PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490244
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490244
Evaporative Cooler Market size was valued at USD 7,123.43 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
An evaporative cooling system works by pulling in hot air from outside and cooling it through water evaporation. This process demands a substantial water supply, which needs to be continuously replenished to maintain effective cooling.
Evaporative Cooler Market- Market Dynamics
Climate change, increasing population, rising demand for energy-efficient cooling systems to propel market demand
The growth of the global evaporative cooling market is primarily driven by climate change, increasing population, rising demand for energy-efficient cooling systems, and product innovations. Additionally, the heightened need for cooling systems in the commercial sector is expected to propel market growth. The demand for cooling solutions in residential, industrial, and commercial sectors also contributes significantly to market expansion. The increasing need for cost-effective cooling solutions is anticipated to further drive the global evaporative cooling market over the forecast period. With the increase in global temperatures, there is a growing emphasis on cooling solutions that do not impact the carbon footprint. With urbanization and population growth, the demand for sustainable, energy-efficient, clean, and cost-effective cooling solutions is rising, thereby boosting the adoption of evaporative cooling systems and driving market growth.
Evaporative Cooler Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on Type of Cooling segmentation, Direct Evaporative Cooling was predicted to show maximum market share in the year 2023
Based on Application segmentation, the commercial sector was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Evaporative Cooler Market is segmented based on Type of Cooling, Application, Sales Channel, and Region.
The market is divided into three categories based on Type of Cooling: Direct Evaporative Cooling, Indirect Evaporative Cooling, and Two-stage Evaporative Cooling. Direct Evaporative Cooling (DEC) is expected to dominate the global market over the forecast period; primarily due to the increasing focus of several companies on DEC. DEC is typically the most energy-efficient method for cooling data centers. For example, in April 2021, Munters relocated its employees in Virginia to a new facility to expand its data center cooling segment, including direct evaporative cooling.
The market is divided into five categories based on Application: Residential Applications, Commercial Applications, Industrial Applications, Confinement Farming and Other Applications. Among these, the commercial sector is expected to dominate the global evaporative cooler market. This dominance is driven by the increasing demand for energy-efficient and cost-effective cooling solutions in commercial buildings, such as offices, malls, and data centers. The commercial sector's focus on sustainability and reducing operational costs aligns well with the benefits of evaporative cooling systems, which offer lower energy consumption compared to traditional air conditioning. Additionally, regulatory pressures and incentives for green building initiatives are further encouraging the adoption of evaporative coolers in commercial applications, solidifying their market leadership in this segment.
Evaporative Cooler Market- Geographical Insights
Geographically, this market spans North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is projected to experience robust growth in the global evaporative cooling market over the forecast period. This growth is attributed to the development of commercial architecture in the U.S. Additionally, government initiatives for sustainable energy management and the increasing adoption of evaporative cooling systems, driven by the inefficiency of conventional air conditioning, are expected to further propel market growth in the region.
Companies in the evaporative cooler market adopt several strategies to maintain and strengthen their market position, including partnerships, product innovation, and geographical expansion. Forming strategic alliances and partnerships with other companies and technology providers enables them to enhance their product offerings and reach wider markets. Continuous investment in research and development allows for the introduction of advanced, energy-efficient cooling solutions, catering to the increasing demand for sustainable products.
In October 2023, Portacool, LLC, the leading portable evaporative cooling company based in Center, Texas, announced the launch of the revolutionary Apex series. This new product line set a new standard in innovation and excellence for America's most popular portable evaporative coolers.
GLOBAL EVAPORATIVE COOLER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
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
Colt Group
Others