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Singapore Air Conditioners (AC) Market Size, Share, Growth: By Refrigerant Type: Freon (R-22), Puron (R410A); By Size: <12K BTU, 12K-36K BTU, 36K-60K BTU, 60K+ BTU, Others; By End Use: Residential, Commercial; By Distribution Channel: Hypermarket, Electronic Stores, Online, Others; Market Dynamics; Competitive Landscape; 2024-2032
Singapore Air Conditioners (AC) Market Outlook
The Singapore air conditioners (AC) market size reached approximately USD 80.13 million in 2023. The market is estimated to grow at a CAGR of 4.9% in the forecast period of 2024-2032, reaching a value of around USD 123.12 million by 2032.
Key Trends in the Market
An air conditioner (AC) is a device which is used to maintain a cool temperature in an enclosed space such as a room or a vehicle. It can also improve the air quality and reduce the humidity of space by maintaining optimum temperature.
- Growing integration of remote-control apps of ACs with smartphones and other smart devices is a major factor driving the Singapore air conditioners (AC) market growth. A smart control app offers features for maintaining an optimal temperature at night, customising cooling preferences, and offering valuable insights into energy consumption so consumers can make an informed decision regarding energy usage.
- The burgeoning popularity of ACs with in-built air filters, which can trap airborne particles, bacteria, and viruses and reduce the unpleasant odour from surroundings, is another crucial trend aiding the market expansion. Air filters also ensure that AC runs effectively by protecting the mechanical parts from dust and pollutants and extending their longevity.
- Favourable government initiatives aimed at promoting energy-efficient systems in buildings such as ACs also contribute to the Singapore air conditioners (AC) market demand. On June 30, 2022, the Building and Construction Authority (BCA) of Singapore launched a Green Mark Incentive Scheme for pre-existing buildings, valued at $63 million, through which it aims to make 80 per cent of buildings energy efficient.
Singapore Air Conditioners (AC) Market Segmentation
Based on refrigerant type, the market is bifurcated into Freon (R-22) and Puron (R410A). On the basis of size, the market is divided into <12K BTU, 12K-36K BTU, 36K-60K BTU, and 60K+ BTU, among others. Based on end use, the market is classified into residential and commercial.
The residential segment is further divided, based on product, into single and multi split, among others, whereas the commercial segment is further categorised based on product into precision air conditioner (PAC), mini VRV <7HP, and maxi VRV >7HP, among others. Based on distribution channel, the market is segmented into hypermarket, electronic stores, and online, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Singapore air conditioners (AC) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Daikin Industries Ltd.
- Mitsubishi Electric Corporation
- Panasonic Corporation
- LG Electronics Inc
- Samsung Electronics Co., Ltd.
- Midea Group Co. Ltd.
- Johnson Controls - Hitachi Air Conditioning Company
- Prism Tech Private Limited
- Strategic Marketing (S) Pte Ltd
- Others
Market Share by End Use
The residential sector occupies a substantial portion of the Singapore air conditioners (AC) market share as the country faces year-round hot and humid temperatures, which necessitates the demand for ACs in households. The rapid urbanisation, coupled with the increased purchasing power of middle-income households, also boosts the segment’s growth.
Meanwhile, the commercial sector is expected to gain robust growth in the forecast period, due to the increased implementation of ACs in hotels, restaurants, cafes, and offices for enhancing the comfort of visitors and employees.
Market Share by Distribution Channel
As per the Singapore air conditioners (AC) market analysis, electronic stores account for a significant market share as these stores offer a wide range of brands and models as well as the facility of installation. These stores are also equipped with experts who can guide buyers in purchasing the appropriate AC as per their requirements.
Moreover, online channels are anticipated to witness sizeable growth in the coming years as they contain reviews from customers which can aid buyers in making an informed decision.
Competitive Landscape
Daikin Industries Ltd. Is a global air conditioner provider, founded in 1924 and based in Osaka, Japan. Some of its common products and services include air conditioning and refrigeration products, fluorochemicals, and oil hydraulics, among others. The company aims to reduce carbon emissions, VOC emissions, and resource consumption in its product life cycle to promote sustainability.
Mitsubishi Electric Corporation, established in 1921 and headquartered in Tokyo, Japan, is an electronics and electrical equipment corporation. Its product portfolio includes air conditioners, automotive equipment, building systems, energy systems, and semiconductors and devices, among others. The company also aims to create an eco-efficient work environment by steadily implementing technologies that improve the energy efficiency of its buildings.
Panasonic Corporation, incorporated in 1918, is a provider of home appliances as well as other electronic products, based in Osaka, Japan. Some of its well-known brands include Panasonic Automotive, Panasonic Connect, and Panasonic Energy, among others. Along with electronics, the company also offers products such as automotive and avionic systems, rechargeable batteries, and industrial systems.
