by Market Overview:
Evaporative cooling refers to a cooling technique that utilizes the evaporation of water to provide cooling. In evaporative cooling systems, air is blown across a water-soaked pad and through an air handler. As the water evaporates, it draws heat from the air, lowering both the air temperature and relative humidity. There are two main types of evaporative cooling systems – Direct Evaporative Cooling (DEC) Systems and Indirect Evaporative Cooling (IEC) Systems. DEC systems directly cool and dehumidify outside air through evaporation before circulating the cooled air into a building. IEC systems first cool outside air through an evaporative process before delivering it to an air-handling unit where it directly cools and dehumidifies re-circulated building air. Evaporative cooling systems are commonly used for industrial, commercial and residential cooling applications as they offer energy efficiency and cost benefits compared to conventional air conditioning systems.
Market Dynamics:
The growing awareness regarding the advantages of evaporative cooling systems such as lower energy consumption and cost savings is expected to be a major driver for the evaporative cooling market growth over the forecast period. Evaporative cooling systems can reduce energy use and costs by as much as 50-90% compared to traditional air conditioning systems. This makes them an attractive option for commercial buildings and industrial facilities seeking to minimize utility costs. Additionally, the rising need to curb carbon emissions from conventional HVAC systems is also fueling adoption of evaporative cooling technology. With growing concerns surrounding climate change mitigation, evaporative cooling is expected to play an important role in transitioning to more sustainable and eco-friendly cooling solutions. The ability of evaporative cooling systems to substantially cut cooling costs and emissions by using a simple water evaporation process will continue augmenting demand, especially for large commercial and industrial facilities.
The global Evaporative Cooling Market Size 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.
Segment Analysis
The evaporative cooling market is dominated by industrial evaporative cooling sub-segment. The segment held more than 50% share of the overall market in 2022 owing to its extensive use across large manufacturing facilities, warehouses, food and beverage plants, power plants and other industries to reduce the temperature to suitable levels for process requirements and employees. Industries require high volume of air conditioning throughout the year for which evaporative cooling systems prove beneficial due to their higher energy efficiency and lower installation and operational costs compared to conventional air conditioning systems.
PEST Analysis
Political: Governments across countries are supporting adoption of sustainable and energy efficient cooling technologies through public awareness campaigns and incentives to reduce carbon footprint. This is positively impacting demand for evaporative cooling systems.
Economic: With rising energy costs coupled with inflationary environment, industries and commercial facilities are under pressure to reduce energy bills. Evaporative cooling systems with their cost effective nature are helping organizations in reducing electricity costs which is driving their increased uptake.
Social: Growing awareness about global warming and climate change has led to rise of green buildings concept. Both residential and commercial construction companies are incorporating sustainable features like evaporative cooling to obtain LEED certifications.
Technological: Advancements in control systems, materials and designs of cooling pads, fan motors are improving efficiency and performance of evaporative cooling units. Introduction of misting fans with precision nozzle technology has enhanced their cooling capacity.
Key Takeaways
The global evaporative cooling market size is expected to reach US$ XX Mn by 2030, expanding at a CAGR of 6.1% during the forecast period. The industry growth can be attributed to rising need for energy efficient cooling across industrial, commercial and residential sectors to reduce carbon footprint. Regionally, Asia Pacific dominated the market and captured over 35% share in 2022 driven by expanding manufacturing industry and construction activities in countries like China, India.
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, and Colt Group Ltd. Strategic collaborations for product innovations and geographic expansions are some of the priorities adopted by major companies to gain higher market share. For instance, in 2022, Munters Group acquired Enexio Water Technologies to strengthen its presence in Europe and Middle East.
The industrial evaporative cooling sub-segment dominated the market and accounted for over 50% of global demand in 2022. Evaporative cooling units are widely used across manufacturing plants, food processing facilities, power generation stations to effectively maintain optimum temperature for equipment and laborers. Additionally, their lower installation and operating costs compared to conventional air conditioners have also contributed to their increased adoption in industries.
*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.
