Market Overview:
Evaporative cooling systems lower indoor temperatures by utilizing the evaporation of water into air. These systems work by passing ambient air through a wetted pad that absorbs the heat from the air through the evaporation of water. The cooled and dried air is then circulated throughout indoor spaces providing natural and energy-efficient cooling. With minimal energy consumption and a lower carbon footprint as compared to conventional air conditioners, evaporative cooling systems are gaining popularity across residential and commercial sectors.
Market key trends:
One of the key trends witnessed in the evaporative cooling market is the growing popularity of direct and indirect evaporative cooling systems. Both these systems use evaporation of water to lower air temperature without requiring combustion, refrigerants or compressors. However, indirect systems offer better dehumidification by completely separating the airstreams, thus making them suitable for humid climates. Their higher efficiency and ability to provide temperature and humidity control is increasing their adoption in various sectors including commercial, industrial and agriculture.
The global Evaporative Cooling Market Size is estimated to be valued at US$ 6517.71 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global evaporative cooling market is segmented on the basis of design type, material, pad type, application and region. Based on design type, the market is classified into direct evaporative cooling and indirect evaporative cooling. Currently, the direct evaporative cooling segment holds a major share in the global market. This is because direct evaporative cooling is more efficient compared to indirect cooling and requires less maintenance. By material, the market is divided into fiberglass, galvanized steel and steel. Galvanized steel remains the dominant material segment as it has high corrosion resistance and durability. When segmented by pad type, the paper Honeycomb segment dominates as it has a high pad factor, good water retention and distribution properties. On the basis of application, the industrial segment accounts for the largest market share mainly due to rising industrialization activities worldwide.
Key Takeaways
The global evaporative cooling market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing demand for energy-efficient cooling systems. The market size for 2023 is US$ 6517.71 Mn.
Regional analysis North America and Europe collectively hold over 40% share in the global evaporative cooling market. North America is the fastest growing region mainly due to increasing adoption of the technology in the industrial and commercial sector. Asia Pacific exhibits the highest growth in the near future on account of rising industrial infrastructure in emerging economies like China and India.
Key players operating in the evaporative cooling market are Celsius Design Limited, Delta Cooling Towers Inc., CFW Evapcool, Condair Group AG, ENEXIO Water Technologies GmbH, SPX Cooling Technologies, Bonaire, Baltimore Aircoil Company Inc., Phoenix Manufacturing Inc., Munters Group AB, and Colt Group Ltd. Key players are focusing on new product launches and adopting mergers & acquisitions strategies to gain competitive advantage in the market.
Comments
0 comment