by Evaporative cooling systems work on the principle of evaporating water to lower air temperature with minimal energy consumption. Evaporative coolers are preferred in dry and sunny climates as they offer greater efficiency compared to conventional air conditioners. Rising demand for cooling solutions with lower energy usage and operational costs is a key driver for the evaporative cooling market. Evaporative coolers offer over 90% savings in energy consumption compared to air conditioners making them affordable for both residential and commercial applications.
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 key trends:
Evaporative coolers help lower air conditioning loads and reduce overall electric power consumption in buildings. Their minimal environmental footprint is encouraging greater adoption especially among LEED certified green buildings. Manufacturers are also steadily innovating newer evaporative cooler designs more suitable for various climates. For instance, indirect evaporative cooling systems that decouple air from water are gaining popularity in humid climates. Hybrid evaporative coolers combining the benefits of direct and indirect technology further help optimize cooling performance. Such technological advancements are expanding the addressable market for evaporative cooling systems.
Segment Analysis
The global evaporative cooling market is dominated by the industrial and commercial segment. This segment accounts for over 50% share of the overall market owing to extensive use of evaporative coolers in manufacturing facilities, warehouses, cold storages, offices, and other commercial establishments to efficiently regulate temperatures. The growing industrial and commercial sectors across developing nations is a key factor driving demand.
Key Takeaways
The Global Evaporative Cooling Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 6517.71 Mn in 2023 to over US$ 15000 Mn by 2030, expanding at a CAGR of 10%.
Regional analysis
The Asia Pacific region currently dominates the global evaporative cooling market and is expected to continue its lead over the forecast period as well. Rapid industrialization, strong economic growth, increasing construction activities and rising disposable incomes are fueling demand. China, India, Indonesia, and other Southeast Asian countries are major contributors to regional market growth. The climate conditions, demand from various end-use industries and government initiatives to promote sustainable cooling technologies are supporting the market expansion.
Key players related content
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. Key players are focusing on new product launches, expansion into regional markets and strategic collaborations to strengthen their footprint.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
