Personal Cooling Devices Market - Forecast(2024 - 2030)

Personal Cooling Devices Market Overview

The Personal Cooling Devices Market size is estimated to reach US$10.2 million by 2027, growing at a CAGR of 5.8% from 2022 to 2027. This growth is primarily attributed to the increasing temperature due to global warming, advancements in energy-saving technologies and the availability of innovative cooling devices. The introduction of thermoelectric cooling integrated devices for personal air conditioners and handheld cooling devices across industry verticals such as household, healthcare and offices propel the Personal Cooling Devices Market growth. Additionally, energy efficiency, easy operability and economical nature of the personal cooling devices are boosting the personal cooling devices industry. Personal Cooling devices are comparably cheaper than heating ventilation and air conditioning equipment which makes them more tangible items for an economical buyer. Heating ventilation and air conditioning equipment is being installed in a broad residential or infrastructural sector whereas personal cooling devices such as air conditioners and handheld cooling devices equipped with thermoelectric cooling can be used in smaller residential and commercial areas. As a result of this widespread applicability, the Personal Cooling Devices Industry Outlook is positively changing over the forecast period.

Report Coverage

The report: “Personal Cooling Devices Industry Outlook – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Personal Cooling Devices industry.

Key Takeaways

• In the Personal Cooling Devices market report, the handheld cooling devices segment is analyzed to grow at a CAGR of 5.8% during the forecast period 2022-2027. This growth is due to its easy handling, good cooling impacts and simplified operations.
• By application in the Personal Cooling Devices Market report, the residential segment is expected to grow at the highest rate with a CAGR of 6.1% during the forecast period. It is due to factors such as the adoption of cooling devices in hot and humid environments and the economical nature of these energy-efficient devices.
• APAC region had the largest share of 41% in the Personal Cooling Devices Market size, owing to factors such as the presence of major manufacturers, rapid industrialization and government initiatives.

Personal Cooling Devices Market Value Share, by Region, 2021 (%)

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Personal Cooling Devices Market Segment Analysis - by Product Type

Based on Product Type, the handheld cooling devices segment in the Personal Cooling Devices Market report is analyzed to grow with the highest CAGR of 5.8% during the forecast period 2022-2027. The growth is driven by the factors such as easy handling, good cooling impacts and simplified operations. Thermoelectric cooling modules are now being connected with handheld cooling devices so that they can provide instant cooling. As these handheld cooling devices help employees working in hot environments, the demand for these handheld devices is constantly rising. This is further boosting the Personal Cooling Devices Market size. In April 2021, Sony launched its new Reon Pocket 2 which is a wearable personal air conditioner that one can use along with clothes. This device is smaller than a mobile phone and can be controlled via smartphones to maintain the temperature. These new developments would continue to increase the Personal Cooling Devices Market size.

Personal Cooling Devices Market Segment Analysis - by Application

Based on application, the residential segment in the Personal Cooling Devices Market report is analyzed to grow at the highest CAGR of 6.1% during the forecast period 2022-2027. This growth is primarily due to the increased adoption of personal cooling devices in hot and humid countries, growing demand for energy-efficient devices and economical nature of the cooling devices. Additionally, an increase in the number of construction projects of new housing societies across metro and tier 2 cities would increase the adoption of personal cooling devices in the residential sector. In January 2021, Panasonic claimed to double its personal air conditioner business in the coming three years with the development of nanoeX technology which aimed to have a 35% sales growth. These innovations would continue to increase the personal cooling devices applications in residential sector and thereby positively influencing the Personal Cooling Devices Industry Outlook.

Personal Cooling Devices Market Segment Analysis - by Geography

APAC dominated the global market for Personal Cooling Devices Market with a share of 41% in 2021 and is also analyzed to have significant growth over the forecasting period. It is due to factors such as hot climatic conditions, rapid industrialization and government regulations related to low emission and energy efficient cooling devices. Additionally, the presence of key manufacturers and continued R&D investments in innovative technologies also bolster the APAC region’s dominance in the Personal Cooling Devices Market size. China is the largest market and also the biggest producer of personal cooling devices. In FY 2021, China manufactured 218 million units of air conditioners, approximately eight million more than the previous year. This strong presence of major players would continue to strengthen the APAC region’s share in the Personal Cooling Devices Industry.

Personal Cooling Devices Market Drivers

Climatic Conditions and Government regulations related to low-emissions cooling devices:

Due to rising global warming, Earth’s surface temperature is consistently rising. This in turn increases the temperature as a whole. It is because of these hot and humid climatic conditions, the adoption of personal cooling devices is constantly rising. Additionally, the government is also taking initiatives to reduce carbon dioxide emissions and introducing stringent laws and regulations. In July 2020, a study by United Nations Environmental Programme and the International Energy Agency found that stringent government regulations can effectively reduce 210 to 460 billion metric tons of carbon dioxide emission by the year 2060. These regulations would bring out new innovations and energy-efficient solutions which would bolster the Personal Cooling Devices Market size.

Increasing Demand for Energy-efficient Solutions and Technological Advancement:

The adoption of energy-efficient appliances has become a major trend. As these Personal Cooling Devices consume less energy, it becomes highly economical for average consumers. Personal cooling devices are becoming more and more popular across the residential sector due to rise of the smart cities and houses. Additionally, the introduction of IoT and sensors helps these cooling systems to analyze and provide more comfortable environments. In March 2022, Havells announced a new range of ECOACTIV models, which are energy-efficient and convenient to use. These factors would positively influence the Personal Cooling Devices industry outlook.

Personal Cooling Devices Market Challenge

Adoption of Heating Ventilation and Air Conditioning (HVAC) equipment:

Although the Personal Cooling Devices Market is expanding rapidly, the growing adoption of heating ventilation and air conditioning equipment as a whole system is causing a hindrance to the growth of the Personal Cooling Devices Market size. This HVAC equipment is becoming the backbone of smart cities and industrial applications. The management authorities are preferring the HVAC equipment more in comparison to only personalized cooling solutions as this equipment can provide a wide array of other benefits such as ventilation, heating and cooling. This factor impedes the growth of the Personal Cooling Devices Market.

Personal Cooling Devices Industry Outlook

Product launches, collaborations and R&D activities are key strategies adopted by players in the Personal Cooling Devices Market. The top 10 companies in the Personal Cooling Devices Market are:

1. Honeywell International Inc
2. Daikin Industries
3. Sony
4. Panasonic
5. Havells
6. Blaux
7. Haier
8. Carrier
9. Lakeland
10. Ambient Therapeutics

Recent Developments

• In February 2022, Honeywell announced the launch of the Indoor Air Quality Monitor which can alarm the building authorities about any risk to the air quality. These smart sensors in Personal Cooling Devices would continue to influence the demand for Personal Cooling Devices.

• In June 2020, Blaux launched Portable AC which is a lightweight mini personal air conditioner. Due to the compactness of this portable AC and the presence of thermoelectric cooling, it has rapid cooling benefits. 

• In March 2022, Haier Launched its new Elegante Cool Air Conditioners. This new personal air conditioner comes with self-clean technology which clears all the dust present on the coil by the press of a button. These highly energy-efficient cooling systems would boost the Personal Cooling Devices Industry.

Relevant Report Titles:

Heating Ventilation and Air Conditioning (HVAC) Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: AIR 0393

HVAC Equipment Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: AIR 0002

Air Conditioning Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: AIR 0226

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