
Others

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Residential
  
Commercial

Key Players, Recent Developments & Regional Insights: Global Air Coolers Market

By application, the air coolers market is segmented into residential and commercial. Residential accounted for the largest share of 88.0% in 2018 and is estimated to witness the fastest growth over the forecast period. Rising temperature and increasing disposable income of growing middle class population are expected to fuel the demand in the residential segment. Rising income among the rural population is increasing the adoption of air coolers as they are more economical and consume less power.

Product demand is also growing in the commercial segment due to its application in open air functions where ACs cannot be installed. Global warming caused due to usage of ACs that use various refrigerants is also one of the reasons for adoption of air coolers in the commercial segment. 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.

Type Insights

By type, the market is segmented as tower, dessert, and others. Tower accounted for the largest market share in 2018. It is expected to expand at the fastest CAGR of 11.7% over the forecast period owing to the stylish design and compact nature. Consumers are more inclined towards tower air cooler 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. They have a small water tank and consume less power, thus making it more economical in nature. Due to the less power consumption, they can also be used with inverter operation without any interruption due to power cut.

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 market share in 2018 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. This product type consumes more electricity as compared to tower coolers due to its cooling capacity.

Regional Insights

Asia Pacific emerged as the largest market, accounting for a share of 60.0% in 2018. It is expected to witness significant growth over the forecast period owing to increasing temperature and substantial climate change in the region. 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 held the largest market share in 2018 owing to the large middle class population. Moreover, India is the fastest growing market in the region owing to increasing manufacturers and competitive pricing.

Central and South America and Middle East and Africa are also anticipated to witness high demand for air coolers due to dry and hot climate. In Central and South America, the climate is steppe, whereas Middle East and Africa records higher temperature, thus generating higher demand for cooling products. Air coolers are more eco-friendly and economical in nature, hence boosting its demand.

Air Coolers Market Share Insights

Key market players include Symphony Limited; Bajaj Electricals Limited; Havels India Limited; Honeywell International Inc.; Aolan (Fujian) Industry Co., Ltd.; Luma Comfort; AirGroup, Seeley International Pty Ltd.; Fujian Jinghui Environmental Technology Co., Ltd.; and DeLonghi Appliances S.r.l.
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.

Key Insights Covered: Global Air Coolers Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Air Coolers industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Air Coolers industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Air Coolers industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Air Coolers industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Air Coolers industry.

Research Methodology: Global Air Coolers Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other