Hyderabad, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Evaporative Cooling Market Report (2023-2028),” the market is estimated at USD 8.08 billion in 2023. It is expected to register a CAGR of 7.35% during the forecast period.
Evaporative cooling is favored as an alternative to traditional cooling technologies. It uses a natural process, viz., the reduction of air temperature by evaporating water. While it is an age-old process, it has emerged as a feasible alternative to conventional air conditioning systems in areas where shallow temperatures are not required. Evaporative coolers employ a smaller number of parts than air conditioning systems to chill the room. They can cool various spaces for a small cost and with minimal operational costs. Thus, their low ownership costs are one of their main benefits.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 8.08 billion |
| Market Size (2028) | USD 11.52 billion |
| CAGR (2023-2028) | 7.35% |
| Study Period | 2018-2028 |
| Forecast Units | Value (billion) |
| Fastest Growing Market | Middle East & Africa |
| Largest Market | Asia-Pacific |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Low ownership costs. |
| These systems use fewer components and are, therefore, more energy efficient. |
Who are the Top Companies in the Evaporative Cooling Market?
The global evaporative cooling market is moderately competitive and consists of several major players. A few of the major players currently dominate the market.
The key players in the global evaporative cooling market are:
- Delta Cooling Towers Inc.
- Condair Group AG
- SPX Cooling Technologies
- Baltimore Aircoil Company Inc.
- Munters Group AB
- Colt Group Limited
- Phoenix Manufacturing Inc.
- Bonaire
- ENEXIO Water Technologies GmbH
- CFW Evapcool
- Celsius Design Limited
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Key Highlights from the Evaporative Cooling Market Report:
Direct Evaporative Cooling to Hold the Largest Market Share
- Direct evaporative cooling utilizes the latent heat of evaporation, which transforms liquid water into water vapor. It is the most widely utilized form of evaporative cooling, anticipated to have a limited niche market in the United States, chiefly in the South, where the relative humidity at noon in July is above 40%.
- The industrial sector holds the largest market share among all end-user applications, led by the large-scale deployment of direct evaporative coolers. The industrial applications for direct evaporative coolers involve buildings, warehouses, factories, manufacturing units, power generation, oil and gas, construction, etc.
APAC to Account for Major Market Growth
- The Southeast Asian region is expected to experience a noteworthy demand for AC sales, driven by rising temperatures and rising earnings. It is expected to reach 300 million units by 2040. It is also anticipated that Indonesia will supply half of the world's air conditioning units.
- Research from the International Energy Agency asserts that cooling equipment sales are dominated by China, the United States, and Japan, with India and Indonesia experiencing the most significant rise.
What are the Latest Developments in the Evaporative Cooling Market?
- In August 2022, the United States Department of Agriculture’s (USDA) Natural Resources Conservation Service (NRCS) approved a Water Conservation System commonly known as an Evaporative Cooling Pad. It helps reduce water and energy use while improving plant productivity in Florida nursery operations and greenhouses.
Mordor Intelligence has Segmented the Evaporative Cooling Market Based on Type of Cooling, Application, Distribution Channel, and Geography:
- By Type of Cooling
- Direct Evaporative Cooling
- Indirect Evaporative Cooling
- Two-stage Evaporative Cooling
- By Application
- Residential Applications
- Commercial Applications
- Industrial Applications
- Confinement Farming
- Other Applications
- By Distribution Channel
- Big-box Retailers
- HVAC Contractors and Distributors
- Other Distribution Channels
- By Geography
- North America
- Europe
- Asia-Pacific
- Rest Of the World
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Evaporative Cooling Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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