Market Size of Evaporative Cooling Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.13 Billion |
| Market Size (2029) | USD 10.16 Billion |
| CAGR (2024 - 2029) | 7.35 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Evaporative Cooling Market Analysis
The Evaporative Cooling Market size is estimated at USD 7.13 billion in 2024, and is expected to reach USD 10.16 billion by 2029, growing at a CAGR of 7.35% during the forecast period (2024-2029).
- As heat waves happen more frequently owing to climate change, millions of people are in danger of exposure to temperatures that could be fatal. People worldwide have been impacted by rising temperatures, making it imperative to address the need for cooling without having a negative carbon footprint, which has been a significant element driving the industry.
- Because evaporative coolers employ fewer parts than air conditioning systems, such as a fan, pump, and water, to chill the room, they can cool various spaces for a meager cost and with minimal operational costs. These evaporative cooling systems' low ownership costs are one of their main benefits.
- Additionally, various governments worldwide have been offering saving programs to promote energy-efficient technologies. For example, as evaporative cooling has been a proven sustainable cooling technology, these systems have been made eligible for the Energy Investment Deduction (EIA) in the Netherlands, which could result in more than 11% net benefit on the entire investment.
- Furthermore, because these systems use fewer components and are, therefore, more energy efficient, evaporative cooling has been one of the most affordable cooling options on the market. For instance, Canstar Blue estimates that the typical reverse cycle split system air conditioner may run at about USD 0.60 per hour. However, with an additional USD 0.02 for water, an evaporative cooling system may cost less than USD 0.10 per hour.
- These evaporative cooling systems' high reliance on the surrounding air quality has been one of their main disadvantages. Since the evaporative cooling process is driven by the temperature difference between the ambient air's dry and wet bulb temperatures, this difference is negligible for moderate and highly humid regions, which results in a constrained cooling capacity.
- On the other hand, the Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE), among other regulating authorities globally, has urged more fresh air intake and ventilation in the current pandemic scenario. Due to this, end users are now compelled to consider integrating evaporative cooling systems, which might significantly improve indoor air quality and offer secure workspaces with less energy use.
