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Singapore Air Conditioner Market
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Singapore Air Conditioner Market

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Singapore Air Conditioner Market, By Type (Window, Split & Multi Split, Packaged Air Conditioner, Variable Refrigerant Flow (VRF)); By Distribution Channel (Multi-Brand Stores, Exclusive Stores, Online); By Technology (Automatic, Manual); By End User (Residential, Commercial & Retail, Hospitality, Oil & Gas, Healthcare), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: July 2023
  • Report ID: BWC23592
  • Available Format: PDF
  • Page: 200

Report Overview

Increasing awareness about energy-efficient and eco-friendly air conditioning solutions and rapid adoption of technological advancements are propelling the growth of Singapore Air Conditioner Market during the forecast period between 2023 and 2029.

Singapore Air Conditioner Market – Industry Trends & Forecast Report, 2029

Singapore air conditioner market size is projected to grow at a CAGR of 4.02% during the forecast period between 2023 and 2029. Major factors driving the growth of Singapore air conditioner market are a growing demand for energy-efficient air conditioning systems as consumers become more environmentally conscious. This has led to the rise of inverter air conditioners that offer better energy savings. Also, there is an increasing focus on smart and connected air conditioning solutions, allowing users to control their cooling systems remotely via smartphones or voice assistants. Further, there is a strong emphasis on air quality and purification features, with air conditioners incorporating advanced filtration systems to remove pollutants and allergens from indoor air. There is a shift towards compact and space-saving designs to cater to the limited space in urban dwellings. These trends collectively shape the evolving landscape of the Singapore air conditioner market.

Singapore Air Conditioner Market - Overview

An air conditioner is a tool for dehumidifying and cooling indoor areas. In order to create a cozy and controlled environment, it extracts heat from the air and releases it outside. Compressor, condenser, evaporator, and refrigerant are just a few of the parts that make up an air conditioner. The refrigerant is pressurized by the compressor before flowing through the condenser, where it releases heat. The refrigerant is then sent to the evaporator, where it cools the indoor air by absorbing heat from it. The heated air is then vented outdoors while the cooled air is returned to the interior. To maintain a comfortable temperature and humidity level in homes, businesses, and other structures, air conditioners are frequently utilized.

Growth Drivers

Rapid Adoption of Technological Advancements and Urbanization

Singapore's air conditioner market is experiencing robust growth, driven by various factors. Technological advancements play a crucial role in the introduction of smart and energy-efficient air conditioning systems. The rise of IoT integration enables remote control and customization, enhancing user convenience and energy savings. Further, the increasing urbanization and infrastructure development in Singapore amplify the demand for air conditioners across residential, commercial, and industrial sectors. The growing number of high-rise buildings, shopping malls, and offices necessitates efficient cooling solutions, bolstering the market's expansion. Singapore's hot and humid climate reinforces the need for reliable and effective air conditioning, further propelling the market's growth trajectory.

Restraints

Implementing Sustainable Practices to Tackle Increasing Urban Heat

Singapore's air conditioner market has witnessed substantial growth due to the city-state's hot and humid climate and rapid urbanization. As one of the world's most densely populated countries, the demand for cooling solutions in residential, commercial, and industrial sectors is on the rise in Singapore. Key drivers include increasing disposable income, technological advancements promoting energy-efficient units, and a focus on sustainable living. The market has also seen a shift towards smart and connected air conditioners, enhancing convenience and control for users. However, the challenge lies in balancing the surge in demand with sustainable practices to combat environmental impacts and energy consumption effectively.

COVID-19 Impact on Singapore Air Conditioner Market

The COVID-19 pandemic significantly impacted the Singapore air conditioner market. The implementation of lockdown measures, travel restrictions, and reduced economic activity led to a decline in demand for air conditioning systems. The construction sector, which is a major consumer of air conditioners, experienced

delays and disruptions, affecting new installations. Also, consumers were more cautious about discretionary spending, leading to lower sales of air conditioners for residential purposes. The market also faced supply chain challenges due to disrupted manufacturing and logistics operations. However, with the easing of restrictions and gradual economic recovery, the Singapore air conditioner market is expected to witness a gradual rebound in demand.

