Cooling devices are used for dealing with heat stress and heat-related irritability in humans. Hot and humid weather may prove to be irritating and hence, cooling devices are utilized in homes in commercial spaces such as office buildings as well as in industries such as manufacturing units. These devices can range from a tiny piece for personal use such as necklace fans, black ice personal cooling devices to machines weighing several tons that are utilized in industrial units.
The market for personal cooling device is highly fragmented, as several players operate in the market. A wide range of cost-effective personal cooling devices are available in the market, as entry into the market is considerably easy; however, a limited number of players operate in the commercial and industrial cooling devices market. This is because very few players possess the required energy-efficient and cost-effective technology.
The cooling device market is expected to expand at a considerable pace in the near future. The presence of diverse cost-effective and energy-efficient cooling devices is a key factor that is expected to drive the cooling device market. Several cooling devices are powered by batteries and solar cells. Adoption of such products reduces electricity consumption, which in turn is estimated to propel the cooling device market.
Moreover, increase in number of manufacturing facilities, owing to the rapid expansion of industries in several regions, is a major factor driving the cooling device market. Furthermore, increase in global warming has led to a rise in temperature, worldwide. This is anticipated to increase the sales of cooling devices worldwide.
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Additionally, increase in office buildings, commercial skyscrapers etc., is expected to fuel the market due to the application of HVAC systems in the place mentioned above. HVAC is an important part of residential structures and is utilized in single family homes, apartment buildings, hotels, senior living facilities, and medium to large office and industrial buildings such as skyscrapers and hospitals.
It is also employed in ships and submarines and in marine surroundings, where the regulation of safe and healthy building conditions is necessary with respect to temperature and humidity. However, a lack of awareness about personal cooling devices is a major factor hampering the market. Several consumers are not aware about the availability of such products, which is likely to restrain the cooling device market.
Additionally, the high cost of commercial and industrial cooling devices is anticipated to restrain the cooling device market. Traditional cooling devices that are employed for commercial and industrial purposes are not energy-efficient and cost-effective. Moreover, they release excess heat, which is harmful for the environment. Green technology-based cooling is expensive and hence, is estimated to restrain the market for a short period of time. However, expansion of distribution channels and increased market penetration are expected to offer suitable opportunities for the market in the near future. Furthermore, government initiatives in subsidizing commercial and industrial cooling devices are anticipate to propel the cooling device market.
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The global cooling device market can be segmented based on end-user and geography. Based on end-user, the cooling device market can be segregated into personal, commercial, and industrial. In terms of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Prominent players operating in the cooling device market include, AMBIENT Therapeutics Inc. (U.S.), Handy Cooler (Genexus LLC) (U.S.), Design Go Ltd. (U.K.), Honeywell International (U.S.), SPX Corporation (U.S.), Star Cooling Towers Pvt. Ltd (India), Baltimore Aircoil Company (U.S.), Evapco, Inc. (U.S.), Paharpur Cooling Towers (India), Hamon & Cie International SA (Belgium), and Spig SPA (Italy), and Beijing Huimao Cooling Equipment Co. Ltd. (China).
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