EVAPORATIVE COOLING MARKET ANALYSIS

Market Challenges And Opportunities

Global Evaporative Cooling Market Drivers:

Growing demand for cost-effective cooling solutions is expected to augment growth of the global evaporative cooling market over the forecast period. People around the world are affected by rise in temperatures, which has become important for addressing the role of cooling without any carbon footprint impact. With increasing urbanization and rise in population around the world, the demand for sustainable, energy efficient, clean, and cost-effective solutions for cooling is also increasing. This is further boosting the adoption of evaporative cooling systems and driving growth of the market.

Increasing initiatives from governments around the world is also expected to boost growth of the global evaporative cooling market over the forecast period. Several governments are aiming to offer saving programs for promoting energy efficient technologies. For instance, evaporative cooling is a proven sustainable cooling system, which in the Netherlands is eligible for Energy Investment Deduction (EIA). Moreover, as per the U.S. Energy Information Administration (EIA), the industrial consumption of electricity will increase to more than 51 quadrillion btu by 2050 from 36.7 quadrillion btu in 2018. Such increasing consumption of energy creates demand for usage of systems that consume less power and are energy-efficient. Thus, this factor is expected to fuel the market growth in the near future.

Global Evaporative Cooling Market Opportunities:

The growing demand for evaporative cooling solutions is creating several growth opportunities for market players in the global evaporative cooling market. Ever since the Paris accord over carbon emission, the demand for evaporative cooling solutions has been increasing steadily. This is further resulting into market players increasing their frequency of testing and designing novel innovative solutions that can aid in minimizing carbon emission as well as operational efficiency of end User industries. This is hence expected to create lucrative environment for growth opportunities in the market.

Moreover, manufacturers in the market are choosing various avenues for improving the technology, which is expected to offer growth opportunities in the global evaporative cooling market over the forecast period. As per the Evapco for instance, extended surface and internal tube enhancement fin technology has increased the efficiency of the current technology significantly in the market for evaporating cooling. Thus, due to the aforementioned factor, the market is likely to witness several growth opportunities in the forecast future.

Global Evaporative Cooling Market Restraints:

Dependency of evaporative cooling on external climate is one of the factors expected to hamper growth of the global evaporative cooling market over the forecast period. The evaporative cooling depends significantly on external environmental conditions as it uses air from the environment outside in order to cool the surroundings. This factor however affects system’s efficiency of achieving temperature drops in climates and regions that are arid and drier. Thus, this factor further affects the adoption of evaporative cooling systems, which in turn hampers growth of the market.  

Moreover, availability of low cost alternative products is also expected to restrain growth of the global evaporative cooling market over the forecast period. The increasing technological development has resulted into declined cost of implementing technology in recent years. The number of alternative cooling technologies is rising at lower rates of cost, which is further resulting into aversion of adopting evaporative air coolers among consumers. This factor is thus expected to hinder the market growth in the near future.