Air Coolers Global Market Report 2024

The global air coolers market has grown rapidly in recent years. It will grow from $1.62 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to various factors related to climate conditions and seasonal variations. Energy efficiency concerns have also played a significant role, as consumers seek cooling solutions that are both affordable and cost-effective. The emphasis on sustainable and eco-friendly cooling options has contributed to the popularity of air coolers. Additionally, there has been notable demand in rural and semi-urban areas, reflecting a broader accessibility and applicability of air cooling solutions.

The global air coolers market is expected to see rapid growth in the next few years. It will grow to $2.7 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be attributed to several factors reflecting consumer preferences and market dynamics. The continued preference for natural cooling methods, coupled with considerations of product affordability and variety, is expected to drive the growth of the air cooler market. The availability and efficient distribution of these cooling devices, along with innovative designs and enhanced portability features, are likely to contribute to their increasing adoption. The trends in the forecast period also include a focus on home cooling preferences, a diverse range of product offerings with advanced features, the influence of government policies and incentives, and efforts toward consumer education and awareness. These trends collectively shape the trajectory of the air cooler industry in the forecasted period.

The air coolers market is poised for growth owing to the escalating hot weather conditions. These cooling devices, employed in buildings, areas, or vehicles, serve to lower ambient temperatures. Air coolers are instrumental in cooling rooms within structures and can even be utilized to convert thermally insulated casings into refrigerators. The World Meteorological Organization noted in 2022 that the global average temperature had risen by 1.15 [1.02 to 1.28] °C compared to the 1850-1900 period. This increase in temperatures is a driving force behind the surge in demand for air coolers.

The burgeoning construction and infrastructure sectors are anticipated to be significant catalysts for the expansion of the air coolers market. Embracing a wide spectrum of activities related to erecting, refurbishing, and sustaining physical structures and systems crucial for societal well-being and economic progress, these sectors heavily rely on air coolers. These cooling systems play a pivotal role by offering efficient and sustainable cooling solutions, ensuring worker safety, optimizing equipment performance, and maintaining climate control during diverse construction projects and infrastructure development endeavors. Reports published by Oxford Economics in September 2021 forecast a substantial surge in global construction output, projecting an increase of 42% (amounting to $4.5 trillion) to reach $15.2 trillion from 2020 to 2030. This upswing in construction and infrastructure activities drives the demand for air coolers.

A prominent trend shaping the air coolers market landscape is product innovation. Leading companies in this domain are channeling their efforts towards developing cutting-edge products to fortify their market standing. For instance, Crompton, an Indian-based company specializing in fans and air coolers, introduced the Optimus 65 IoT Desert Coolers in April 2021. These state-of-the-art coolers provide instant cooling while integrating smart features. Notably, Crompton's Optimus 65 IoT coolers are equipped with PureShield Technology, incorporating a PM2.5 filter to dispense filtered air and Anti-bac Control panels powered by N9 Silver World Technology, offering protection against bacteria. This intelligent air cooler can be controlled through voice assistants like Google Home or Amazon Alexa, as well as via the Crompton app, showcasing the fusion of smart functionality with advanced cooling capabilities.

Prominent entities within the air coolers market are strategically focused on introducing technologically advanced and efficient solutions, aiming to optimize their market presence and drive profitability. These efficient air coolers, also recognized as evaporative or swamp coolers, operate on the principle of evaporation to cool surrounding air, offering cost-effective and energy-efficient cooling solutions. An illustrative example occurred in April 2023 when Symphony Ltd., an India-based manufacturer of evaporative air coolers, unveiled an air cooler series leveraging BLDC (Brushless Direct Current) technology. These coolers exhibit exceptional energy efficiency, consuming up to 60% less power compared to conventional counterparts, resulting in potential annual energy savings of up to Rs 2,000 ($24). The BLDC range includes models with water tank capacities of 80 liters, 55 liters, and 30 liters. Beyond their energy efficiency, these models boast additional features such as a touchscreen control panel, an alert for empty water tanks, 7-speed settings, and an 8-hour night sleep mode. Symphony's coolers are designed to operate with 10% less energy consumption than air conditioners, substantially reducing their carbon footprint equivalent to the growth of 18 trees annually.

In another strategic move, in December 2021, SPX Cooling Tech LLC, a US-based manufacturer of evaporative fluid coolers, completed the acquisition of Cincinnati Fan for $145 million. This acquisition signifies a substantial step for SPX in broadening its global presence and enhancing distribution infrastructure. The collaboration with Cincinnati Fan, a US-based manufacturer specializing in industrial-quality personnel air coolers, unlocks multiple avenues for creating additional value and accelerating combined growth for both entities.

Major companies operating in the air coolers market report are Bajaj Electricals Ltd., Symphony Limited, Havells India Limited, Honeywell International Inc., Aolan (Fujian) Industrial Co. Ltd., Orient Electric Ltd., Voltas Limited, Usha International Limited, V-Guard Industries Ltd., LG Electronics Inc., Blue Star Limited, Carrier Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Sharp Corporation, Toshiba Corporation, Whirlpool Corporation, Hitachi Ltd., Gree Electric Appliances Inc. of Zhuhai, Midea Group Co. Ltd., Hisense Electrical Co Ltd., TCL Corporation, Electrolux AB, Haier Group Corporation, Trane Technologies PLC, Lennox International Inc.

Asia-Pacific was the largest region in the air coolers market in 2023. The regions covered in the air coolers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the air coolers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of air coolers include tower coolers, desert coolers, and others. A tower cooler is a tall, oscillating fan shaped like a tower and supported by a base. These tower coolers are available in various sizes, including spot coolers, medium space coolers, and large space coolers, catering to different applications such as industrial, residential, and commercial cooling needs.

This report provides air coolers market statistics, including air coolers industry global market size, regional shares, competitors with an air coolers market share, detailed air coolers market segments, market trends and opportunities, and any further data you may need to thrive in the air coolers industry. This air coolers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The air coolers market consists of sales of wet air coolers, dry air coolers, and absorption air coolers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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