The evaporative cooling global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Evaporative cooling Market, 2024The evaporative cooling global market report 2024
Market Size –
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 in the historic period can be attributed to rising demand for energy-efficient cooling solutions, increasing awareness of environmental sustainability, growth in industrial applications, urbanization leading to higher cooling needs, regulatory support for energy conservation, and improvements in manufacturing processes reducing 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 growth in the forecast period can be attributed to the expansion of the construction sector in developing regions, innovations in material sciences enhancing cooling efficiency, integration of IoT and AI technologies in HVAC systems, demand for climate-resilient infrastructure due to climate change, development of hybrid cooling systems combining evaporative and traditional methods. Major trends in the forecast period include adoption of smart and connected cooling systems leveraging IoT technologies, expansion in residential applications due to increasing urbanization and housing demand, growth in data centers requiring efficient cooling solutions, advancements in material sciences improving cooling efficiency, rise in demand from emerging economies with hot climates, and integration of evaporative cooling with renewable energy sources for enhanced energy efficiency.
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Scope Of Evaporative cooling Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Evaporative cooling Market Overview
Market Drivers –
The increased focus on reducing carbon footprints is expected to propel the evaporative cooling market. Reducing carbon footprints involves lowering greenhouse gas emissions through energy efficiency, renewable energy, sustainable transportation, and better waste management. Evaporative cooling systems, which use less electricity than traditional air conditioning, cool air through natural water evaporation, significantly reducing energy use. In March 2024, the European Environment Agency reported a 2% drop in greenhouse gas emissions in 2022 across the EU compared to 2021. This growing focus on lowering carbon emissions is driving the demand for energy-efficient solutions like evaporative cooling systems, boosting the market further.
Market Trends –
Major companies operating in the evaporative cooling market are developing advanced cooling solutions such as next-generation evaporative cooling, to meet increasing demand for energy-efficient and environmentally friendly cooling solutions. Next-generation evaporative cooling systems use evaporation to cool air more efficiently and include advanced features such as heat recovery and mechanical cooling for better performance and integration. For instance, in September 2021, Huawei, a China-based software development and smart device manufacturing company, launched an indirect evaporative cooling solution. It combines indirect evaporative cooling, heat recovery, and mechanical cooling into an optimized, integrated system for data centers. The all-in-one design simplifies installation and operations, with optional components such as dehumidifiers and fire extinguishing dampers.
The evaporative cooling market covered in this report is segmented –
1) By Type: Direct Evaporative Cooling, Indirect Evaporative Cooling, Two-Stage Evaporative Cooling
2) By Technology: Pad Cooling, Spray Cooling, Hybrid Cooling
3) By Distribution Channel: Big-Box Retailers, Heating, Ventilation, And Air Conditioning (HVAC) Contractors And Distributors, Other Distribution Channels
4) By Application: Residential Applications, Commercial Applications, Industrial Applications, Confinement Farming, Other Applications
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Regional Insights –
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.
Key Companies –
Major companies in the 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
Table of Contents
1. Executive Summary
2. Evaporative Cooling Market Characteristics
3. Evaporative Cooling Market Trends And Strategies
4. Evaporative Cooling Market – Macro Economic Scenario
5. Global Evaporative Cooling Market Size and Growth
…
32. Global Evaporative Cooling Market Competitive Benchmarking
33. Global Evaporative Cooling Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Evaporative Cooling Market
35. Evaporative Cooling Market Future Outlook and Potential Analysis
36. Appendix
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