Evaporative
cooling is widely used for industrial and commercial cooling applications.
Evaporative cooling systems offer energy efficiency and cost effectiveness
compared to conventional air conditioning systems. These systems work on the
principle of evaporating water to lower the temperature of incoming air.
Evaporative coolers offer various advantages such as low initial and
operational costs, easy installation and maintenance, environment friendliness
as they don't use ozone depleting refrigerants. Rising energy costs and
development of green buildings have augmented the demand for evaporative
cooling systems from the commercial sector. 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.
Market key trends:
The adoption of evaporative cooling systems has been rising significantly for
commercial applications such as offices, retail stores, warehouses, and data
centers owing to their energy efficiency. Evaporative coolers help reduce
energy costs associated with conventional air conditioning by up to 40–60% and
also lower peak electricity demand. Their minimal carbon footprint and low
total cost of ownership have resulted in higher preference from commercial
building owners and property developers. Growing construction of green
commercial buildings to meet sustainability targets has further propelled the
demand. Advancements in materials and technologies have also improved the
performance of evaporative coolers. Several players are focusing on
manufacturing app-controlled smart evaporative coolers with sensor-based
temperature regulation and remote monitoring capabilities to target premium
commercial clients.
Segment Analysis
The global evaporative cooling market is dominated by the commercial
segment. This segment accounted for over 50% market share in 2023 due to
increasing demand from various end-use industries such as pharmaceutical, food
& beverage and petrochemical among others. The commercial evaporative
cooler provides more airflow and coverage area which makes it a preferred
choice for industrial and warehouse applications.
Key Takeaways
The global Evaporative
Cooling Market Demand is expected to witness high over the forecast
period of 2023 to 2030. Factors such as rising awareness about energy
efficiency and cost-effective cooling solutions compared to conventional air
conditioners are fueling the market growth.
Regional analysis
North America region currently leads the global evaporative cooling market and
is expected to maintain its dominance during the forecast period. Presence of
major evaporative cooler manufacturers along with growing industrialization and
construction activities in the US and Canada is driving the growth of the
market in the region. Asia Pacific region is anticipated to witness the fastest
growth rate over the coming years majorly backed by rising construction of new
commercial buildings and industries in developing nations such as India and
China.
Key players
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. These players are
focusing on new product launches and expansion of manufacturing facilities to
strengthen their global presence. For instance, in 2023 Bonaire launched new
series of evaporative coolers for industrial applications. The product
offerings help the company to enhance its product portfolio and increase
revenue generation.
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