An air conditioner is a machine or a system which provides fresh and cool air in a distinct manner, and this is generally done in an enclosed area via a refrigeration cycle. This cycle removes the warm air inside the room and replaces it with cool air.
A complete method of heating, ventilation, and air conditioning is known as HVAC in the construction industry. The main functions of air conditioners include cooling of air, heating of air, dehumidification, humidification, air filtration/purification, drawing out warm air and replacing it with cool air, and ventilation.
Portable air conditioners are a type of air conditioner which can be moved from one place to another easily and has low installation cost as compared to other air conditioner types.
North America is the largest market for portable air conditioners in the world, followed by Asia Pacific and Europe.
North America and Europe are mature markets portable air conditioners. Replacement of air conditioners in residential areas in North America is expected to increase the demand for portable air conditioners in this region. Air-conditioning equipment is used in almost 87% of homes in the U.S., according to the EIA Residential Energy Consumption Survey (RECS),
Globally, the largest portable air conditioner market is North America. The region has many developed economies with high penetration of portable air conditioners. After North America, Asia Pacific is the second biggest market for air conditioners. China, Japan, and India are significant portable air conditioner markets in Asia Pacific. Companies operating in air conditioners in Asia Pacific primarily focus on offering products at lower prices as compared to other regions.
Portable air conditioner manufacturers are focusing on product innovation and expanding their presence globally to remain competitive. Consumers also look for multi-function systems which can perform multiple operations using a single system.
Portable air conditioners have various functions such as dehumidification and air purifier technology. Additional features such as WiFi enabled air conditioners, LED display, and low noise help manufacturers to lure the customers with the inclusion of advanced features.
Growth in urbanization and industrialization is anticipated to adversely affect the air quality and air temperatures. This in turn affects the health and productivity of human beings across the world. This factor is estimated to boost the need for air conditioners in the coming years. The rise in temperature due to global warming has led to a rise in demand for HVAC products.
The explosion in the construction industry in regions such as the Middle East and Americas is also expected to drive the growth of the HVAC equipment market during the forecast period.
The efficient and compact nature of portable air conditioners are expected to lead to their rapid growth during the forecast period, as they do not require permanent installation and can be moved from one place to another easily.
Factors such as rapid adoption of inverter air conditioners and rising trend of portable air-conditioning are expected to contribute to the growth of the portable air conditioner market.
However, the high price of portable air conditioners and government regulations regarding energy consumption are expected to hamper the growth of the market during the forecast period.
The global portable air conditioner market has been segmented based on type, capacity, end-use, distribution channel, and region.
Type - In terms of type, the global portable air conditioner market has been classified into standard and smart.
Capacity - In terms of capacity, the global portable air conditioner market has been segmented into up to 5000 BTU, 5001-10,000 BTU, 10,001-20,000 BTU, above 20,001 BTU.
End-use - In terms of end-use, the market has been bifurcated into residential, commercial, and industrial.
Distribution Channel - The market has been bifurcated into online and offline based on distribution channel, where the offline segment has been further divided into hypermarkets/ supermarkets, specialty stores, and brand stores.
Region - Based on region, the market is classified into North America (U.S, Canada, and Rest of North America), Europe (U.K, Italy, France, Germany, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest Of Middle East & Africa), and South America (, Brazil, and Rest Of South America)
The portable air conditioner market is fragmented due to the presence of several players. Competition is expected to intensify in the coming years due to price wars between established and local players.
Key companies profiled in the research report include Daikin Industries, Ltd., Electrolux AB, Panasonic Corporation, LG Electronics, Whirlpool, Honeywell International Inc., De’Longhi Appliances S.r.l., Haier, Inc., Sharp Corporation, and Blue Star.