Evaporative Cooler Market is expected to reach US$ 6,492.10 million by 2028

PRESS RELEASE BY The Insight Partners 30 Jan 2023

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Increasing Demand for Cost-Effective Cooling Solutions to Provide Growth Opportunities for

The evaporative cooler market size is expected to reach USD 6,492.10 Million by 2028; registering at a CAGR of 6.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Evaporative Cooler Market During 2022–2028

Direct evaporative cooling, often referred to as wet bulb cooling or direct adiabatic cooling, is the most common form of air cooler. It is called direct, as there is direct contact between the water and the air stream. The fan pulls in hot air from the surroundings and passes it through a wetted heat exchanger, often made of cellulose, for cooling the air. 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. Owing to such factors and advantages, the demand for direct evaporative cooling-based coolers has been rising at a notable pace across the world, thereby promoting the evaporative cooler market growth.

Evaporative Cooler Market - by Region, 2022

Evaporative Cooler Market - by Region, 2022

Evaporative Cooler Market Size, Share and Trends Report 2028

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Global Archive - Evaporative Cooler Market Forecast 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)

Source: The Insight Partners Analysis

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 ~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.

The evaporative cooler market is segmented based on type and application. Based on type, the evaporative cooler market analysis include direct evaporative cooling, indirect evaporative cooling, and two-stage evaporative cooling. Based on application, the evaporative cooler market is segmented into residential, commercial, industrial, and confinement farming. Based on geography, the global evaporative cooler market analysis includes North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The key evaporative cooler market players include 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.

Governments worldwide implemented strict laws and restrictions to contain SARS-CoV-2. One of the stringent regulations implemented by governments globally in the Q1 and Q2 of 2020 was to suspend all manufacturing and construction activities. Also, the revenue generation by the manufacturing and construction sectors was at its lowest. However, in 2021 and 2022, the relaxation of lockdown measures and resumption of construction and manufacturing activities positively impacted the evaporative cooler market players. Furthermore, according to the World Bank Group data, by 2045, the global urban population will increase to 6 billion. Due to the increase in the urban population, the demand for residential and commercial construction will also increase. Also, the growing construction of data centers globally will drive the market during the forecast period. In addition, post-lockdown, in 2021, various market players developed advanced evaporative coolers, fueling the evaporative cooler market growth.

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