Evaporative Cooling Market Propelled by Rising Residential and Commercial Construction in Developing Economies
Evaporative cooling or swamp cooling is a highly efficient and eco-friendly technology for cooling homes and buildings through the evaporation of water. Evaporative cooling systems comprise fans, filters, water distribution systems and a humidifying element which cools and dehumidifies incoming air through the evaporation of water as it passes through the humidifying element. Evaporative coolers find widespread application in residential, commercial and industrial buildings to provide cost-effective cooling without the use of refrigerants.
The global Evaporative Cooling Market is estimated to be valued at US$ 6517.71 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising residential and commercial construction in developing economies owing to rapid urbanization is a major trend propelling the evaporative cooling market. According to the United Nations, over 65% of emerging markets populations are expected to be living in urban areas by 2050 versus 35% today. This rapid urbanization has spurred development of new buildings and infrastructure expansion in Asia, Latin America, Middle East and Africa requiring cost-effective cooling solutions that evaporative cooling provide. With their low energy requirements and eco-friendly nature, evaporative cooling systems have become increasingly popular for cooling newly constructed residential complexes, commercial buildings and manufacturing facilities in developing nations experiencing hot climates. The market will continue witnessing strong demand with ongoing construction boom in these economies through the forecast period.
SWOT Analysis
Strength: Evaporative cooling provides more eco-friendly and cost-effective cooling solution compared to conventional air conditioners. It uses less energy to operate and does not use refrigerants that can damage the ozone layer.
Weakness: Evaporative cooling works best in areas with low humidity. In areas with high humidity, its effectiveness reduces. It requires constant water supply to function which can increase maintenance costs.
Opportunity: Rising temperatures due to global warming have increased demand for cooling solutions globally. Evaporative cooling can capture more market share as an energy-efficient alternative to air conditioners.
Threats: Disruption in water supply during summers can hinder the functioning of evaporative cooling systems. Growing preference for air conditioners in developing nations can reduce the adoption of evaporative cooling systems over the long term.
Key Takeaways
The Global Evaporative Cooling Market Size is expected to witness high growth over the forecast period supported by rising demand for energy-efficient cooling solutions amidst increasing power costs and need to reduce carbon footprint. The global Evaporative Cooling Market is estimated to be valued at US$ 6517.71 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Region-wise, Asia Pacific dominates currently due to widespread deployment in residential and commercial sectors across countries like China, India to combat hot weather conditions. Europe and North America are also significant regions for evaporative cooling attributable to growing emphasis on adoption of eco-friendly products.
Key players operating in the evaporative cooling market are Apple Inc., Amazon Renewed, Samsung Electronics, Best Buy Co., Inc., Gazelle (a subsidiary of ecoATM Gazelle LLC), Newegg Inc., Decluttr, Back Market, HP Inc., GameStop Corp., Swappa, BuyBackWorld, eBay Inc., Renewgoo, Music Magpie.
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