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Air Coolers Market Growth, Demand, Key Drivers, and Forecast to 2033
Air Coolers Market Growth
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According to The Business Research Company's, The air coolers market size 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 in the historic period can be attributed to climate conditions and seasonal variations, energy efficiency concerns, affordability and cost-effectiveness, sustainable and eco-friendly cooling, rural and semi-urban demand.
The air coolers market size 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 growth in the forecast period can be attributed to consumer preferences for natural cooling, product affordability and variety, availability and distribution, innovative designs and portability, population growth and urbanization. Major trends in the forecast period include home cooling preferences, diverse product range and features, government policies and incentives, consumer education and awareness.
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Market Drivers and Trends:
The growing construction and infrastructure sectors are expected to propel the growth of the air coolers market going forward. The construction and infrastructure sector encompasses a wide range of activities related to building, repairing, and maintaining physical structures and systems that form the basis for societal living conditions and economic development. Air coolers play a vital role in the construction and infrastructure sectors by providing efficient and sustainable cooling solutions for various applications, contributing to worker safety, equipment efficiency, and climate control during construction projects and infrastructure development. For instance, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output is anticipated to increase by 42%, or $4.5 trillion, to reach $15.2 trillion between 2020 and 2030. Therefore, the growing construction and infrastructure sectors are driving the growth of the air coolers market.
Product innovation is a key trend in gaining popularity in the air coolers market. Major companies operating in the air coolers market are focused on developing innovative products to strengthen their position in the market. For instance, in April 2021, Crompton, an Indian-based company that deals in fans and air coolers launched the latest Optimus 65 IoT Desert Coolers that provide instant cooling with a touch of smartness. In addition, Crompton has launched the Optimus 65 IOT coolers with PureShield Technology, a system that combines a PM2.5 filter to deliver filtered air with Anti-bac Control panels powered by N9 Silver World Technology to protect against bacteria. It's a smart air cooler that can be used and controlled by voice assistants like Google Home or Amazon Alexa as well as the Crompton app.
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Major Key Players of the Market:
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.
Air Coolers Market 2024 Key Insights:
• The air coolers market size 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%.
• Surging Global Temperatures Fuel The Air Coolers Market
• Innovative Cooling Solutions Redefining The Air Coolers Market
• Asia-Pacific was the largest region in the air coolers market in 2023
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