Singapore Air Conditioner Market (2024-2030) | Size, Analysis, Share, Revenue, Forecast, Trends, Growth, Outlook
Market Forecast By Type (Room Air Conditioner, Ducted Air Conditioner, Ductless Air Conditioner, Centralized Air Conditioner), By Application (Residential, Healthcare, Commercial & Retail, Transportation & Infrastructure, Hospitality, Others) And Competitive Landscape
| Product Code: ETC090086 | Publication Date: Dec 2023 | Updated Date: Jan 2024 | Product Type: Report | |
| Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Singapore Air Conditioner Market Highlights
| Report Name | Singapore Air Conditioner Market |
| Forecast period | 2024-2030 |
| CAGR | 5.9% |
| Growing Sector | Commercial & Retail |
Topics Covered in the Singapore Air Conditioner Market
Singapore Air Conditioner Market report thoroughly covers the market by type and by application. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Singapore Air Conditioner Market Synopsis
Singapore has a tropical rainforest climate characterized by high humidity levels and temperatures throughout the year. The demand for air conditioning systems triggers the growth of the air conditioner market in Singapore. Additionally, urbanization and sustainability are some major drivers proliferating the market growth.
According to 6Wresearch, the Singapore Air Conditioner Market size is estimated to surge at a CAGR of 5.9% during the forecast period 2024-2030. The country's population has increased rapidly, along with economic growth, resulting in expansion in residential and commercial spaces. This demand for air conditioning systems has increased the need for sustainable and energy-efficient models that meet environmental regulations, lower operating costs, and improve air quality. The second driver is the rapid adoption of smart homes, integrated with IoT devices and home automation systems that boost energy efficiency, personalize temperature settings, and provide enhanced user experience. The air conditioner Singapore Air Conditioner Market growth faces several challenges such as high initial investment costs, maintenance costs, and low adoption rates of eco-friendly products. The competition is intense with the presence of global players, providing a vast range of products with varied technologies, designs, features, and prices suited to diverse customer segments. However, the government established stringent efficiency requirements for air conditioners, phased out the use of ozone-depleting substances, and implemented energy labeling to promote energy efficiency. The Energy Conservation Act (ECA) introduced mandates organizations to conduct energy audits and report to the National Environment Agency (NEA) on their energy use and efficiency improvement plans.
Future Insights of the Singapore Air Conditioner Market
The Singapore air conditioning market is expected to continue its growth trends in the coming years, driven by the construction industry, urbanization, and eco-friendliness. Smart air conditioning systems, R&D investments, and energy efficiency continue to be the key drivers of the industry’s growth. With the rise in demand for air conditioning systems, manufacturers must be innovative and design energy-efficient and eco-friendly products to meet Singapore’s carbon reduction goals. The market has tremondous growth prospects over the coming years.
Government Initiatives introduced in the Singapore Air Conditioner Market
The Singaporean government has introduced initiatives to increase the Singapore air conditioning market revenue. For example, the government revised the Green Mark scheme, which is a standard certification system for sustainable buildings. In the new system, the government rewards buildings that have incorporated energy-saving features such as high-efficiency air conditioning systems, among others. This move promotes the use of eco-friendly air conditioning systems and encourages companies to invest in energy conservation and sustainable practices. The government also introduced the Enhanced Clean Mark Accreditation Scheme, which aims to improve the Indoor Air Quality (IAQ) in public and commercial buildings. The scheme assesses the cleanliness of the air conditioning systems, including the ventilation ducts and filters.
Key Players in the Singapore Air Conditioner Market
The Singapore air conditioner market's prominent players include Daikin, LG, Mitsubishi Electric, Panasonic, and Carrier. These players focus on developing eco-friendly and energy-efficient air conditioning systems, expanding distribution channels, and improving customer support services. Additionally, several new entrants venture into the market with innovative products and technologies to gain a competitive edge.
