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Global Evaporative Cooling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global evaporative cooling market was valued at USD 5. 23 billion in 2020, and it is expected to reach a value of USD 7. 81 billion by 2026, registering a CAGR of 6. 19% over the forecast period 2021 - 2026.

New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Evaporative Cooling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06179097/?utm_source=GNW
Rising temperatures have been affecting people worldwide, and it has become crucial to address the importance of cooling without having an adverse carbon footprint impact. With rapid urbanization and a growing population, there has been a demand for sustainable, clean, energy-efficient, and cost-effective cooling solutions. Millions of people have been at the risk of being exposed to life-threatening temperatures as the frequency of heatwaves increases due to climate change. Therefore, access to cooling has become very important. Which, in turn, is driving the market.

Key Highlights
- The evaporative coolers that are being offered in the market studied offers the ability to provide cooling in multiple spaces at a very affordable cost and operating expenses, as it makes use of fewer components as compared to the air conditioning systems, such as fan, pump, and water to do the cooling. One of the major advantages of these evaporative cooling systems remains their low cost of ownership.
- Additionally, various governments across the world have been offering saving programs to promote energy-efficient technologies. For example, as evaporative cooling has been a proven sustainable cooling technology, these systems have been made eligible for the Energy Investment Deduction (EIA) in the Netherlands. This could result in a net benefit of more than 11% on the entire investment. Also, according to the US Energy Information Administration (EIA), industrial electricity consumption is anticipated to rise from 36.7 quadrillions but in 2018 to more than 51 quadrillions by 2050. This increase in energy consumption demands the usage of efficient and less power-consuming systems that are also cost-efficient to witness significant adoption and reduce the load on power infrastructure.
- Further, evaporative cooling has been one of the most economical cooling solutions available in the market studied, as these systems rely on fewer components making them more energy efficient. For instance, according to Canstar Blue, the average reverse cycle split system air conditioner could cost around USD 0.60 per hour to run. However, an evaporative cooling system could cost less than USD 0.10 per hour with another USD 0.02 for water. Moreover, the ducted evaporative cooling powered by inverter technology has a minimum annual running cost of USD 65, while a ducted refrigerated air conditioning with a 3.5-star energy rating takes up a minimum of USD 150 in annual costs, and the price only rises if the refrigerant ducted system services more than one space.
- One of the major drawbacks of these evaporative cooling systems has been their high dependency on ambient air conditions. Since the temperature difference between the dry and wet bulb temperatures of the ambient air is the driving force of the evaporative cooling. For mild and high humid climates, this difference is small, therefore, leading to limited cooling capacity.
- On the flip side, in the present pandemic scenario, more fresh air intake and additional ventilation have been recommended by the Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE) in its COVID-19 guidelines among other regulating authorities globally. This has forced the end users to consider the integration of evaporative cooling systems that could play a major role in ensuring better indoor air quality, providing safe working spaces with lower energy consumption.

Key Market Trends

Industrial Applications Segment is Expected to Hold a Major Share

- The industrial sector accounts for the largest market share among all end-user applications, driven by the large-scale deployment of direct and indirect evaporative coolers. The industrial applications for evaporative coolers include warehouses, factories, manufacturing units, power generation, oil and gas, construction, and many more.
- Further, the recent changes in the structure of warehouses and manufacturing units to insulated structures, maintaining desired temperatures during summer, have become a significant consideration. However, with substantial port traffic, increased e-commerce activity, and critical manufacturing indices resulting in manufacturing growth, the strong economy is poised to drive the demand for warehouses in the United States.
- Air conditioners are not convenient for cooling industrial premises, as these units’ capital and running costs are often remarkably high. This is particularly true when they must cool large spaces with high ceilings, which are almost similar to open or semi-open spaces. Moreover, according to IEA, the industrial sector’s total energy usage is likely to increase from 73 quadrillions Btu in 2012 to 85 quadrillion Btu in 2040 in OECD countries and from 149 quadrillion Btu in 2012 to 225 quadrillion Btu in 2040 in non-OECD countries. Therefore, EMS (Environmental Management Systems) has become necessary for the industrial sector. ?
- Consequently, the industrial sectors adopt innovative evaporative cooling systems to predict the requirement of maintenance before an issue. The latest cooling technologies, which use the Internet of Things (IoT) systems, are embedded with sensors, software, and connectivity that enable the system to exchange data with other connected devices. IoT systems improve preventative maintenance by sensing data on air quality and equipment status.
- Additionally, implementing standards to increase energy efficiency has resulted in the growth of evaporative cooling in the industrial sector. For instance, standards like ISO 50001 by the Department of Energy, Energy Solutions Center (ESC) are designed to recognize and implement energy projects that save money by combining smart technologies that provide data and help curb energy use. Nearly 23,000 sites globally achieved the ISO 50001 certification. The growth of ISO 50001 is expected to accelerate as many companies integrate ISO 50001 into their corporate sustainability strategies and supplier requirements.

