Latest News- Evaporative Cooling Market: Indirect evaporative cooling is expected to lead the Type segment during 2024-2028

The Evaporative Cooling Market is being driven by Growing residential construction activity

The Evaporative Cooling Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1806 million. The evaporative cooling market has experienced a notable increase in online sales, driven by the expanding online retail sector and the implementation of multichannel business strategies. Vendors like Symphony Limited effectively leverage both physical stores and online portals to broaden product reach. The online channel's benefits, including increased customer reach and inventory cost savings, contribute significantly to market growth. Despite holding a smaller market share, the online segment is projected to exhibit faster growth compared to the traditional offline segment. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Indirect evaporative cooling
  • Direct evaporative cooling
  • Two stage evaporative cooling
• Application
  • Industrial
  • Confinement farming
  • Residential
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • India
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing residential construction activity
• Product innovation leads to portfolio extension and product premiumization
• Environment-friendly and cost-efficient products

However, the market also witnesses some limitations, which are as follows:

• Stringent government standards and regulations
• Long product lifecycle
• Volatility in operational costs and raw material prices

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Market Scope in Evaporative Cooling Market Research Report

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Research Analysis Overview

Amidst rising temperatures and climate change, evaporative cooling market gains traction as an alternative to traditional air conditioning systems. Fatal exposure to extreme heat necessitates the use of energy-efficient evaporative coolers, comprised of fan, pump, and liquid water. These systems offer a net benefit with minimal carbon footprint, making them an attractive investment. Direct evaporative cooling uses outside air to reduce temperature and air humidity, replacing heat-load at a lower cost than AC. Basic evaporative coolants convert water into water vapor, cooling buildings and warehouses while maintaining temperature and relative humidity levels. Despite being a niche market, the market for evaporative cooling is poised for growth as energy-efficient technologies gain popularity.

Market Research Overview

The evaporative cooling market is a significant segment of the global industrial machinery and supplies and components industry, with key players specializing in the manufacturing of evaporative coolers, air conditioning systems, fans, and pumps. These cooling solutions provide an effective response to the escalating issue of climate change and the subsequent exposure to fatal temperatures. With rising temperatures and the increasing demand for negative carbon footprint solutions, evaporative cooling systems are gaining traction as an eco-friendly alternative to traditional air conditioning. The market's growth is driven by the expanding industrial sector, particularly in developing countries, where the demand for energy, chemicals, petrochemicals, pulp and paper products, and processed food and beverages continues to surge. As a result, the global industrial machinery, supplies, and components market, which includes manufacturers of evaporative cooling equipment, is projected to experience substantial growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/