Market Analysis by Type
According to Ravi Bhandari, Research Head, 6Wresearch, the Singapore air conditioner market offers an extensive range of air conditioning solutions, ranging from room air conditioners to central air conditioning systems. Further, the room air conditioners are the most common type of air conditioners found in homes and small commercial spaces in Singapore. These air conditioners are inexpensive, easy to install, and efficient at cooling small to medium-sized rooms. Room air conditioners can either be window-mounted or portable. Window-mounted units are installed in a window or a hole in the wall and require minimal installation effort. Portable units, on the other hand, can be moved around the room, making them ideal for small spaces. However, they’re less efficient than window-mounted units and are usually noisier.
Market Analysis by Application
The air conditioning industry is advancing at an astronomical pace, catering to a massive range of applications, including residential, healthcare, commercial & retail, transportation & infrastructure, and hospitality. Additionally, the residential sector has the highest demand for air conditioners, contributing the most to the air conditioner market. According to a report, almost 90% of households in Singapore have air conditioning systems installed. With advancements in technology, the industry is presenting energy-efficient and environmentally friendly options, contributing to a cleaner and efficient environment. Consumers can choose from a variety of brands and types such as window, split, ducted ACs to suit the requirements of their home.
Key attractiveness of the report
- 10 Years Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023.
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Singapore Air Conditioner Market Outlook
- Market Size of Singapore Air Conditioner Market, 2023
- Forecast of Singapore Air Conditioner Market, 2030
- Historical Data and Forecast of Singapore Air Conditioner Revenues & Volume for the Period 2020 - 2030
- Singapore Air Conditioner Market Trend Evolution
- Singapore Air Conditioner Market Drivers and Challenges
- Singapore Air Conditioner Price Trends
- Singapore Air Conditioner Porter's Five Forces
- Singapore Air Conditioner Industry Life Cycle
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Type for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Room Air Conditioner for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Ducted Air Conditioner for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Ductless Air Conditioner for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Centralized Air Conditioner for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Application for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Residential for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Healthcare for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Commercial & Retail for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Transportation & Infrastructure for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Hospitality for the Period 2020 - 2030
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Others for the Period 2020 - 2030
- Singapore Air Conditioner Import Export Trade Statistics
- Market Opportunity Assessment By Type
- Market Opportunity Assessment By Application
- Singapore Air Conditioner Top Companies Market Share
- Singapore Air Conditioner Competitive Benchmarking By Technical and Operational Parameters
- Singapore Air Conditioner Company Profiles
- Singapore Air Conditioner Key Strategic Recommendations
Market Covered
The report offers a comprehensive study of the subsequent market segments:
By Type
- Room Air Conditioner
- Ducted Air Conditioner
- Ductless Air Conditioner
- Centralized Air Conditioner
By Application
- Residential
- Healthcare
- Commercial & Retail
- Transportation & Infrastructure
- Hospitality
- Others
Singapore Air Conditioner Market (2024-2030): FAQs
The rising disposable income and the growing population rate in the country are burgeoning the Singapore Air Conditioner (AC) Market growth.
The rapidly growing residential sector is leading the Singapore Air Conditioner (AC) Market growth with rapid urbanization and the fastest growing population rate.
The shutdown of all the stores and cessation of all construction activities reduced the ACs installation demand and further affected the Singapore Air Conditioner (AC) Market growth.
