The evaporative cooler market is expected to grow from US$ 4,409.39 million in 2022 to US$ 6,492.10 million by 2028; it is anticipated to register a CAGR of 6.7% from 2022 to 2028.
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 reduce 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.
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 evaporative cooler market players are developing advanced evaporative coolers to cater to the rising residential demand.
Furthermore, unlike refrigerant-based air conditioners, evaporative air-cooling systems do not rely on refrigerant gases, which reduces their energy usage by ~90%. Thus, the growing demand for cost-effective cooling solutions due to the rising energy cost is expected to create lucrative opportunities for evaporative cooler market growth during the forecast period. In addition, the growing incorporation of antimicrobial technologies in evaporative coolers will further fuel the evaporative cooler market size during the forecast period.
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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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Impact of COVID-19 Pandemic on Evaporative Cooler Market Share
The COVID-19 crisis drastically affected two huge Asia Pacific (APAC) markets—India and China. Governments of countries in APAC took possible steps to reduce the effects of the pandemic through lockdowns, which hampered the operations of various industries. Asian countries experienced a drop in the GDP, international trade, and economy. The APAC evaporative cooler market size also took a hit during the first half of 2020, leading to a massive decline in the revenue of key evaporative cooler market players operating in the region. The outbreak resulted in disruptions in supply chains across the region. The pandemic impacted both large and small and medium enterprises operating in the Indian market. Post-lockdown, manufacturing activities of evaporative coolers resumed. The relaxation of lockdown restrictions and the vaccination process supported the steady raw material shipment and industrial activities, boosting the growth of the manufacturing industry in APAC in 2021.
Lucrative Regions: Evaporative Cooler Market Share
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Market Insight – Evaporative Cooler Market
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The rising global warming has led to an increase in average temperature in most tropical regions. Additionally, several parts of Europe and North America have witnessed severe heat waves during summer for the past few years. This has given rise to the demand for residential application of evaporative coolers from countries such as France, Italy, and Spain, where even fan was not used previously. In India, the Ahmedabad Electronics Dealers’ Association estimated a strong growth in 2022, for air conditioners and coolers, despite a 20% price hike. Evaporative air coolers help deliver 100% fresh and filtered cool air at a much lower cost than refrigerated air conditioners. This makes it the most viable and economical option for cooling large and open areas. Furthermore, these evaporative air coolers work more efficiently when doors and windows are left open. Thus, due to all the above advantages, the demand for evaporative coolers for residential use is increasing.
Application Based Insights
Based on application, the evaporative cooler market is segmented into residential, commercial, industrial, and confinement farming. The residential segment accounted for the largest market share in 2021 and is also expected to register the highest evaporative cooler market growth rate during the forecast period. The rising global temperature is primarily promoting the market growth for this segment. The commercial segment is anticipated to be the second fastest-growing segment during the forecast period owing to the rising application of evaporative coolers in energy-efficient data centers.
Players operating in the evaporative cooler market are mainly focused on the development of advanced and efficient products.
- In June 2022, Dantherm GmbH acquired Heylo GmbH that hold a leading position in designing and manufacturing heating, cooling, drying, ventilation, and air purification solutions for a wide range of applications and industries for the European B2B markets. With the acquisition, Dantherm GmbH aims of creating an even more efficient setup gearing the company for the future and facilitating further quality and service level enhancements.
- In July 2021, Baltimore Aircoil Co acquired Eurocoil SPA to strengthen its position in the global cooling market. The acquisition of Eurocoil increased Baltimore Aircoil Co’s manufacturing capacity while adding additional heat exchanger capabilities for Baltimore Aircoil Co’s existing evaporative hybrid and adiabatic cooling products.
The evaporative cooler market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, Asia Pacific held the largest market share in 2021, followed by North America and Europe. Asia Pacific is anticipated to register the highest CAGR in the market from 2022 to 2028.
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 are among the key players operating in the evaporative cooler market. The evaporative cooler market report provides detailed market insights, which help the key players strategize the growth in coming years.
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
Frequently Asked Questions
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 are the leading companies in the evaporative cooler market.
Evaporative cooling is one of the most environmentally friendly cooling techniques. To make it more efficient and reliable, market players are incorporating these coolers with antimicrobial technologies. They are using materials, such as titanium dioxide, which act as catalysts or photocatalysts to provide antimicrobial activity. Thus, exposing the water to the catalyst and frequent water recirculation can reduce the number of harmful microorganisms to harmless proportions.
Asia Pacific dominated the evaporative cooler market in 2021. The rapid weather and climate change are fueling the growth of the Asia Pacific evaporative cooler market. In addition, the growing inclination of people toward an eco-friendly cooling solution is further fueling the market growth.
Unlike refrigerant-based air conditioners, evaporative air-cooling systems do not rely on refrigerant gases, which reduces their energy usage by ~90%. Thus, the growing demand for cost-effective cooling solutions due to the rising energy cost is expected to create lucrative opportunities for the growth of the evaporative cooler market during the forecast period. In addition, the growing incorporation of anti-microbial technologies in evaporative coolers will fuel the market's growth during the forecast period.
Growing adoption of evaporative coolers in the residential sector is primarily driving market growth. Increasing development of advanced air coolers by the market players to cater to the rising residential demand, is further aiding the growth of the evaporative cooler market.
The List of Companies - Evaporative Cooler Market
- 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
- Symphony Ltd
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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