The Asia Pacific Region to Hold Major Market Share

- Driven by growing temperatures and higher incomes, the Southeast Asian region is expected to witness a huge demand for AC sales. An overall number of air-conditioner units in 2040 is expected to rise from 40 million units in 2017 to 300 million units in 2040, half of which will be from Indonesia.
- Further, according to the International Energy Agency’s 2020 report, China, the United States, and Japan dominate the cooling equipment sales while India and Indonesia are witnessing the fastest growth. China dominated the market with 40% of global cooling equipment purchases in 2019. However, although over 500 million units were sold in China in the last decade, relative AC demand rose more quickly in India and Indonesia, with average yearly installations growing at a rate of more than 15% (India) and 13% (Indonesia).
- Exponentially increasing demand for air-conditioning in Southeast Asia and South Asia is creating demand for affordable and easy methods of cooling. Evaporative cooling is one of the best suitable options for these countries, considering their carbon emission goals. Furthermore, Southeast Asia has some of the fastest-growing data center markets in the Asia-Pacific region, but data center sustainability remains a challenge for the region.
- However, within the coming years, sustainability is expected to become a core differentiator between data center providers, especially as leading tech companies across the world, like Microsoft, Google, and Apple, set standards with carbon neutral and zero sustainability goals, and as advanced energy-efficient technology is developed.
- Datacenter cooling signifies a major barrier to sustainability in Asia as cooling requires around 35% to 40% of total data center energy demand. Currently, most of the data centers in the region use air-based cooling, which is a highly inefficient and costly system. The companies in the region are increasingly shifting to evaporative cooling methods. For example, cooling technologies, such as evaporative cooling, are helping data centers to achieve sustainability. These technologies are enabling companies to implement an indirect evaporative, direct evaporative, hybrid system, and liquid cooling to lower Power Usage Effectiveness (PUE) and total energy consumption as data centers get larger to meet digitalization needs.

Competitive Landscape

The Global Evaporative Cooling Market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With a prominent share in the market, these major players are focusing on expanding their customer base across foreign countries. The major players include companies like Delta Cooling Towers Inc., Condair Group AG, SPX Cooling Technologies, etc. The competition, rapid technological advancements are expected to pose a threat to the growth of the companies during the forecast period.

- July 2021 - Baltimore Aircoil Company (BAC), a leading player in cooling solutions worldwide for the commercial, industrial, and refrigeration markets, acquired Italy-based Eurocoil SpA. The company is a prominent manufacturer of heat exchangers serving the European commercial and refrigeration industries. The addition of Eurocoil increases Baltimore Aircoil’s manufacturing capacity in the region while adding additional heat.
- May 2021 - Condair launched a new direct evaporative cooling system for data centers that has the benefit of humidifying and cooling the airstream without adding thermal energy (heat). This solution introduces liquid water directly into the air stream, and it draws heat from the air to change the liquid to the vapor phase.
- February 2021 - Munters Group AB signed a partnership agreement with CTT Systems AB, a prominent market player in aircraft humidity control systems, to develop a new type of evaporative media that aims to improve the efficiency and performance of CTT’s aircraft humidifiers.

Additional Benefits:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06179097/?utm_source=GNW

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