The global evaporative cooling market size reached US$ 6.4 Billion in 2023. Looking forward, the market is projected to reach US$ 10.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.54% during 2023-2032. The growing application in the industrial sector, rising demand for cost-effective, energy-efficient, and sustainable solutions, and various initiatives by governing agencies represent some of the key factors driving the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with the presence of numerous international and regional players in the industry. The volume of new entrants is moderate due to high initial capital investments, technology intensive nature, and moderate product differentiation.
In the year 2020, the demand for evaporative cooling systems got impacted due to the imposition of lockdown in various sectors. However, the global COVID-19 pandemic increased the need to improve workforce challenges and develop operational safety in factory environments. As evaporative coolers provide fresh air without recirculating the air, they have assisted in overcoming concerns associated with COVID-19 pandemic conditions.
The growing temperatures in the region is facilitating the growth of the Asia Pacific evaporative cooling market. The rising demand for evaporative cooling solutions due to the inflating income levels of individuals in the region is also strengthening the market growth. The key manufacturers in this industry are rapidly advancing their technologies and introducing efficient and enhanced solutions to the consumers.
2. What is the expected growth rate of the global evaporative cooling market during 2024-2032?
3. What are the key factors driving the global evaporative cooling market?
4. What has been the impact of COVID-19 on the global evaporative cooling market?
5. What is the breakup of the global evaporative cooling market based on the type of cooling?
6. What are the key regions in the global evaporative cooling market?
7. Who are the key players/companies in the global evaporative cooling market?
The Rising Application in Industrial Sector Augmenting the Market Growth
The evaporative cooling market has been experiencing continuous growth. The rising demand for evaporative cooling in the industrial sector represents one of the key factors propelling the market growth. The evaporative coolers are widely utilized in warehouses, factories, power generation, manufacturing units, oil and gas, and construction industries. The rising demand for evaporative cooling due to the implementation of energy standards in the industrial sector. The Department of Energy and Energy Solutions Center (ESC) has created standards, such as ISO 50001, to recognize and implement various energy projects that saves money and decreases energy use.Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with the presence of numerous international and regional players in the industry. The volume of new entrants is moderate due to high initial capital investments, technology intensive nature, and moderate product differentiation.
- What is Evaporative Cooling?
COVID-19 Impact:
The COVID-19 pandemic outbreak has caused a severe problem for the evaporative cooling market due to the prolonged lockdown. Many production plants of evaporative coolers were either shut down or had to slow down their production. There was a significant disruption in the supply of materials from the major suppliers, which adversely affected the transportation and logistics of businesses. In addition, the availability of raw materials was highly impacted due to the massive disruption in the global supply chain. Apart from this, volatility in crude prices also affected both raw material prices and end-product prices, which impacted the profitability of manufacturers.In the year 2020, the demand for evaporative cooling systems got impacted due to the imposition of lockdown in various sectors. However, the global COVID-19 pandemic increased the need to improve workforce challenges and develop operational safety in factory environments. As evaporative coolers provide fresh air without recirculating the air, they have assisted in overcoming concerns associated with COVID-19 pandemic conditions.
Evaporative Cooling Market Trends
At present, the increasing demand for evaporative cooling in the industrial sector represents one of the major factors supporting the growth of the market. Besides this, the growing demand for evaporative cooling solutions due to the rapid development of various data centers across the globe is positively influencing the market. In addition, the rising demand for cost-effective, energy-efficient, and clean and sustainable energy solutions worldwide is propelling the growth of the market. Apart from this, governing agencies of various countries are encouraging the adoption of evaporative cooling solutions to reduce carbon footprint emissions, which is contributing to the growth of the market. Additionally, the increasing demand for evaporative cooling in residential and commercial sectors is offering a favorable market outlook.Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global evaporative cooling market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on type of cooling, distribution channel and application.Type of Cooling Insights:
- Direct Evaporative Cooling
- Indirect Evaporative Cooling
- Two-stage Evaporative Cooling
Distribution Channel Insights:
- Big-box Retailers
- HVAC Contractors and Distributors
- Others
Application Insights:
- Residential
- Commercial
- Industrial
- Confinement Farming
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The growing temperatures in the region is facilitating the growth of the Asia Pacific evaporative cooling market. The rising demand for evaporative cooling solutions due to the inflating income levels of individuals in the region is also strengthening the market growth. The key manufacturers in this industry are rapidly advancing their technologies and introducing efficient and enhanced solutions to the consumers.
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global evaporative cooling market. Some of the companies covered include:
- Baltimore Aircoil Company Inc. (Amsted Industries Incorporated)
- Bonaire Heating & Cooling
- Celsius Design Limited
- CFW Evapcool
- Colt Group Limited
- Condair Group AG
- Delta Cooling Towers Inc.
- EcoCooling
- ENEXIO Water Technologies GmbH
- Munters Group
- Phoenix Manufacturing Inc.
- SPX Cooling Technologies Inc. (SPX Corporation)
Key Questions Answered in This Report
1. What was the size of the global evaporative cooling market in 2023?2. What is the expected growth rate of the global evaporative cooling market during 2024-2032?
3. What are the key factors driving the global evaporative cooling market?
4. What has been the impact of COVID-19 on the global evaporative cooling market?
5. What is the breakup of the global evaporative cooling market based on the type of cooling?
6. What are the key regions in the global evaporative cooling market?
7. Who are the key players/companies in the global evaporative cooling market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Evaporative Cooling Market
6 Market Breakup by Type of Cooling
7 Market Breakup by Distribution Channel
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Baltimore Aircoil Company Inc. (Amsted Industries Incorporated)
- Bonaire Heating & Cooling
- Celsius Design Limited
- CFW Evapcool
- Colt Group Limited
- Condair Group AG
- Delta Cooling Towers Inc.
- EcoCooling
- ENEXIO Water Technologies GmbH
- Munters Group
- Phoenix Manufacturing Inc.
- SPX Cooling Technologies Inc. (SPX Corporation)
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 137 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 6.4 Billion |
| Forecasted Market Value ( USD | $ 10.4 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
