Press release
Evaporative Cooling Market Report 2024: Innovations and Growth Trends in Energy-Efficient Cooling Solutions
Evaporative Cooling Market Report
The new report published by The Business Research Company, titled Evaporative cooling Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the evaporative cooling market size has grown strongly in recent years. It will grow from $5.98 billion in 2023 to $6.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The evaporative cooling market size is expected to see strong growth in the next few years. It will grow to $8.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
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What Is Driving The Growth Of The Global Evaporative cooling Market?
Industrial Sector Growth Fuels Expansion Of Evaporative Cooling Market
The increased focus on reducing carbon footprints is expected to propel the growth of the evaporative cooling market going forward. Reducing carbon footprints refers to the actions and measures taken to decrease the amount of greenhouse gases, particularly carbon dioxide (CO2), released into the atmosphere due to human activities. The effort towards reducing carbon emissions is focused on enhancing energy efficiency, transitioning to renewable energy, promoting sustainable transportation, and implementing better waste management. Evaporative cooling systems generally consume less electricity compared to traditional air conditioning systems. They use the natural water evaporation process to cool the air, which requires significantly less energy. For instance, in March 2024, according to the European Environment Agency, an agency of the European Union, greenhouse gas emissions dropped by 2% in 2022 across the European Union compared to 2021 levels. Therefore, the increased focus on reducing carbon footprints is driving the growth of the evaporative cooling market.
What Is The Key Trend In The Global Evaporative cooling Market?
Innovative Cooling Solutions In Evaporative Cooling Market
Major companies operating in the evaporative cooling market are developing advanced cooling solutions such as next-generation evaporative cooling, to meet increasing demand for energy-efficient and environmentally friendly cooling solutions. Next-generation evaporative cooling systems use evaporation to cool air more efficiently and include advanced features such as heat recovery and mechanical cooling for better performance and integration. For instance, in September 2021, Huawei, a China-based software development and smart device manufacturing company, launched an indirect evaporative cooling solution. It combines indirect evaporative cooling, heat recovery, and mechanical cooling into an optimized, integrated system for data centers. The all-in-one design simplifies installation and operations, with optional components such as dehumidifiers and fire extinguishing dampers.
How Is The Global Evaporative cooling Market Segmented?
The evaporative cooling market covered in this report is segmented -
1) By Type: Direct Evaporative Cooling, Indirect Evaporative Cooling, Two-Stage Evaporative Cooling
2) By Technology: Pad Cooling, Spray Cooling, Hybrid Cooling
3) By Distribution Channel: Big-Box Retailers, Heating, Ventilation, And Air Conditioning (HVAC) Contractors And Distributors, Other Distribution Channels
4) By Application: Residential Applications, Commercial Applications, Industrial Applications, Confinement Farming, Other Applications
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How Is The Competitive Landscape Of The Global Evaporative cooling Market?
Major companies operating in the evaporative cooling market are Honeywell International Inc., Carrier Corporation, SPX Cooling Technologies Inc., Munters Group AB, Thermax Limited, Baltimore Aircoil Company, Evapco Inc., Seeley International Pty Ltd., Condair Group AG, Colt International GmbH, Hessaire Products Inc., Enexio Management GmbH, Mastercool Inc., Phoenix Manufacturing Inc., Mee Industries Inc., Vankool Technology Co. Ltd., Bonaire, Eco Cooling, Premiair Comfort Limited, Reymsa Cooling Towers Inc
Contents Of The Global Evaporative cooling Market
1. Executive Summary
2. Evaporative cooling Market Report Structure
3. Evaporative cooling Market Trends And Strategies
4. Evaporative cooling Market - Macro Economic Scenario
5. Evaporative cooling Market Size And Growth
…..
27. Evaporative cooling Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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