Evaporative Cooler Market Size, Share and Trends Report 2028

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.

Strategic Insights

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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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.