The evaporative cooler market size is projected to reach US$ 7,842.71 million by 2031 from US$ 4,668.22 million in 2023. Evaporative coolers are one of the most cost-effective and energy-efficient area cooling solutions. Hence, their adoption at data centers is increasing tremendously. For instance, in September 2021, Huawei launched an Indirect Evaporative Cooling solution at HUAWEI CONNECT 2021. The company developed this next-generation solution to upgrade air handling units (AHU) to environment handling units (EHU), which can further help reduce data center power usage effectiveness (PUE) and embrace carbon neutrality. Moreover, as evaporative coolers are the most viable and economical, their demand in the residential sector is increasing. Various market players are developing advanced evaporative coolers to cater to the rising residential demand.
Evaporative Cooler Market Analysis
The key stakeholder in the evaporative cooler market includes component & raw material supplier, evaporative cooler manufacturers, indirect customers, and direct customers. In recent years, the demand for evaporative coolers has been proliferating due to the rising global temperature and growing focus on energy conservation. The component & raw material suppliers offer various different materials for the manufacture of evaporative coolers. Raw materials include metal sheets, coatings, electronic components, fans, and copper wires among others.
Symphony, Munters, Baltimore Aircoil, and CoolBoss are some of the most prominent evaporative cooler manufacturers around the globe. Players from Asia Pacific and North America have been dominating the market, while European manufacturers are gaining traction fast. The evaporative cooler manufacturers primarily sell their products to two types of customers – direct customers and indirect customers. Indirect customers include dealers, sales agencies, wholesalers, and volume retailers who purchase the evaporative coolers from the manufacturer and supplies to individual, commercial establishments, and industries. When the latter is supplied by the manufacturer directly, they become direct customers of the manufacturers.
Evaporative Cooler Market Overview
An evaporative cooler is a type of air conditioner that harnesses the power of evaporation to cool air temperature. It generally consists of a fan, a water reservoir, a heat exchange material/thick pads, a pump for water distribution, and additional controls for fine-tuning. The evaporative cooler works by cooling the air through evaporating water; this process is called adiabatic cooling. The direct-type coolers contain a fan that draws warm outside air into the unit and cools it by passing it over water-soaked pads, which causes the water to evaporate. The evaporative cooler can bring down the air temperature by 15°F to 40°F of the space to be cooled. Some air coolers also have different parts, such as air filters and pads, which can improve air quality by minimizing mildew growth and reducing allergens.
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Evaporative Cooler Market: Strategic Insights
Market Size Value in US$ 4,409.39 million in 2022 Market Size Value by US$ 6,492.10 million by 2028 Growth rate CAGR of 6.7% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Evaporative Cooler Market: Strategic Insights
| Market Size Value in | US$ 4,409.39 million in 2022 |
| Market Size Value by | US$ 6,492.10 million by 2028 |
| Growth rate | CAGR of 6.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Evaporative Cooler Market Drivers and Opportunities
Rising Adoption of Evaporative Coolers in Data Centers
Earlier, data centers were constructed in cooler environmental regions. However, with the rising need to reduce latency and construct the data center infrastructure closer to the customers, the demand for data centers in Southeast Asian countries is increasing significantly. In Southeast Asia, Singapore is considered a hotbed for global data center construction because of its robust infrastructure, stable internet connectivity, and talented workforce. The rising demand for data centers in the country is pushing them to build a Green Data Centre Technology Roadmap. Through this, the country is taking the initiative for a more sustainable data center industry. This plan covers both physical IT and software, and it will help reduce carbon emissions that are caused due to data centers. The evaporative cooling technologies that can be used by the country are passive cooling, direct liquid cooling, and free cooling.
Moreover, the adoption of liquid cooling systems for data centers is increasing in the US. According to the survey done by Informa Engage in association with Dell Technologies, in 2020, ~37% of respondents already adopted evaporative cooling over conventional computer room air conditioner (CRAC)/computer room air handler (CRAH), an increase of 6% from 2017. Amazon Web Services, in its efforts to build a sustainable business, have been deploying direct evaporative cooling across several of its data centers during summer times since past 5 years. Therefore, the growing adoption of evaporative coolers for data centers globally is fueling the growth of the evaporative cooler market.
