Publication Month: Feb 2023 | Report Code: TIPRE00029822 | No. of Pages: 140 | Category: Manufacturing and Construction | Status: Published
The improving economic conditions across the world, coupled with urbanization, have led to increased disposable income of individuals. Technological advancements and changes in government and organizational regulations for energy consumption are contributing to the demand for portable evaporative coolers. Urbanization and increasing population in economies such as China and India have led to enormous demand for coolers. Therefore, to fulfill the growing demand for coolers in a dry climate, manufacturers are adopting product innovation or new product launch strategies. Below mentioned are a few organic strategies:
Therefore, with continuous product launches and related strategies, the scope of using portable air coolers will grow in the coming years, fueling the overall portable evaporative cooler market growth.
|Market Size Value in||US$ 2,475.98 million in 2022|
|Market Size Value by||US$ 4,036.55 million by 2028|
|Growth rate||CAGR of 8.5% from 2022 to 2028|
|No. of Pages||140|
|No. of Tables||56|
|No. of Charts & Figures||70|
|Historical data available||Yes|
|Segments covered||Type, and Application|
|Free Sample Copy Available|
The COVID-19 pandemic across the world has led to negative downfall across majority of the industries, including manufacturing & construction and electronics & semiconductors. Also, the majority of the companies in the portable evaporative cooler market witnessed a delay in their product deliveries during the FY 2020 due to several challenges such as labor unavailability, stringent company operation regulations, lockdown measures, and shifted focus of government from development to COVID-19 outbreak control measures. Also, the companies operating in the portable evaporative cooler market have witnessed many supply chain challenges from the procurement of raw materials to the inventory and delivery of portable evaporative cooler products to their customers.
Also, during FY 2020, the demand for evaporative coolers was declined due to health challenges as customers worldwide were focused on staying at home with limited resources. Such factors have negatively impacted the portable evaporative cooler market growth.
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Asia Pacific consists of most of the world’s highly populated countries, such as China, India, and Japan, which has led to the harsh impact of the COVID-19 pandemic on these countries. Moreover, the temporary shutdown of industrial facilities disrupted industrial and commercial operations due to the reduction in demand caused by the pandemic. Moreover, the pandemic has raised concerns regarding the reduction in investments under the commercial and industrial sectors across Asian countries such as India, Japan, South Korea, and other Southeast Asian countries.
However, the highest impact countries across the Asia Pacific portable evaporative cooler market in 2020 is China followed by India and Japan. Also, one of the major vendors of portable evaporative cooler market i.e., Symphony Limited, based in India has announced that it has witnessed a decline of nearly 17.5% in its FY 2020 revenues compared to 2019. However, the Asia Pacific portable evaporative cooler market has witnessed a decline of 21.5% on y-o-y basis compared to its previous FY 2019, which is expected to regain and surpass its share in the portable evaporative cooler market by the end of FY 2022, according to the research study.
Based on type, the portable evaporative cooler market is bifurcated into direct evaporative cooling and indirect evaporative cooling. The direct evaporative cooling segment is expected to dominate the global portable evaporative cooler market by 2028. Companies such as Oxycom, Munters, Dr. Energy Saver, and Evapoler Eco Cooling Solutions are offering direct evaporative cooling solutions. Since direct evaporative coolers are available in a form of small window and portable units for cooling a small and large space, this type is majorly getting adopted for home use. Additionally, a direct portable evaporative cooling system works exceptionally well in dry and hot climates where it is feasible to add humidity to air while cooling the temperature. Therefore, demand for this type of portable evaporative cooling in areas such as Southeastern (the US) is high. Similarly, different areas of India such as Maharashtra, Gujarat, Punjab, Delhi, Madhya Pradesh, and Rajasthan are witnessing demand for the residential portable evaporative cooler market. This factor is projected to create lucrative business opportunities for portable evaporative cooler market players during the forecast period.
The portable evaporative cooler market is bifurcated on the basis of type and application. Based on type, the portable evaporative cooler market is segmented into direct evaporative cooler and indirect evaporative cooler. Based on application, the portable evaporative cooler market is segmented into residential, commercial, and industrial.
The portable evaporative cooler market players are mainly focused on the development of advanced and efficient products.