Portable Evaporative Cooler Market 2031 Strategic Insights and Updates
The portable evaporative cooler market size is projected to reach US$ 5073.50 million by 2031 from US$ 2641.62 million in 2023. The demand for portable evaporative coolers is mainly driven by the rising need of effective cooling solutions along with climate change and wellness trends across different regions. Moreover, several companies across the market are also focusing on the development of innovative products to cater to the growing market demands from different applications and provide reliable solutions to their respective customers to remain competitive in the market. Moreover, several companies such as Honeywell International and HiCool are also engaged in providing portable indirect evaporative coolers whereas the majority of the companies operating in the portable portable evaporative cooler market are engaged in providing portable direct evaporative cooler products to their respective customers due to high demand for such products across different regions.
Portable Evaporative Cooler Market Analysis
The major stakeholders in the global portable portable evaporative cooler market ecosystem include raw material suppliers, component manufacturers, and end users. The wide range of raw materials used for making portable evaporative coolers has increased the number of raw material suppliers in the competitive market. Raw material suppliers play a crucial role in the supply chain of the portable portable evaporative cooler market, as they contribute to the market revenue growth. Raw material suppliers provide materials to the component manufacturers for manufacturing finished evaporative cooler products that are later supplied to residential, commercial, and industrial end users.
Portable Evaporative Cooler Market Overview
Evaporative coolers are an effective solution and a better substitute for air conditioning systems across applications such as residential, commercial, and industrial applications in suitable environment conditions (with lesser humid climates). Also, portable evaporative cooling is one of the effective solutions for compact applications such as household applications, industrial warehouses, and commercial offices.
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Portable Evaporative Cooler Market: Strategic Insights
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 Forecast Period 2022-2028 Base Year 2022
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Portable Evaporative Cooler Market: Strategic Insights
| 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 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Portable Evaporative Cooler Market Drivers and Opportunities
Increasing Adoption of Evaporative Cooling in the Residential Sector
Portable evaporative coolers are gaining popularity in residential spaces due to their various advantages such as portability, convenience, and easy and quick maintenance. Moreover, the adoption of portable evaporative cooling is increasing in hotels, warehouses, shopping complexes, regional sites (churches), kitchens, garages, gyms, porches/decks, events venues, and workshops to handle the concerns regarding warm air. Thus, the rising demand for portable evaporative coolers in commercial and residential spaces drives the growth of the portable portable evaporative cooler market. In April 2021, Portacool, LLC extended its product line by adding an expansive Portacool evaporative cooler. The newly introduced Portacool 510 is a powerful and portable cooling solution developed to make open spaces comfortably cool through a natural evaporation process. Similarly, in September 2022, Indwell announced the launch of two in an air conditioner and coolers that uses evaporative technology for residential and commercial applications. Also, the compact cooler provides ultimate versatility for on-the-go and spot cooling to meet the requirements of outdoor living, home, and small workspaces. Such developments in portable evaporative coolers are also contributing to the portable portable evaporative cooler market growth for the residential segment.
Emergence of Enhanced Portable Evaporative Coolers
Individuals are transforming their homes into smart homes with the latest technologies and devices. The strong adoption of technology is driven by supportive infrastructure and strong economies. Due to the strong purchasing power of the population backed by high disposable income in countries such as the UK, Germany, France, the US, China, Japan, South Korea, the UAE, and Saudi Arabia, customers prefer premium products. Increased focus of customers on sophisticated products is helping the market players introduce premium, advanced, and customized products. Growing concerns related to a healthy lifestyle with supporting gadgets created a new trend of Wi-Fi portable coolers.
Therefore, an increasing interest in evaporative cooling is driving technological advancements as mentioned above and will endure to dos so. It is also attracting attention of digital display, and remote-control feature which is expected to create lucrative opportunities for portable evaporative cooler manufacturers during the forecast period.
Portable Evaporative Cooler Market Report Segmentation Analysis
Key segments that contributed to the derivation of the portable evaporative cooler market analysis are type, and application.
- Based on type, the global portable portable evaporative cooler market is segmented into direct and indirect evaporative cooling. The direct segment accounted for a larger market share in 2023.
- Based on the application, the global portable portable evaporative cooler market is segmented into residential, commercial, and industrial. The residential segment accounted for a larger market share in 2023.
Portable Evaporative Cooler Market Share Analysis by Geography
The portable portable evaporative cooler market in North America is segmented into the US, Canada, and Mexico. North America is expected to provide lucrative opportunities to the market during the forecast period due to the growing residential sector and rising demand for energy efficient cooling solutions in commercial applications across the region. The major market share of this region is mainly attributed to the changing climate conditions and rising consumer inclination toward a healthy environment.
Government regulations and standards, such as AHAM 7008-2018/CSA SPE-7008-18/UL 7008-18, focusing on energy efficiency are projected to fuel the adoption of energy efficient cooling solutions in the industries. Also, the presence of players in North America will fuel the manufacturing of portable evaporative coolers. Jmatek Limited; Phoenix Manufacturing, Inc.; Delta T LLC; Hessaire Products Inc.; and Newair are among the key players providing portable evaporative coolers for varied applications. Footprints of manufacturers will have a direct impact on the growth of the market. Additionally, any organic and inorganic strategy taken by them will further influence the market growth in the coming years.
Portable Evaporative Cooler Market Report Scope
Portable Evaporative Cooler Market News and Recent Developments
The portable evaporative cooler market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In October 2023, Portacool, LLC, the leading portable evaporative cooling company, announces the launch of revolutionary Apex series, setting a new standard in innovation and excellence with America’s most popular portable evaporative coolers. (Source: Portacool, LLC, Press Release)
Portable Evaporative Cooler Market Report Coverage and Deliverables
The “Portable Evaporative Cooler Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Portable evaporative cooler market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
Portable evaporative cooler market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
Portable evaporative cooler market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Portable evaporative cooler market landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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