by The evaporative cooling market comprises products such as direct evaporative cooling and indirect evaporative cooling systems. Evaporative cooling systems offer several advantages such as lower energy costs compared to conventional air conditioning systems, low maintenance costs, and easy installation. With rising global temperatures and growing need for energy efficient cooling solutions, the demand for evaporative cooling systems is increasing substantially across both residential and commercial sectors.
The Global evaporative cooling market is estimated to be valued at US$ 7508.41 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the evaporative cooling market are Baxter International Inc., Fresenius SE & Co. KGaA, CSL Limited, Grifols, S.A., B. Braun Melsungen AG, Hikma Pharmaceuticals PLC, Octapharma AG, Kedrion S.p.A., Shanghai RAAS Blood Products Co., Ltd., Terumo Corporation, JW Life Science, Celgene Corporation, Pentapharm Ltd., Haemonetics, Corporation, Macopharma. The key players are focusing on new product launches and expansion of manufacturing facilities globally to strengthen their market presence.
The rising demand for energy efficient cooling solutions especially in commercial sector is a major opportunity for Evaporative Cooling Market Growth players. Furthermore, the growing construction activities in countries across Asia Pacific and Middle East will further boost the market growth. Global expansion of key players into emerging markets of Asia Pacific and Middle East will also support the growth of evaporative cooling market.
Market Drivers
The key driver for the evaporative cooling market is the growing need for energy efficient and eco-friendly cooling solutions. Evaporative cooling offers significantly lower energy consumption compared to conventional air conditioning systems. With rising energy costs and focus on reducing carbon footprint, organisations and buildings are increasingly adopting evaporative cooling systems. The other drivers include rising global construction activities especially in commercial sector and growing demand from process industries for low cost cooling systems.
PEST Analysis
Political: Technology and funding policy changes can impact market growth. Governments promote research for improved and cost-effective cooling solutions.
Economic: Market demand rises with increasing construction and industrial activities in hot regions. Falling production costs of components boosts adoption.
Social: Growing awareness about energy conservation and environmental protection drives preference for eco-friendly and sustainable cooling options.
Technological: Advancements in material science and component design lead to more efficient and personalized evaporative cooling solutions. IoT integration enables remote monitoring and management.
The regions accounting for major share of evaporative cooling market value include Asia Pacific, North America, and Europe. Asia Pacific dominates due to rapid growth of industries and infrastructure in countries like China and India. Countries in hot climates in the Middle East and Africa are also significant markets.
The fastest growing regional market for evaporative cooling is expected to be Asia Pacific from 2024 to 2031. Factors like rising disposable incomes, increasing construction of commercial buildings, and expanding manufacturing base will drive strong demand from China, India, and other developing nations in the region. Government incentives for energy-efficient technologies and growth of building automation will further support market expansion.
*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, chemical and materials, defense and aerospace, consumer goods, etc.
