The use of air conditioners and cooling systems is increasing in developed as well as developing countries with the growing awareness about the importance of maintaining indoor air quality. Growing sales of portable air conditioners can be mainly attributed to the increasing needs for compact and movable air conditioning systems that can conveniently be carried around. In addition, an upsurge in needs for spot-cooling in residential as well as industrial spaces is boosting sales of portable air conditioners. This is providing a boost to the growth of the portable air conditioners market.
While the portable air conditioners market is gaining momentum, recent developments in technologies are making a significant impact on the future growth prospects of the market. Manufacturers of portable air conditioners are adopting next-generation technologies to further enhance important features of portable air conditioners such as control, ease of use, and connectivity. The portable air conditioners market is growing at a rapid pace with the increasing sales of portable air conditioners with technologically advanced features.
Furthermore, leading manufacturers of portable air conditioners are incorporating advanced technologies to improve the energy efficiency of the product. Growing environmental awareness and the increasing consumption of electricity due to the rise in use of air conditioning systems may lead to the imposition of stringent rules by the governing bodies. This is expected to create high needs for energy-efficient portable air conditioners in the upcoming years, which is mainly influencing the latest strategies adopted by the leading market players in the portable air conditioners market. Employing the latest technologies to reduce the energy consumption is expected to remain a popular trend among market players operating in the portable air conditioners market, for the next few years.
Rising Demand and Industrial Applications to Drive the Portable Air Conditioners Market
The International Energy Agency (IEA) published a report that estimates that the demand for efficient cooling systems and air conditioners is likely to triple by the end of 2030. Considering the increasing use of air conditioners in the residential as well as commercial sectors around the world, the demand is expected to surge and boost the growth of the portable air conditioners market. Also, increasing use of electricity for air conditioners may result in the imposition of strict energy efficiency standards on portable air conditioners in the near future. Considering the needs for cooling systems and its environmental implications, demand for energy efficient portable air conditioner is expected to increase significantly in the upcoming years.
In addition, providing a cooler workplace boosts the working efficiency of employees, which is generating needs for spot-cooling appliances such as portable air conditioners. Owing to the health-related benefits of using portable air conditioners, its demand is increasing in commercial organizations. Also, spot-cooling appliances play an important role in various manufacturing processes, which is boosting demand for portable air conditioners in the industrial sector. Increasing demand for energy-efficient and direct-cooling appliances in the residential as well as commercial sector is driving the growth of the portable air conditioners market.
Discovery of HCFC Alternatives to Influence Manufacturing Strategies of Market Players
Government organizations across the world, such as EPA (the United States Environment Protection Agency) and European Commission are developing some regulations to control the air pollution caused due to some refrigerants used in air conditioners. Hydrochlorofluorocarbons (HCFCs) are commonly used in air conditioning systems. However, the EPA recognizes HCFC-22 as an Ozone-depleting substance, and has imposed some rules associated with the release of this refrigerant under Section 609 of the Clean Air Act (CAA). The imports and production of HCFC-22 will be phased out by 2020-end, and it will be banned by the end of 2030 by the U.S. government. Similar regulations and rules are being imposed by the European Commission as well.
These stringent regulations on the use of HCFC as a refrigerant are encouraging manufacturers in the portable air conditioners market to discover its substitutes. Significant New Alternatives Policy (SNAP) developed by EPA approved of the use of Ozone-safe HCFCs and other alternatives to HCFC-22 in air conditioning systems. Manufacturers in the portable air conditioners market are investing more in R&D to come up with efficient and safer alternatives to HCFC-22 to curb HCF emissions. Even though refrigerants with around 700 GWP such as R32 and R452B are being used in small or portable air conditioners, ultimate alternatives to HCFCs have not been discovered yet. Increasing investments in R&D to find substitutes to HCFC-22 is an emerging trend in the portable air conditioners market.
Smart and Wi-Fi Enabled Portable Air Conditioners – A Popular Trend in the Portable Air Conditioners Market
With the constant advancements in technology, consumers are willing to purchase next-generation portable air conditioners that are multi-functional and easy to use. Manufacturers in the portable air conditioners market are incorporating advanced technologies such as Internet of Things and a variety of sensors to automate various tasks of the machine. As consumers are preferring to buy less noisy air conditioners, leading market players are introducing portable air conditioners with advanced settings such as quieter, sleep-mode operation. Lightweight portable air conditioners that are AC, fans, as well as dehumidifiers are gaining immense popularity among consumers.
Above all, manufacturing smart portable air conditioners with WiFi is the most popular trend in the portable air conditioners market. Most of the market players are introducing portable air conditioners that can be controlled from afar and optimize the use of electricity smartly. Also, most of the established manufacturers in the portable air conditioners market have produced portable air conditioners that can be voice controlled. These portable air conditioners are integrated with popular voice-operated systems such as Amazon Alexa, Apple HomeKit, and Google Assistant. By manufacturing technologically advanced yet energy efficient portable air conditioners, market players are incorporating smart business strategies to attract consumers and establish a stronger position in the portable air conditioners market.
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- Market Dynamics
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