Evaporative Cooling Market Report 2024

This Evaporative Cooling market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The evaporative cooling market size has grown strongly in recent years. It will grow from $5.98 billion in 2023 to $6.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed during the historic period can be attributed to several factors such as rising demand for energy-efficient cooling solutions, increased awareness of environmental sustainability, expansion in industrial applications, urbanization leading to higher cooling needs, regulatory support for energy conservation, and advancements in manufacturing processes that have reduced production costs.

The evaporative cooling market size is expected to see strong growth in the next few years. It will grow to $8.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth during the forecast period can be attributed to several factors such as the expansion of the construction sector in developing regions, innovations in material sciences that enhance cooling efficiency, integration of IoT and AI technologies in HVAC systems, increasing demand for climate-resilient infrastructure due to climate change, and the development of hybrid cooling systems that combine evaporative and traditional methods. Major trends to watch include the adoption of smart and connected cooling systems leveraging IoT technologies, expansion of residential applications driven by urbanization and housing demand, growth in data centers requiring efficient cooling solutions, advancements in material sciences improving cooling performance, rising demand from emerging economies with hot climates, and the integration of evaporative cooling with renewable energy sources for enhanced energy efficiency.

The growing emphasis on reducing carbon footprints is expected to drive the expansion of the evaporative cooling market. Reducing carbon footprints involves efforts to lower the amount of greenhouse gases, particularly carbon dioxide (CO2), released into the atmosphere from human activities. This includes enhancing energy efficiency, transitioning to renewable energy sources, promoting sustainable transportation, and improving waste management practices. Evaporative cooling systems are known for their lower electricity consumption compared to traditional air conditioning systems. They utilize the natural process of water evaporation to cool the air, which requires significantly less energy. For example, the European Environment Agency reported in March 2024 that greenhouse gas emissions across the European Union decreased by 2% in 2022 compared to 2021 levels. As a result, the increased focus on reducing carbon footprints is fueling the growth of the evaporative cooling market.

Leading companies in the evaporative cooling market are advancing next-generation cooling solutions to meet the rising demand for energy-efficient and environmentally friendly cooling systems. These next-generation systems use enhanced evaporation techniques and incorporate advanced features such as heat recovery and mechanical cooling to improve performance and integration. For instance, in September 2021, Huawei, a China-based software development and smart device manufacturing company, introduced an indirect evaporative cooling solution. This system integrates indirect evaporative cooling, heat recovery, and mechanical cooling into a single optimized solution for data centers. The design simplifies installation and operation, with optional components such as dehumidifiers and fire extinguishing dampers.

In July 2024, Munters Group, a Sweden-based company specializing in energy-efficient air treatment and climate solutions, acquired Geoclima Group for an undisclosed amount. This acquisition enables Munters to expand its product portfolio and leverage Geoclima’s expertise to better address the growing demand for energy-efficient cooling solutions in the data center sector. Geoclima Group, based in Italy, manufactures high-efficiency chillers with evaporative systems and climate control solutions for a range of applications.

Major companies operating in the evaporative cooling market are Honeywell International Inc., Carrier Corporation, SPX Cooling Technologies Inc., Munters Group AB, Thermax Limited, Baltimore Aircoil Company, Evapco Inc., Seeley International Pty Ltd., Condair Group AG, Colt International GmbH, Hessaire Products Inc., Enexio Management GmbH, Mastercool Inc., Phoenix Manufacturing Inc., Mee Industries Inc., Vankool Technology Co. Ltd., Bonaire, Eco Cooling, Premiair Comfort Limited, Reymsa Cooling Towers Inc.

Asia-Pacific was the largest region in the evaporative cooling market in 2023. Middle East And Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the evaporative cooling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the evaporative cooling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Evaporative cooling is a process where water absorbs heat from the air, leading to its evaporation and a subsequent reduction in the surrounding air temperature. This method is widely used in cooling systems, where hot air passes through water-soaked pads, resulting in a temperature drop. It is known for being energy-efficient and environmentally friendly, particularly in dry climates.

The main types of evaporative cooling include direct evaporative cooling, indirect evaporative cooling, and two-stage evaporative cooling. Direct evaporative cooling involves cooling the air directly by passing it through a wet pad or media, which causes the water to evaporate and lower the air temperature. Key technologies in this field include pad cooling, spray cooling, and hybrid cooling. These systems are distributed through various channels, including big-box retailers, HVAC contractors and distributors, and others. Applications span residential, commercial, industrial settings, confinement farming, and additional uses.

The evaporative cooling market research report is one of a series of new reports that provides evaporative cooling market statistics, including evaporative cooling industry global market size, regional shares, competitors with a evaporative cooling market share, detailed evaporative cooling market segments, market trends and opportunities, and any further data you may need to thrive in the evaporative cooling industry. This evaporative cooling market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The evaporative cooling market consists of revenues earned by entities providing services such as installation, maintenance, diagnosis, and resolution. The market value includes the value of related goods sold by the service provider or included within the service offering. The evaporative cooling market includes sales of evaporative coolers (swamp coolers), cooling pads and media, and fans and blowers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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