International. The global portable air conditioner market is expected to set a CAGR of about 6% over the period 2018-2022, according to Technavio's latest market research report.
A key factor driving the growth of the market is the growing awareness of environmentally friendly and energy-saving devices. Electronics consume almost 45% to 50% of the total energy spent on a commercial building or a house, and centralized air conditioning consumes almost 4% to 5% of the total energy. To minimize and control high energy consumption, governments in all countries are encouraging electronic device manufacturers to create energy-efficient products that consume less energy compared to traditional products on the market.
Smart and wireless electronic devices are becoming popular. Innovative and technologically advanced features such as remote control, portable control and climate monitoring are already available in conventional air conditioners. However, key manufacturers of portable air conditioners are also expected to introduce a smart portable air conditioner integrating the features mentioned above.
"Smart portable air conditioners can be operated via a smartphone to change the temperature and fan speed and to adjust control modes. These smart portable air conditioners can be operated by installing the apps in question on the user's smartphone," says a senior analyst at Technavio for research in the home, kitchen, and large appliances.
Segmentation analysis
The residential segment had the largest market share in 2017, accounting for almost 85% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
Asia Pacific (Apac) led the market in 2017 with a market share of nearly 49% of the market share, followed by EMEA and the Americas, respectively. The predominance of Apac can be attributed to the prevalence of favorable climatic conditions for the market and a significant increase in population in the last two decades.
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