The rising government initiative towards using energy efficient appliances coupled with the rising population income levels have enabled them to afford technically advanced ACs are opportunities fuelling the market growth.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
| 1 Executive Summary |
| 2 Introduction |
| 2.1 Key Highlights of the Report |
| 2.2 Report Description |
| 2.3 Market Scope & Segmentation |
| 2.4 Research Methodology |
| 2.5 Assumptions |
| 3 Singapore Air Conditioner Market Overview |
| 3.1 Singapore Air Conditioner Market Revenues & Volume, 2020 & 2030F |
| 3.2 Singapore Air Conditioner Market - Industry Life Cycle |
| 3.3 Singapore Air Conditioner Market - Porter's Five Forces |
| 3.4 Singapore Air Conditioner Market Revenues & Volume Share, By Type, 2020 & 2030F |
| 3.5 Singapore Air Conditioner Market Revenues & Volume Share, By Application, 2020 & 2030F |
| 4 Singapore Air Conditioner Market Dynamics |
| 4.1 Impact Analysis |
| 4.2 Market Drivers |
| 4.3 Market Restraints |
| 5 Singapore Air Conditioner Market Trends |
| 6 Singapore Air Conditioner Market Segmentation |
| 6.1 Singapore Air Conditioner Market, By Type |
| 6.1.1 Overview and Analysis |
| 6.1.2 Singapore Air Conditioner Market Revenues & Volume, By Type, 2020 - 2030F |
| 6.1.3 Singapore Air Conditioner Market Revenues & Volume, By Room Air Conditioner, 2020 - 2030F |
| 6.1.4 Singapore Air Conditioner Market Revenues & Volume, By Ducted Air Conditioner, 2020 - 2030F |
| 6.1.5 Singapore Air Conditioner Market Revenues & Volume, By Ductless Air Conditioner, 2020 - 2030F |
| 6.1.6 Singapore Air Conditioner Market Revenues & Volume, By Centralized Air Conditioner, 2020 - 2030F |
| 6.2 Singapore Air Conditioner Market, By Application |
| 6.2.1 Overview and Analysis |
| 6.2.2 Singapore Air Conditioner Market Revenues & Volume, By Residential, 2020 - 2030F |
| 6.2.3 Singapore Air Conditioner Market Revenues & Volume, By Healthcare, 2020 - 2030F |
| 6.2.4 Singapore Air Conditioner Market Revenues & Volume, By Commercial & Retail, 2020 - 2030F |
| 6.2.5 Singapore Air Conditioner Market Revenues & Volume, By Transportation & Infrastructure, 2020 - 2030F |
| 6.2.6 Singapore Air Conditioner Market Revenues & Volume, By Hospitality, 2020 - 2030F |
| 6.2.7 Singapore Air Conditioner Market Revenues & Volume, By Others, 2020 - 2030F |
| 7 Singapore Air Conditioner Market Import-Export Trade Statistics |
| 7.1 Singapore Air Conditioner Market Export to Major Countries |
| 7.2 Singapore Air Conditioner Market Imports from Major Countries |
| 8 Singapore Air Conditioner Market Key Performance Indicators |
| 9 Singapore Air Conditioner Market - Opportunity Assessment |
| 9.1 Singapore Air Conditioner Market Opportunity Assessment, By Type, 2020 & 2030F |
| 9.2 Singapore Air Conditioner Market Opportunity Assessment, By Application, 2020 & 2030F |
| 10 Singapore Air Conditioner Market - Competitive Landscape |
| 10.1 Singapore Air Conditioner Market Revenue Share, By Companies, 2023 |
| 10.2 Singapore Air Conditioner Market Competitive Benchmarking, By Operating and Technical Parameters |
| 11 Company Profiles |
| 12 Recommendations |
| 13 Disclaimer |
Market Forecast By Type (Room Air Conditioner, Ducted Air Conditioner, Ductless Air Conditioner, Centralized Air Conditioner), By Application (Residential, Healthcare, Commercial & Retail, Transportation & Infrastructure, Hospitality, Others) And Competitive Landscape
| Product Code: ETC090086 | Publication Date: Aug 2021 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
Singapore Air Conditioner (AC) Market | Country-Wise Share and Competition Analysis
In the year 2021, Thailand was the largest exporter in terms of value, followed by Malaysia. It has registered a growth of 54.27% over the previous year. While Malaysia registered a decline of -5.03% over the previous year. While in 2017 Thailand was the largest exporter followed by Malaysia. In terms of the Herfindahl Index, which measures the competitiveness of countries exporting, Singapore has a Herfindahl index of 4858 in 2017 which signifies high concentration while in 2021 it registered a Herfindahl index of 5664 which signifies high concentration in the market
Singapore Air Conditioner (AC) Market - Export Market Opportunities
Topics Covered in the Singapore Air Conditioner Market
The Singapore Air Conditioner Market report thoroughly covers the market by type and by application. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Singapore Air Conditioner (AC) Market is projected to grow over the coming years. Singapore Air Conditioner (AC) Market report is a part of our periodical regional publication Asia Pacific Air Conditioner (AC) Market Outlook report. 6W tracks the air conditioner market for over 60 countries with individual country-wise market opportunity assessments and publishes the report titled Global Air Conditioner (AC) Market outlook report annually.
