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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