Singapore Air Conditioner Market

Segmental Coverage

Singapore Air Conditioner Market – By Type

On the basis of type, Singapore air conditioner market is divided into Window, Split and Multi Split, Packaged Air Conditioner, and Variable Refrigerant Flow (VRF) segments. The Split and Multi Split segment is the largest segment in the Singapore air conditioner market by type. Split air conditioners are popular due to their versatility and energy efficiency. They consist of an indoor unit and an outdoor unit, allowing for cooling multiple rooms simultaneously. Multi split systems provide further flexibility by enabling multiple indoor units to be connected to a single outdoor unit. The split and multi split segment caters to both residential and commercial sectors, making it a dominant and sought-after choice in the Singapore air conditioner market.

Singapore Air Conditioner Market – By Distribution Channel

Based on distribution channel, Singapore air conditioner market is divided into Multi-Brand Stores, Exclusive Stores, and online segments. The multi-brand stores segment is the largest distribution channel in Singapore air conditioner market. These stores provide customers with a wide range of air conditioner brands and models to choose from, catering to various preferences and budgets. Customers can explore different options and compare features and prices under one roof, making it a convenient choice for many. Also, the Multi-Brand Stores offer personalized assistance from knowledgeable staff, helping customers make informed decisions. With its extensive selection and customer-centric approach, the multi-brand Stores segment holds the dominant position in the Singapore air conditioner market.

Singapore Air Conditioner Market

Singapore Air Conditioner Market – By Technology

Based on technology, Singapore air conditioner market is split into Automatic and Manual segments. The automatic segment holds a larger market share due to the increasing preference for advanced technologies and automation in the air conditioning industry. Automatic air conditioners offer convenience, energy efficiency, and smart features, which are highly valued by consumers.

Singapore Air Conditioner Market – By End User

On the basis of end user, Singapore air conditioner market is divided into Residential, Commercial & Retail, Hospitality, Oil & Gas, and Healthcare segments. The commercial & retail is the largest end-user segment in Singapore air conditioner market. The segment includes air conditioning systems installed in various commercial establishments, such as offices, shopping malls, retail stores, and other commercial buildings. Singapore's thriving business environment and its status as a regional hub for commerce and trade contribute to the significant demand for air conditioning in the commercial sector. The growth of the retail industry and the expansion of commercial spaces further drive the prominence of the Commercial & Retail segment in the Singapore air conditioner market.

Competitive Landscape

Major players in the Singapore air conditioner market include Daikin, Mitsubishi Electric, Panasonic, LG Electronics, Samsung Electronics, Toshiba, Fujitsu General, Carrier, Midea, and Hitachi. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

Singapore

Product/ Service Segmentation

Type, Distribution Channel, Technology, End User

Key Players

Daikin, Mitsubishi Electric, Panasonic, LG Electronics, Samsung Electronics, Toshiba, Fujitsu General, Carrier, Midea, Hitachi

 

 

By Type

  • Window

  • Split & Multi Split

  • Packaged Air Conditioner

  • Variable Refrigerant Flow (VRF)