Singapore Air Conditioner Market Synopsis
Singapore Air Conditioner Market is estimated to register sound market growth in the upcoming years owing to the extremely hot and humid climate, rapid urbanization, and rising income levels. However, the high cost of ACs installation and counterfeiting ACs offered in the market are major deterrents for customers which will affect the market growth as well. Nonetheless, the growing commercial sector constructions in the country are acting as a major opportunity for market expansion.
According to 6Wresearch, the Singapore Air Conditioner Market declined by -4.4% in 2017- 2020 and is expected to grow at a CAGR of 3.9% during 2021- 2027. The market is driven by the rising government focus on the promotion of energy-efficient appliances is expected to boost the air conditioners demand in the country. Additionally, with the rising number of household construction in the country with the growing population rate, also with the hot and humid climates ACs installation has become a necessity, which is helping the market to widen considerably in the country. However, the high cost of living, as Singapore is one of the most expensive countries, hence, ACs installations are unaffordable to most of the population is estimated to hinder the market growth. Nevertheless, the growing construction projects in the country are leading to widening the Singapore Air Conditioner market growth with an increase in the ACs demand.
Market Analysis by Application
In terms of application, Residential dominates the market and is expected to remain in a dominant position in the coming years. However, Commercial & Retail is expected to have the fastest growth rate among all applications.
COVID-19 Impact on the Singapore Air Conditioner Market
The COVID-19 pandemic had a significant impact on the Singapore Air Conditioner (AC) industry. The closure of all the offline ACs stores caused by the government pandemic lockdown measures, including, social distancing and restrictions on trade, led to a major disruption in the product supply chain & raw materials and also had seen a reduction in the product demand. Although, post-COVID-19 ACs demand had steadily emerged for the advanced air filtration system and have been continue to grow with the rising awareness of quality air.
Key Players in the Singapore Air Conditioner Market
Certain leading companies operating in the market and supplying a wide range of air conditioners and equipment are mentioned below:
- Daikin Industries, Ltd.
- Mitsubishi Electric Corporation
- Panasonic Corporation
- LG Electronics Inc.
- Samsung Electronics Co., Ltd.
- Fujitsu General Limited
- Carrier Corporation
- Hitachi, Ltd.
- Midea Group Co., Ltd.
- Gree Electric Appliances Inc
Key attractiveness of the report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020.
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Singapore Air Conditioner Market Outlook
- Market Size of Singapore Air Conditioner Market, 2020
- Forecast of Singapore Air Conditioner Market, 2027
- Historical Data and Forecast of Singapore Air Conditioner Revenues & Volume for the Period 2017 - 2027
- Singapore Air Conditioner Market Trend Evolution
- Singapore Air Conditioner Market Drivers and Challenges
- Singapore Air Conditioner Price Trends
- Singapore Air Conditioner Porter's Five Forces
- Singapore Air Conditioner Industry Life Cycle
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Type for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Room Air Conditioner for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Ducted Air Conditioner for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Ductless Air Conditioner for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Centralized Air Conditioner for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Application for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Residential for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Healthcare for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Commercial & Retail for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Transportation & Infrastructure for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Hospitality for the Period 2017 - 2027
- Historical Data and Forecast of Singapore Air Conditioner Market Revenues & Volume By Others for the Period 2017 - 2027
- Singapore Air Conditioner Import Export Trade Statistics
- Market Opportunity Assessment By Type
- Market Opportunity Assessment By Application
- Singapore Air Conditioner Top Companies Market Share
- Singapore Air Conditioner Competitive Benchmarking By Technical and Operational Parameters
- Singapore Air Conditioner Company Profiles
- Singapore Air Conditioner Key Strategic Recommendations
Market Covered
The report offers a comprehensive study of the subsequent market segments:
By Type
- Room Air Conditioner
- Ducted Air Conditioner
- Ductless Air Conditioner
- Centralized Air Conditioner
By Application
- Residential
- Healthcare
- Commercial & Retail
- Transportation & Infrastructure
- Hospitality
- Others
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