EVAPORATIVE COOLING MARKET ANALYSIS

Evaporative Cooling Market, By Type of Cooling (Direct Evaporative Cooling, Indirect Evaporative Cooling, Two-stage Evaporative Cooling), By Application (Residential Applications, Commercial Applications, Industrial Applications, Confinement Farming, and Other Applications), By Distribution Channel (Big Box Retailers, HVAC Contractors and Distributors, and Other Distribution Channels), and By Geography (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023
Code : CMI5461
Pages :160
Formats :
Excel and PDF
Industry : Consumer Electronics

Evaporative Cooling MarketSize and Trends

The global evaporative cooling market size was valued at US$ 5780 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 6.19% from 2022 to 2030. The major drivers for the growth of the global evaporative cooling market are climate change, increasing population, rising demand for energy efficient cooling systems, and product innovations. Moreover, the increased demand for cooling systems in the commercial sector is also expected to drive the growth of the market. The increasing demand for cooling systems in the residential sector, as well as industrial and commercial sectors is also driving the market growth.

Global Evaporative Cooling Market Trends:

Use of evaporative cooling in data centers is a growing trend in the global evaporative cooling market, which is likely to drive the market growth during the forecast period. Infrastructures of data centers are concerned for sustainability. However, use of water and its wastage in the evaporative cooling systems causes a roadblock in the adoption of these systems. To overcome this issues, increasing number of data centers are opting for alternative sources for water and enhanced technologies. For instance, Hamina data center of Google in Finland used seawater for cooling, when the center began operating. This trend is expected to continue in the market over the forecast period.

Moreover, rise in concerns regarding energy efficiency and carbon emission is gaining traction in the global evaporative cooling market. The evaporative coolers provide 100% fresh air and 90% energy efficiency as compared to traditional air conditioners, which is why, the key players in industries related to facility centers, warehousing, leisure, and data centers are increasingly adopting such solutions that are energy-efficient and sustainable. This in turn is expected to boost the demand for evaporative cooling. Thus, the market is likely to witness strong growth due to this trend, in the near future.