The Surging Evaporative Cooling Market is driven by Rising Temperatures Globally
The Global evaporative cooling market is estimated to be valued at US$ 7508.41 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the evaporative cooling market are Baxter International Inc., Fresenius SE & Co. KGaA, CSL Limited, Grifols, S.A., B. Braun Melsungen AG, Hikma Pharmaceuticals PLC, Octapharma AG, Kedrion S.p.A., Shanghai RAAS Blood Products Co., Ltd., Terumo Corporation, JW Life Science, Celgene Corporation, Pentapharm Ltd., Haemonetics, Corporation, Macopharma. Driven by sustainable mandates and climate action plans, the demand for environment-friendly cooling technologies is surging globally. Major players are investing in R&D to expand their evaporative cooling product portfolio and tap into new geographical regions with rising cooling needs in South Asia, Middle East, and Africa. With industrial activity and urbanization on the rise, global evaporative cooling capacity is expected to more than double by 2031 to meet the growing Evaporative Cooling Market Size requirements across sectors cost-effectively.
Market Drivers
Rising average temperatures due to climate change have intensified the need for cooling solutions to maintain optimum living and working conditions. As per estimates, average global temperatures may increase beyond 1.5°C over pre-industrial levels by 2031. This has amplified the installation of energy-efficient evaporative cooling systems for residential as well as industrial use. Additionally, stringent regulations regarding carbon footprint reduction and growing focus toward sustainability are compelling organizations and industries to adopt greener alternatives to traditional air conditioners like evaporative cooling technology.
Current geopolitical scenario and its impact on Evaporative Cooling Market growth
The current geopolitical uncertainties across various regions are posing challenges for the growth of the global evaporative cooling market. The ongoing Russia-Ukraine war has disrupted the supply chains and export-import of evaporative cooling components across Eastern Europe. This has hampered the installation of new evaporative cooling systems in many countries. Moreover, the sanctions on Russia are limiting the procurement of some primary raw materials essential for evaporative cooling products manufacturing. The volatile economic conditions and currency fluctuations due to the war are increasing the overall project costs. This is discouraging various manufacturing and industrial facilities from investing in new evaporative cooling solutions.
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