According to the latest report by IMARC Group, titled "Evaporative Cooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global evaporative cooling market reached a value of US$ 5.67 Billion in 2021. Evaporative cooling refers to a technique that is generally used for cooling down the air via the water evaporation process. It involves the utilization of ventilation and cooling systems that are mainly employed in buildings, machinery and manufacturing facilities. These cooling systems usually consist of filters, intake chambers, supply fan, exhaust fan, water sump, re-circulating water pimp and direct- or indirect-contact heat exchanger systems. In comparison to conventional air-cooling technologies, this method uses lesser energy for filtering the air while improving the overall indoor air quality. Due to the growing awareness regarding the benefits of evaporative cooling systems, there has been a considerable rise in the adoption of the product.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Evaporative Cooling Market Trends:
The global market is primarily driven by the rising temperature levels worldwide on account of global warming. Coupled with the increasing risks of being exposed to life-threatening heatwaves due to climatic changes, this is positively influencing the market. In line with this, the growing environmental concerns among the masses have led to the widespread adoption of cooling equipment, which has provided a boost to the sales of evaporative cooling systems across the globe. Along with this, numerous initiatives undertaken by the governments of multiple countries for promoting the utilization of sustainable cooling technologies are favorably impacting the market. Moreover, significant demand for clean and cost-effective cooling solutions among individuals is propelling the market growth. Furthermore, continual technological advancements in cooling devices are creating a positive market outlook. Other factors, including the rising energy consumption across commercial, residential and industrial places, continuous innovations in the product variants and extensive research and development (R&D) activities conducted by key players, are also projected to contribute to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 8.41 Billion by 2027, growing at a CAGR of 6.50% during 2022-2027.
- On the basis of the cooling, the market has been segmented into direct evaporative, indirect evaporative and two-stage evaporative cooling.
- Based on the distribution channel, the market has been segregated into big-box retailers, HVAC contractors and distributors and others.
- On the basis of the application, the market has been classified into residential, commercial, industrial, confinement farming and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of the key players are Baltimore Aircoil Company Inc. (Amsted Industries Incorporated), Bonaire Heating & Cooling, Celsius Design Limited, CFW Evapcool, Colt Group Limited, Condair Group AG, Delta Cooling Towers Inc., EcoCooling, ENEXIO Water Technologies GmbH, Munters Group, Phoenix Manufacturing Inc. and SPX Cooling Technologies Inc. (SPX Corporation).
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