by Evaporative cooling involves the phase change of water to vapor as a means of cooling in arid climates. Evaporative cooling devices work by pulling hot outside air into the unit, where it passes through a wetted media and drops in temperature through the evaporation of water. Common applications include cooling entire buildings, homes, warehouses and commercial establishments in a cost-effective manner.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Developing countries in Asia Pacific and Latin America are experiencing rapid urbanization and industrialization which has contributed to increased energy consumption for cooling needs such as in residences and commercial establishments. Evaporative cooling systems provide an energy efficient and cost effective solution to meet the rising cooling demand from these emerging economies compared to traditional air conditioning systems. This is expected to augment the growth of the evaporative cooling market over the forecast period.
SWOT Analysis
Strength: The evaporative cooling market has seen significant growth over the past few years due to rising temperatures across the globe. Evaporative cooling provides an eco-friendly and cost-effective solution for cooling needs. Growing concerns around the adverse environmental impact of traditional air conditioning units is also propelling the demand.
Weakness: Initial installation and maintenance costs of evaporative cooling systems can be higher than conventional air conditioning units. Operation and effectiveness is also dependent on climatic conditions like humidity levels. Seasonal or intermittent use may not justify the investment for some applications.
Opportunity: Rapid urbanization and increasing disposable incomes in emerging economies is driving demand for cooling equipment. Rising consumer inclination towards green and sustainable solutions presents an opportunity to promote evaporative cooling further. Technological advances are helping overcome previous limitations and make the systems viable for varying climatic zones.
Threats: Traditional air conditioning still remains the preferred and mainstream choice for cooling in many parts of the world. Changing regulations around ozone depletion and global warming may reduce the threat from other substitutes over time. Falling costs of solar power can enable wider proliferation of conventional cooling alternatives.
Key Takeaways
The Global Evaporative Cooling Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by a projected CAGR of around 10%. The market size for 2023 is estimated at US$ 6517.71 million. Rising population and economic development is driving greater demand for cooling solutions across both residential and commercial sectors.
Regional analysis: Asia Pacific region currently dominates the global evaporative cooling market attributed to hot tropical climates and burgeoning economies of countries like India and China. Rapid urbanization and growing construction activity is propelling uptake. The region is estimated to exhibit fastest growth through 2030 backed by increasing disposable incomes and shifting preferences towards eco-friendly alternatives. North America and Europe are other major markets driven by initiatives to curb carbon footprint from traditional cooling units.
Key players: Key players operating in the evaporative cooling market are Apple Inc., Amazon Renewed, Samsung Electronics, Best Buy Co., Inc., Gazelle (a subsidiary of ecoATM Gazelle LLC), Newegg Inc., Decluttr, Back Market, HP Inc., GameStop Corp., Swappa, BuyBackWorld, eBay Inc., Renewgoo, Music Magpie. The market landscape remains fragmented with these companies focusing on new product development and regional expansion to gain share. Collaborations with OEMs are helping companies penetrate target segments.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
