The global Evaporative Cooling Market is estimated to be valued at US$ 6517.71 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Evaporative cooling products work by evaporation of water to lower air temperature and humidity. They provide effective and energy efficient cooling solution for residential and commercial spaces. Evaporative coolers use up to 90% less energy than traditional air conditioners and help in reducing electricity bills. The growing environmental concerns and rising electricity costs have boosted the demand for sustainable and cost-effective cooling options like evaporative coolers.
Market key trends:
Rising consumer awareness about energy efficiency is a major driver of the evaporative cooling market. With growing environmental consciousness, consumers are increasingly preferring energy efficient products that reduce utility bills and carbon footprint. Evaporative cooling systems provide reliable cooling without the heavy energy consumption of conventional air conditioners. Their eco-friendly and cost-effective operation is appealing to both residential and commercial consumers. Various government initiatives to promote sustainable technologies have also raised consumer awareness about evaporative cooling solutions in recent years. As consumers look for green product alternatives, the demand for evaporative cooling systems is expected to witness strong growth over the forecast period.
SWOT Analysis
Strength: The evaporative cooling market has wide applications across various end-use industries such as chemical, petrochemical, power generation, and others which acts as a key strength.
Weakness: High initial investment and maintenance costs associated with evaporative cooling systems pose a threat to market growth.
Opportunity: Growing focus on renewable energy sources across the world and rising need for energy-efficient cooling systems are expected to create ample growth opportunities for players in the evaporative cooling market.
Threats: Availability of substitute technologies such as dry cooling systems and air conditioners may threaten the demand for evaporative cooling systems.
Key Takeaways
The global Evaporative Cooling Market Size is expected to witness high over the forecast period. The market in Asia Pacific region is expected to witness the fastest growth over the coming years. Rising need for energy-efficient cooling systems in various industries along with growing construction activities in Asian countries such as China and India is expected to propel the demand for evaporative cooling systems in the region.
Key players operating in the evaporative cooling market are Celsius Design Limited, Delta Cooling Towers Inc., CFW Evapcool, Condair Group AG, ENEXIO Water Technologies GmbH, SPX Cooling Technologies, Bonaire, Baltimore Aircoil Company Inc., Phoenix Manufacturing Inc., Munters Group AB, and Colt Group Ltd. The market is fragmented in nature with presence of number of global as well as regional players operating worldwide. Key players are focusing on new product launches, partnerships, and expansion in emerging countries to gain higher share in the market.
Rising focus towards renewable energy sources along with growing need for energy-efficient cooling solutions is expected to drive the demand for evaporative cooling systems over the forecast period. Additionally, increasing construction activities and rapid industrialization will further propel the evaporative cooling market growth globally. Technological advancements to develop cost-effective and sustainable cooling solutions also holds significant growth prospects for market players in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