Increasing Demand for Cost-Effective Cooling Solution
Evaporative coolers use less energy which makes them a more affordable cooling solution. Also, evaporative coolers consist of fewer parts when compared with air conditioning systems, which include a fan, pump, and water. This lowers the ownership costs of the evaporative cooling systems, making them a more cost-effective solution.
According to the Canstar Blue report, the average reverse cycle split system air conditioner costs ~US$ 0.60 per hour, whereas an evaporative cooling system cost around US$ 0.10 per hour and another US$ 0.02 for water. It is also seen that ducted evaporative cooling, which is powered by inverter technology, has an annual running cost of US$ 65. In addition, ducted refrigerated air conditioning, with a 3.5-star energy rating, has annual costs of US$ 150. This price can further rise if the refrigerant ducted system is used for more than one room. Moreover, evaporative coolers only use water and no artificial refrigerants, because of which they do not exhaust the ozone layer. Thus, the evaporative cooler will help save up to 55% on energy costs and ~70 % on running costs compared to the refrigerated air conditioner. In addition, it is also seen that in Europe, due to the Russia-Ukraine conflict, the energy cost has increased tremendously. The people in the region are moving toward more energy-efficient and cost-efficient solutions. This will further create an opportunity for the growth of the evaporative cooler market.
Evaporative Cooler Market Report Segmentation Analysis
Key segments that contributed to the derivation of the evaporative cooler market analysis are type, and application.
- By type, the evaporative cooler market is segmented into direct evaporative cooling, indirect evaporative cooling, and two-stage evaporative cooling. The direct evaporative cooling segment accounted for a larger market share in 2023.
- By application, the evaporative cooler market is segmented into residential, commercial, industrial, and confinement farming. The residential segment accounted for a larger market share in 2023.
Evaporative Cooler Market Share Analysis by Geography
The global evaporative cooler market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). The evaporative cooler market in North America is segmented into the US, Canada, and Mexico. Global warming has resulted in a rise in temperature across North American countries, which is creating a demand for eco-friendly cooling solutions. As refrigerant air cooler is one of the causes of increasing global warming, people are adopting evaporative coolers as an eco-friendly alternative.
In addition, the increasing construction activities, such as building residential and commercial spaces, are creating the demand for evaporative coolers across North America. Also, these coolers provide eco-friendly cooling, which is increasing its demand in North America. The number of single-family homes and privately‐owned housing under construction increased to the highest level in North America since 2010. According to the US Census Bureau and the US Department of Housing and Urban Development's new residential construction statistics, privately‐owned housing completions recorded an annual rate of 1,309,000 in February 2022, an increase of 5.9% from the January estimate of 1,236,000. Furthermore, in February 2022, single‐family housing completions recorded a rate of 1,034,000; 12.1% higher than that of January 2022 at 922,000. Similarly, according to Jonas Construction Software Inc, the construction sector in Canada is expected to be worth more than US $ 430 billion and is expected to grow at 8.5% by 2024. Thus, the growing residential construction activities in the region are expected to fuel the evaporative cooler market growth during the forecast period.
Evaporative Cooler Market Report Scope
Evaporative Cooler Market News and Recent Developments
The evaporative cooler market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In February 2022, Baltimore Aircoil Co TrilliumSeries Cooler is that it 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, thanks to its smart water management system comprised of high-efficiency pre-cooler pads, a dual pump recirculating system, and intelligent controls. (Source: Baltimore Aircoil Co, Press Release)
- In June 2022, New Cool Boss features a micro-computer programmed control panel with LCD and remote control. A built-in timer allows the unit to be programmed to turn on or off at pre-selected times. One large 30-inch diameter fan operates at three selectable speeds, and a thick cooling pad ensures even water distribution and reliable heat absorption. (Source: New Cool Boss, Press Release)
Evaporative Cooler Market Report Coverage and Deliverables
The “Evaporative Cooler Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Evaporative cooler market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
Evaporative cooler market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
Evaporative cooler market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Evaporative cooler market landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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