Market Overview
The global evaporative cooling market is valued at $ YY Mn in 2018 and is expected to grow at a CAGR of 4.75% over the forecast period 2019-2026 to reach a market value of $ YY Mn by 2026.
Demand for cost-effective cooling solutions and global initiatives to reduce the overall carbon footprint are the major factors propelling the growth of the global evaporative cooling market.
The increasing demand for a cost-effective cooling solution is one of the key factors driving the global evaporative cooling market.
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Market Dynamics
Demand for Cost-effective Cooling Solution
The increasing demand for cost-effective cooling solutions is one of the key factors driving the global evaporative cooling market.
The evaporative cooler costs up to 50% less than an equivalent refrigerated air conditioner and up to 75% less to run. Evaporative cooling is environmentally friendly and energy efficient. It delivers superior air quality by reducing CO2, CFC and other greenhouse gas emissions.
Evaporative coolers are highly efficient and economical cooling devices that, on-the-whole, will operate for less money than an air conditioner.
Evaporative coolers cost less for both operating and maintaining than an air conditioners. Evaporative coolers also do not require anything more than minimal seasonal maintenance. Evaporative coolers also use less energy while operating when compared to typical a/c units.
Market Segmentation
By Type – Aspen Type
Aspen pads are very common and the most widely used type. These pads are made of aspen fibers woven together.
Since the fibers are natural materials they hold water inside the pads better than synthetic pads.
It’s important for pads to hold water and stay saturated to keep cool air blowing through your home.
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Geographical Analysis – Asia Pacific
Evaporative cooling is a process that uses the effect of evaporation as a natural heat sink. Sensible heat from the air is absorbed to be used as latent heat necessary to evaporate water. The amount of sensible heat absorbed depends on the amount of water that can be evaporated.
Evaporative coolers tend to work best when relative humidity is ~65% or less; however, evaporative coolers can work in humid conditions when they are used in semi- outdoor (loading bays and docks, garages) and outdoor conditions (sporting events, festivals) for moisture evaporation. Therefore, in region like APAC, where most of the countries experience hot climate during the year, evaporative cooling systems are more popular. As they are cheaper , use less energy, and provide efficient results.
Evaporative cooling systems are fast and efficient cooling options for industrial and commercial use as these cooling systems are environment friendly and more cost effective than conventional air conditioner. Evaporative cooling systems use very less energy than air conditioners and therefore, customers and industrial users can save lot of money on their electricity bill.
Competitive Landscape
The global cooling towers market is highly fragmented due to the presence of both regional and international market players offering a range of products. Delta Cooling Towers Inc., Condair Group AG, Baltimore Aircoil Company Inc., Munters Group AB, and Colt Group Limited are some of the key players in the market. The evaporative cooling systems are witnessing high adoption due to the advantages such as cost-effective installation & maintenance and suitability in dry & arid climates, for regions such as North Africa, the Middle East, and West Australia. Manufacturers are investing in R&D and engineering for product innovations, to expand their product offerings and attract a large customer base.
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