The global Evaporative Cooling Market is estimated to account for US$ 5780 Mn in terms of value by the end of 2021. Depending on the weather, evaporative cooling can be a very useful tool for keeping desert dwellers hydrated and comfortable. Evaporative cooling has been used in many different applications, including robotic spacecraft and space shuttles. It is also used in industrial processes, where it helps to transfer heat to the environment. It can also be used as a precooler for refrigerant air conditioning systems.
Global Evaporative Cooling Market: Drivers
Increasing integration of evaporative cooling systems by end users is expected to augment growth of the global evaporative cooling market over the forecast period. As the governments around the world are urging more intake of fresh air and ventilation ever since the Covid-19 pandemic, increasing number of end users are integrating evaporative cooling systems in order to improve quality of indoor air and to provide secure workplaces with lesser energy consumption. For instance, the Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE), urged to increase intake of fresh air and ventilation through the pandemic period. This is further positively impacting the demand for evaporative cooling.
Global Evaporative Cooling Market: Opportunities
Increase in rental of evaporative air coolers around the world is creating growth opportunities in the global evaporative cooling market. The cost of installing new air cooling systems is high, due to which several countries are renting evaporative air coolers. Specifically industrial applications in SMEs chose rental evaporative air coolers. For instance, market players in the U.S. air cooler market are offering rental platforms for evaporative air coolers to expand their customer reach. Thus, this factor is further expected to create growth opportunities in the market over the forecast period.
Global Evaporative Cooling Market: Restraints
The global evaporative cooling market is expected to be hampered by factors such as requirement of these systems for regular maintenance of machine parts. This involves inspection of pumps, water, switches, and fans, and adjustment of cooling pads. Thus, this factor will likely impede growth of the global market in the forecast future.
Global Evaporative Cooling Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of coronavirus in China has negatively impacted several industries around the world. The pandemic caused disruption in major industrial operations. Due to lockdown regulations in several countries, manufacturing facilities were closed down temporarily. The supply chains and distribution operations were disrupted in several markets including the one in discussion. Due to the lack of workforce and supply of raw material, the production among several markets were disrupted significantly. However, during the pandemic governments around the world issued regulations and guidelines related to concerns regarding air conditioning and ventilation for combating the virus spread. This further created demand for evaporative cooling during the pandemic.
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Key Takeaways:
The global evaporative cooling market was valued at US$ 5780 Mn in 2021 and is forecast to reach a value of US$ 8960 Mn by 2030 at a CAGR of 6.19% between 2021 and 2030.
Direct Evaporative Cooling segment held dominant position in the global evaporative cooling market in 2021, accounting for 56.57% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Evaporative Cooling Market Trends:
Rise in popularity of evaporative air coolers powered by solar energy is gaining traction in the global evaporative cooling market. Evaporative coolers powered by solar energy are gaining popularity in the market due to decreased cost of these coolers along with increasing awareness regarding environment among people around the world. This trend will continue in the global evaporative cooling market over the forecast period.
Furthermore, launch of new products by market players is trending in the market, which in turn is expected to boost the market growth in the near future. For instance, in May 2021, Condair announced the launch of novel direct evaporative cooling system for data centers. The new cooling system offers benefits of cooling and humidifying the airstream without requiring additional thermal energy. Thus, launch of such novel evaporative cooling products is driving growth of the global evaporative cooling market.
Global Evaporative Cooling Market: Competitive Landscape
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, and Colt Group Ltd.
