Evaporative Cooler Market

Global Evaporative Cooler Market Size (2024 - 2032):

The global evaporative cooler market size was valued at USD 9.29 billion in 2023 and is projected to reach USD 19.02 billion by 2032 from USD 10.06 billion in 2024, growing at a CAGR of 8.29% from 2024 to 2032.

Current Scenario of the Global Evaporative Cooler Market

Compared to traditional air conditioners, evaporative coolers have two main advantages. These two main advantages of evaporative air coolers are durability and high energy efficiency. Both of these advantages come from the fact that these air coolers use much less electricity than traditional ones to run. In fact, traditional air conditioners would use up to seven times more electrical energy than evaporative air coolers. This disadvantage of conventional air conditioners is likely to open up the expanding field of the global evaporative air cooler market in the coming years.

An evaporative air cooler refers to a type of air conditioner that works by obtaining evaporative energy to lower the ambient temperature. In the evaporation process, the water turns into gas. In this case, the higher-energy particles come out of the water first, and then the temperature drops. The worldwide evaporative air cooler market is predicted to gain momentum due to its high energy efficiency compared to traditional air conditioners.

MARKET DRIVERS

Using less electricity indicates that the evaporative cooler reduces the carbon footprint on the environment.

It also means lower utility bills, making it an economically viable option for middle-class people. This factor is likely to drive the call for evaporative air coolers in the coming years. Also, these coolers do not use any type of chemical refrigerant and only use water. Therefore, these refrigerators are not harmful to the ozone layer. A strong economy, with notable port traffic, escalated e-commerce activity, and key manufacturing indices driving manufacturing expansion, is predicted to drive calls for warehouses in the United States. The rise in temperature around the world caused by worldwide warming is the main factor responsible for the expansion of the market call. Another responsible factor is the adoption of evaporative coolers in the data centres that are escalating at a high rate in the country and, therefore, is driving the expansion of the market.

MARKET RESTRAINTS

The need for frequent maintenance of machine parts, which includes changing cooling pads, and inspection of water pumps, fans, and switches restricts market expansion.

MARKET OPPORTUNITIES

The growing popularity of solar-powered evaporative air coolers is believed to be an emerging trend. The reduction in the price of solar-powered evaporative air coolers and the growing environmental awareness among people is likely to lead to the expansion of the worldwide evaporative air cooler market in the coming years. The evaporative air cooler is not a new concept, but an old and common technology in the field of evaporative cooling. The residential sector is likely to be one of the major end-users of the global evaporative air cooler market due to growing concern for the environment and lower utility bills. Portable evaporative coolers are predicted to gain popularity in the residential sector in the coming years. The call for desktop evaporative coolers is also predicted to see an increase in call as they save floor space by installing them on the wall. Additionally, evaporative air coolers are inexpensively priced, making them affordable for more people and smaller industries.

MARKET CHALLENGES

It also requires protection against ever-changing weather conditions, as it is primarily mounted outdoors, which can hamper market expansion.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Evaporative Cooler Market Analysis By Product

In 2023, hybrid refrigeration systems accounted for around 15% of the market share of industrial refrigeration systems and will see steady expansion.

Global Evaporative Cooler Market Analysis By Application

The automotive industry will experience a CAGR of around 6% during the foreseen period due to escalating call for systems to maintain the temperature of components and equipment at the manufacturing site. The industry uses advanced cooling technologies to create an efficient manufacturing process and gain an advantage in efficiency and profitability.

REGIONAL ANALYSIS

The Middle East, Africa, and Asia-Pacific have experienced dramatic climate change in the last two years, which has impacted the lives of people in these two geographies in more ways than one. Climate change has caused temperatures to rise in these two regions, which probably plays a crucial role in the development of evaporative air coolers in these regions. These refrigerators are inexpensively priced, which makes them popular with the large middle-class population in these areas. They have been implementing these cooling systems since the 1990s. The expansion of the data center market, due to escalated digitization, the adoption of cloud services, and the penetration of e-commerce in Japan, has been a key indicator of the growing call for evaporative cooling in the locale. Equinix is ​​a worldwide data centre company that opened an International Business Exchange (IBX) data centre in Tokyo in 2018 called TY5. Content and cloud providers, as well as financial services companies, highly rely on data centre services in Tokyo. All of these factors have escalated the data centre market in the region and are predicted to play a significant role in the adoption of evaporative cooling in the Asia Pacific during the conjecture period.

KEY PLAYERS IN THE GLOBAL EVAPORATIVE COOLER MARKET

Companies playing a prominent role in the global evaporative cooler market include SPX Cooling Technologies, Inc., Kelvion Holding GmbH, Baltimore Aircoil Company, Inc., Evapco, Inc., Ebara Refrigeration Equipment & Systems Co. Ltd., Luoyang Longhua Heat Transfer and Energy Conservation Co., Ltd., Xiamen Mingguang Machinery Manufacturing Co., Ltd., Lanpec Technologies Ltd-A, Condair Group AG, and Honeywell International Inc, and Others.

RECENT HAPPENINGS IN THE GLOBAL EVAPORATIVE COOLER MARKET

• Symphony has launched a line of commercial air coolers under the “Movicool” brand. Commercial refrigerators are basically portable refrigerators that can cool very large spaces. Symphony sold limited quantities of commercial chillers during the last 3 years that were imported from the GSK company branch in China.

• Usha International introduced a line of internationally acclaimed evaporative ambient air coolers in partnership with Honeywell International Inc. In 15, 25, 40, and 55-liter water tank capacities, the coolers maximize cooling efficiency, using medium honeycomb cooling pads instead of the wood wool pads employed in conventional refrigerators.

DETAILED SEGMENTATION OF THE GLOBAL EVAPORATIVE COOLER MARKET INCLUDED IN THIS REPORT

This research report on the global evaporative cooler market has been segmented and sub-segmented based on product, application, and region.

By Product

• Air Cooling
• Evaporative Cooling
• Hybrid Cooling
• Water Cooling

By Application

• Automotive
• Chemical
• Food and Beverage
• Metalworking
• Oil and Gas
• Pharmaceutical
• Pulp and Paper
• Utility and Power

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa