With the emergence and long-term Impact of COVID-19, the Global Evaporative Cooling Market is to reach USD 13.28 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Evaporative Cooling Market is poised to raise up to USD 13.28 Billion by 2030. Evaporative cooling is a natural process that involves reducing the temperature of an object or an environment by utilizing the principle of evaporation. When a liquid evaporates, it absorbs heat from its surroundings, resulting in a decrease in temperature. Evaporative cooling is a natural and energy-efficient method for cooling, particularly in regions with dry climates. It is often considered an environmentally friendly alternative to traditional air conditioning systems, as it consumes less electricity and relies on the natural process of evaporation.
The Evaporative Cooling market is expanding because of factors such as increasing government moves promote energy-efficient technologies and intensified adoption of home cooling appliances. Evaporative cooling is a process that uses the natural evaporation of water to lower the temperature of an environment. It is an energy-efficient alternative to traditional air conditioning systems, which consume significant amounts of electricity. Governments across the globe is promoting the adoption of energy efficient technologies in the region.
The India Cooling Action Plan (ICAP)3 was introduced by the Indian government in 2019 to offer a 20-year perspective on the changing cooling demand and many short- and long-term proposals to ensure sustainable cooling. Similarly, The project “Energy Efficient Cooling – EE-Cool” has also been launched under the Indo-German Energy Programme (IGEN) to carry out the India Cooling Action Plan (ICAP) with regards to energy-efficient central cooling, per an implementation agreement signed on November 1, 2019, between the Bureau of Energy Efficiency (BEE) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, which is funded by the International Climate Initiative (IKI) of the GoI.
Thus, rising government moves to promote the adoption of energy-efficient technologies are driving the market growth. In addition, rising demand for cost-effective cooling solutions and increasing use of evaporative cooling in data centers is creating lucrative growth in the market. However, Dependency of evaporative cooling on external climate stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Evaporative Cooling Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to factors such as rising demand and adoption of air conditioners, rising development of data centers, and rising adoption of evaporative cooling techniques by the market players in the region. Whereas North America is expected to witness strong growth in market over the forecast period owing to factors such as rising development of commercial infrastructure, The rise government moves for sustainable energy management and increase in adoption of evaporating cooling systems in the region.
The global Evaporative Cooling Market is highly competitive owing to the presence of several key manufacturers such Delta Cooling Towers Inc., Condair Group AG, SPX Cooling Technologies, Baltimore Aircoil Company Inc., Munters Group AB, Colt Group Limited, Phoenix Manufacturing Inc., and others.
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Key findings of the study suggest:
- Global Evaporative Cooling Market is anticipated to grow with a healthy growth rate of more than 7.35% over the forecast period 2023-2030.
- In the type of cooling segment, direct evaporative cooling emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the rising development of data centers.
- North America is expected to grow at a high CAGR followed by Asia Pacific during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Type of Cooling:
- Direct Evaporative Cooling
- Indirect Evaporative Cooling
- Two-stage Evaporative Cooling
By Application:
- Residential Applications
- Commercial Applications
- Industrial Applications
- Confinement Farming
- Other Applications
By Distribution Channel:
- Big-box Retailers
- HVAC Contractors and Distributors
- Other Distribution Channels
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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