Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Compact Spot Cooler Market, By Application; By Product Type; By End User - Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Compact Spot Cooler market, which was valued at USD 2,162.8 million in 2022, is projected to reach a significant size of USD 3,301.3 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.75%. With a market volume of 4,112.5 thousand units in 2022, it is expected to grow at a CAGR of 5.01%.
Growth Influencers
- Rising Demand for Cooling Solutions: The market growth is primarily driven by the increasing global population and the subsequent demand for efficient cooling solutions. As the number of households, apartments, and office spaces rises, the demand for compact spot coolers grows. Additionally, the impact of global warming leading to hotter summers further boosts the demand for cooling systems like spot coolers that can maintain comfortable indoor temperatures.
- Technological Advancements: Technological advancements in spot cooler designs, such as enhanced energy efficiency, compact sizes, and better cooling capabilities, contribute to the market's growth. These improvements attract customers seeking efficient and effective cooling solutions.
- Opportunities in Data Centers: An emerging opportunity lies in the use of spot coolers in data centers. The digitalization trend has led to an increased need for data centers, which require specific temperature ranges for optimal performance.
Segments Overview
- Application: The 'Compact Spot Cooler for Personal Leisure' sub-segment dominates the Application segment, holding more than a 46.8% market share in 2022. It is projected to grow the fastest with a CAGR of 5.1%.
- Product Type: Offline channels lead with a market share of more than 70% in 2022. The market's distribution channels include online, offline, wholesaler/distributors, supermarkets & hypermarkets, specialty stores, and others.
- End User: The market serves various end users, including residential, commercial, medical & hospitals, enterprises, retail, education, hospitality, industrial, plants, warehouse & logistics, construction, and others.
Regional Overview
- North America: The United States, Canada, and Mexico are significant players due to their advanced infrastructure and higher purchasing power.
- Europe: Key markets include the UK, Germany, France, Italy, Spain, Poland, Russia, and the Rest of Europe. Stringent energy regulations in Europe influence the demand for energy-efficient compact spot coolers.
- Asia Pacific: Holding the highest market share of 65.7% and exhibiting a CAGR of 5.9%, the region includes China, India, Japan, South Korea, Australia & New Zealand, ASEAN countries, and the Rest of Asia Pacific.
- Middle East & Africa: The UAE, Saudi Arabia, South Africa, and the Rest of MEA are studied. The region's hot climate and ongoing development offer growth opportunities.
- South America: The report includes insights for Argentina, Brazil, and the Rest of South America, where diverse climates and industrial development contribute to market potential.
Competitive Landscape
Major players like Honeywell International Inc., BLUE STAR, ICS Cool Energy, Movincool, and SUIDEN collectively hold a market share of nearly 21.71%.
A selection of companies mentioned in this report includes
- Airpac Incorporated
- Airrex
- Bluestar
- Honeywell
- ICS cool energy
- Movincool (Denso Corporation)
- OceanAire
- Pure n Natural Systems
- SecureFix Direct Ltd.
- Shanghai Weixun
- Spot Coolers
- Suiden
- Totalcool
- Trotech International
Conclusion
The Global Compact Spot Cooler market's growth is driven by increasing demand for cooling solutions, technological advancements, and opportunities in data centers. The market caters to diverse applications, end users, and regions, with Asia Pacific leading in market share and growth rate. Major players play a crucial role in shaping the market's dynamics.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 217 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $2162.8 Million |
| Forecasted Market Value (USD) by 2030 | $3301.3 Million |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/a7drw6
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