New York, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Evaporative Cooler Market Size, Share, Growth and Global Forecasts to 2028 - COVID-19 Impact and Global Analysis by Type (Direct Evaporative Cooling, Indirect Evaporative Cooling, and Two-Stage Evaporative Cooling) and Application (Residential, Commercial, Industrial, and Confinement Farming)”; the global evaporative cooler market size is anticipated to register a CAGR of 6.7% from 2022 to 2028, it is expected to grow from USD 4.40 billion in 2022 to USD 6.49 billion by 2028.
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Global Evaporative Cooler Market – Report Scope:
| Market Size Value in | USD 4.40 Billion in 2022 |
| Market Size Value by | USD 6.49 Billion by 2028 |
| Growth rate | CAGR of 6.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 152 |
| No. of Tables | 61 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Type, and Application |
Global Evaporative Cooler Market: Competitive Landscape and Key Developments
Baltimore Aircoil Co, CoolBoss LLC, Dantherm Group AS, Honeywell International Inc, Metalurgica Manlleuense SA, Munters Group AB, Phoenix Manufacturing Inc, Pinnacle Climate Technologies Inc, SPX Technologies Inc, and Symphony Ltd are among the key evaporative cooler market players.
- In April 2022, Baltimore Aircoil Co, Inc. introduced the TrilliumSeries adiabatic cooler. The cooler captures and reuses water, unlike once-through systems, and is optimized for adiabatic operation, a form of heat rejection that is more efficient than dry coolers and uses less water than evaporative cooling. This cooler can operate at a high dry switch point and offers up to 20% energy savings versus alternatives in the marketplace, owing to its smart water management system comprising high-efficiency pre-cooler pads, a dual pump recirculating system, and intelligent controls.
- In December 2021, SPX Corp announced the acquisition of Cincinnati Fan. Cincinnati Fan's high-performance, engineered air quality solutions, along with SPX's global footprint and distribution infrastructure, open multiple opportunities to create additional value and accelerate their combined growth. The companies see significant potential to further expand their HVAC Cooling platform by building upon this foundation in engineered air quality solutions.
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Impact of COVID-19 on Global Evaporative Cooler Market Growth:
The US was one of the most affected countries in North America due to the COVID-19 pandemic. In 2020, strict regulations were imposed by the US government, which stopped many construction activities. In August 2020, according to a report by the American Road & Transportation Builders Association (ARTBA), infrastructure projects of ~US$ 9.6 billion were delayed or canceled amid the COVID-19 pandemic. In Mexico, the adoption of air coolers decreased despite rising temperatures, as the economic downturn brought by the pandemic led people to prioritize purchasing essential goods. However, the resumption of construction activities in urban areas after the reduction in the lockdown restriction in Q3 of 2020 positively impacted the North America evaporative cooler market size. Furthermore, in Q3 of 2020, various market players launched technologically advanced evaporative coolers, further boosting the market growth. For instance, in July 2020, Honeywell International Inc announced the launch of ZETA, a personal air cooler that provides strong airflow.
Evaporative Cooler Market: Type Overview
Based on type, the evaporative cooler market is segmented into direct evaporative cooling, indirect evaporative cooling, and two-stage evaporative cooling. During the direct evaporative cooling process, water is evaporated directly into the air stream that needs to be cooled down. The coolers consist of a pump that pulls up water from the bottom-placed water basin and wets the heat exchanger while the fan draws in air from the surroundings and passes it through the exchanger. The simplicity of their functioning and the presence of few electronic components make these devices more energy efficient than an air conditioner. Additionally, the prices are highly competitive, and the device requires low maintenance. All these factors are fueling the demand for direct evaporative cooling-based coolers, thereby accelerating the market growth.
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Evaporative Cooler Market – Regional Overview:
The evaporative cooler market is broadly segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific held the largest market share in 2021, followed by North America and Europe. Also, Asia Pacific is anticipated to be a fast-growing region during the forecast period. According to National Oceanic and Atmospheric Administration's (NOAA) temperature data, 2021 was the sixth-warmest year among the nine warmest years from 2013 to 2021. Thus, with the rise in global temperature, the demand for energy-efficient cooling solutions is also increasing tremendously.
The rapid weather and climate change are fueling the growth of the Asia Pacific evaporative cooler market. According to WMO Regional Climate Centers (RCCs) report, in Asia Pacific, 2020 was the warmest year, with a mean temperature of 1.39°C, above the average of 1981–2010. Thus, the rising temperature is increasing the demand for evaporative coolers in the region. In addition, the growing inclination of people toward an eco-friendly cooling solution is further fueling the market growth. Also, the increase in construction activities, including the rising number of residential and commercial construction projects across the region, is bolstering the evaporative cooler market growth.
Similarly, in North America, the adoption of liquid cooling systems for data centers is increasing, leading to the growth of the evaporative cooler market. Also, the increasing construction of data centers in the region is creating an opportunity for evaporative cooler market growth. In addition, the key players operating in the evaporative cooler market across the region—including Baltimore Aircoil; CoolBoss, LLC; Honeywell International; Phoenix Manufacturing, Inc; Pinnacle Climate Technologies, Inc; and SPX Technologies Inc—are continuously working on developing advanced evaporative coolers. In June 2022, CoolBoss, LLC introduced a portable evaporative air cooler that provides protection against heat-related illnesses.
In Europe, due to the Russia-Ukraine war, the cost of energy has risen tremendously. According to the Centre for Economic Policy Research (CEPR), the wholesale prices of gas and electricity across the region have increased by 115% and 237%, respectively. Furthermore, it is expected that the cost of energy will continue to remain high in the region, which will increase the demand for energy-efficient cooling solutions in the coming years. In addition, the rising temperature is fueling the evaporative cooler market size growth in the region.
According to the news by NewsHour Productions LLC., the temperature in the MEA is rising twice as fast as the global average, which is creating a demand for cooling solutions. Also, the growing construction of residential and commercial infrastructure and data centers is fueling the need for evaporative coolers in the region. Factors such as growing temperatures and rising construction of new data centers are contributing to the growth of the evaporative cooler market players in South America.
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