by Market Overview:
The evaporative cooling market involves products and equipment that utilize the principle of evaporative cooling for providing cooled air. These include cooling towers, evaporative condensers, and desert coolers. Evaporative cooling provides an energy-efficient alternative to conventional air conditioning systems as it uses only 10% of the energy required to power a traditional air conditioning system. It works by passing air through a water-soaked pad, which cools the air through the evaporation of water. Evaporative cooling is suitable for industrial, commercial and residential applications where temperature and humidity control is required.
Market key trends:
One of the major trends in the evaporative cooling market is the growing adoption of evaporative cooling systems in industrial applications such as manufacturing facilities, food processing units, warehouses, and data centers. This is attributed to their ability to provide substantial energy savings compared to conventional cooling systems. Furthermore, increasing concerns regarding power consumption and carbon footprint of traditional HVAC technologies are expected to drive the adoption of eco-friendly evaporative cooling systems. Manufacturers are also focusing on developing innovative evaporative cooler designs integrated with advanced technologies for improved performance, lower emissions, and ease of use.
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.
Porter’s Analysis
Threat of new entrants: Low capital requirements and available technology lower barriers to entry in this market. However, established players have strong brand recognition and economies of scale which deter new entrants.
Bargaining power of buyers: Buyers have significant bargaining power due to availability of substitutes and undifferentiated products. This compels suppliers to offer competitive pricing and additional benefits.
Bargaining power of suppliers: A large number of component manufacturers exist, lowering suppliers’ bargaining power. However, suppliers of technologically advanced components may wield some pricing power.
Threat of new substitutes: Substitution threat is moderate as evaporative cooling has certain unique advantages over alternatives. However, new energy-efficient technologies can replace evaporative cooling solutions over the long run.
Competitive rivalry: The market is fragmented with many international and local players. players. Intense competition exists on the basis of product quality, features, pricing and customer service.
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 need for cost-effective and eco-friendly cooling solutions in various industries and geographical regions with hot and dry climatic conditions.
Regional analysis: North America dominates the global market currently due to strong presence of evaporative cooling vendors and rising construction activities. Asia-Pacific is expected to witness the fastest growth over the forecast period led by India, China and other southeast Asian countries. This growth can be attributed to rapid industrialization and infrastructural development in the region.
Key players: 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. Delta Cooling Towers Inc. and Condair Group AG are recognized as the market leaders due to their extensive product portfolio and geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