  • Others

By Distribution Channel

  • Multi-Brand Stores

  • Exclusive Stores

  • Online

By Technology

  • Automatic

  • Manual

By End User

  • Residential

  • Commercial & Retail

  • Hospitality

  • Oil & Gas

  • Healthcare

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Singapore Air Conditioner Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing demand for air conditioners in summer
        2. Increasing need for replacement and refurbishment activities in the residential sector
      2. Restraints
        1. High initial cost of purchasing and installing air conditioning systems
        2. Increasing environment concern
      3. Opportunity
        1. Growing awareness about the adoption of energy-efficient air conditioning systems
        2. Surging integration of smart technology and the Internet of Things in air conditioners
      4. Challenges
        1. Presence of alternative options in the market
        2. Changes in regulations related to energy efficiency, refrigerants, and environmental standards
    3. Product Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Singapore Air Conditioner Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Window
        2.  Split and Multi Split
        3. Packaged Air Conditioner
        4. Variable Refrigerant Flow (VRF)
        5.  Others
      2. By Distribution Channel
        1. Multi-Brand Stores
        2. Exclusive Stores
        3. Online
        4. Others
      3.  By Technology
        1. Automatic
        2. Manual
      4. By End User
        1. Residential
        2. Commercial & Retail
        3. Hospitality
        4. Oil & Gas
        5.  Healthcare
        6. Others
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Singapore Air Conditioner Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
  6. Impact of Covid-19 on Singapore Air Conditioner Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Daikin
    2. Mitsubishi Electric
    3. Panasonic
    4. LG Electronics
    5. Samsung Electronics
    6. Toshiba
    7. Fujitsu General
    8. Carrier
    9. Midea
    10. Hitachi
    11. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures  

                                                                                         

Figure 1       Singapore Air Conditioner Market Segmentation

Figure 2       Singapore Air Conditioner Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Singapore Air Conditioner Market Size, By Value (USD Million), 2019–2029

Figure 5       Singapore Air Conditioner Market Share, By Type, By Value, 2019–2029

Figure 6     Singapore Air Conditioner Market Share, By Distribution Channel, By Value, 2019–2029

Figure 7       Singapore Air Conditioner Market Share, By Technology, By Value, 2019–2029

Figure 8       Singapore Air Conditioner Market Share, By End User, By Value, 2019–2029

 

List of Tables

 

Table 1    Singapore Air Conditioner Market Size, By Value (USD Million), 2019–2029

Table 2     Singapore Air Conditioner Market Size, By Type, By Value, 2019–2029

Table 3     Singapore Air Conditioner Market Size, By Distribution Channel, By Value, 2019–2029

Table 4     Singapore Air Conditioner Market Share, By Technology, By Value, 2019–2029

Table 5      Singapore Air Conditioner Market Share, By End User, By Value, 2019–2029

Table 6        Daikin Company Overview

Table 7        Daikin Financial Overview

Table 8        Mitsubishi Electric Company Overview

Table 9        Mitsubishi Electric Financial Overview

Table 10      Panasonic Company Overview

Table 11      Panasonic Financial Overview

Table 12      LG Electronics Company Overview

Table 13      LG Electronics Financial Overview

Table 14      Samsung Electronics Company Overview

Table 15      Samsung Electronics Financial Overview

Table 16      Toshiba Company Overview

Table 17      Toshiba Financial Overview

Table 18      Fujitsu General Company Overview

Table 19      Fujitsu General Financial Overview

Table 20      Carrier Company Overview

Table 21      Carrier Financial Overview

Table 22      Midea Company Overview

Table 23      Midea Financial Overview

Table 24      Hitachi Company Overview

Table 25      Hitachi Financial Overview

Market Segmentation

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No data available

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Frequently Asked Questions (FAQs):

Ans: The commercial & retail segment accounts for the highest market share in the Singapore Air Conditioner Market by end user.
Ans: Singapore Air Conditioner Market size is projected to grow at a CAGR of 4.02% during the forecast period between 2023 and 2029.
Ans: Major factors driving the growth of Singapore Air Conditioner Market include increasing urbanization, busy lifestyles, convenience-driven consumer behavior, a growing working population, rising disposable incomes, a diverse culinary culture, and the availability of a wide range of air conditioners.
Ans: Key players in Singapore Air Conditioner Market include Daikin, Mitsubishi Electric, Panasonic, LG Electronics, Samsung Electronics, Toshiba, Fujitsu General, Carrier, Midea, and Hitachi.
Ans: The split & multi-split segment accounts for the highest market share in the Singapore Air Conditioner Market by product type.