Other Singapore air conditioners (AC) market players include LG Electronics Inc., Samsung Electronics Co., Ltd., Midea Group Co. Ltd., Johnson Controls - Hitachi Air Conditioning Company, Prism Tech Private Limited, and Strategic Marketing (S) Pte Ltd, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Refrigerant Type |
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| Breakup by Size |
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| Breakup by End Use |
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| Breakup by Distribution Channel |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Singapore HVAC Market Overview
8.1 Key Industry Highlights
8.2 Singapore HVAC Historical Market (2018-2024)
8.3 Singapore HVAC Market Forecast (2024-2032)
8.4 Singapore HVAC Market by Equipment
8.4.1 Heating
8.4.2 Ventilation
8.4.3 Cooling
9 Singapore Air Conditioners (AC) Market Overview
9.1 Key Industry Highlights
9.2 Singapore Air Conditioners (AC) Historical Market (2018-2024)
9.3 Singapore Air Conditioners (AC) Market Forecast (2024-2032)
10 Singapore Air Conditioners (AC) Market by Refrigerant Type
10.1 Freon (R-22)
10.1.1 Historical Trend (2018-2024)
10.1.2 Forecast Trend (2024-2032)
10.2 Puron (R410A)
10.2.1 Historical Trend (2018-2024)
10.2.2 Forecast Trend (2024-2032)
11 Singapore Air Conditioners (AC) Market by Size
11.1 <12K BTU
11.1.1 Historical Trend (2018-2024)
11.1.2 Forecast Trend (2024-2032)
11.2 12K-36K BTU
11.2.1 Historical Trend (2018-2024)
11.2.2 Forecast Trend (2024-2032)
11.3 36K-60K BTU
11.3.1 Historical Trend (2018-2024)
11.3.2 Forecast Trend (2024-2032)
11.4 60K+ BTU
11.4.1 Historical Trend (2018-2024)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Singapore Air Conditioners (AC) Market by End Use
12.1 Residential
12.1.1 Historical Trend (2018-2024)
12.1.2 Forecast Trend (2024-2032)
12.1.3 Market by Product
12.1.3.1 Single Split
12.1.3.1.1 Historical Trend (2018-2024)
12.1.3.1.2 Forecast Trend (2024-2032)
12.1.3.2 Multi Split
12.1.3.2.1 Historical Trend (2018-2024)
12.1.3.2.2 Forecast Trend (2024-2032)
12.1.3.3 Others
12.2 Commercial
12.2.1 Historical Trend (2018-2024)
12.2.2 Forecast Trend (2024-2032)
12.2.3 Market by Product
12.2.3.1 Precision Air Conditioner (PAC)
12.2.3.1.1 Historical Trend (2018-2024)
12.2.3.1.2 Forecast Trend (2024-2032)
12.2.3.2 Mini VRV <7HP
12.2.3.2.1 Historical Trend (2018-2024)
12.2.3.2.2 Forecast Trend (2024-2032)
12.2.3.3 Maxi VRV >7HP
12.2.3.3.1 Historical Trend (2018-2024)
12.2.3.3.2 Forecast Trend (2024-2032)
12.2.3.4 Others
13 Singapore Air Conditioners (AC) Market by Distribution Channel
13.1 Hypermarket
13.1.1 Historical Trend (2018-2024)
13.1.2 Forecast Trend (2024-2032)
13.2 Electronic Stores
13.2.1 Historical Trend (2018-2024)
13.2.2 Forecast Trend (2024-2032)
13.3 Online
13.3.1 Historical Trend (2018-2024)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Daikin Industries Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Mitsubishi Electric Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Panasonic Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 LG Electronics Inc
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Samsung Electronics Co., Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Midea Group Co. Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Johnson Controls - Hitachi Air Conditioning Company
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Prism Tech Private Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Strategic Marketing (S) Pte Ltd
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Singapore HVAC Market: Key Industry Highlights, 2018 and 2032
2. Singapore Air Conditioners (AC) Market: Key Industry Highlights, 2018 and 2032
3. Singapore Air Conditioners (AC) Historical Market: Breakup by Refrigerant Type (USD Million), 2018-2023
4. Singapore Air Conditioners (AC) Market Forecast: Breakup by Refrigerant Type (USD Million), 2024-2032
5. Singapore Air Conditioners (AC) Historical Market: Breakup by Size (USD Million), 2018-2023
6. Singapore Air Conditioners (AC) Market Forecast: Breakup by Size (USD Million), 2024-2032
7. Singapore Air Conditioners (AC) Historical Market: Breakup by End Use (USD Million), 2018-2023
8. Singapore Air Conditioners (AC) Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. Singapore Air Conditioners (AC) Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
10. Singapore Air Conditioners (AC) Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
11. Singapore Air Conditioners (AC) Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 80.13 million.
The market is projected to grow at a CAGR of 4.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 123.12 million by 2032.
The major market drivers are the rise in disposable income, a shift in consumer preference towards enhanced comfort, and year-round warm and humid climate in Singapore.
The key trends of the market include the growing integration of remote-control apps of ACs with smartphones and other smart devices, the burgeoning popularity of ACs with in-built air filters, and favourable government incentives that promote energy-efficient systems in buildings.
Different refrigerant types are Freon (R-22) and Puron (R410A).
Various sizes are <12K BTU, 12K-36K BTU, 36K-60K BTU, and 60K+ BTU, among others.
The key players in the market are Daikin Industries Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, LG Electronics Inc., Samsung Electronics Co., Ltd., Midea Group Co. Ltd., Johnson Controls - Hitachi Air Conditioning Company, Prism Tech Private Limited, and Strategic Marketing (S) Pte Ltd, among others.
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