Evaporative Cooling Market in Residential, Commercial, Industrial: Boosting Efficiency Anticipates Major Growth US$ 10.24Bn By 2031 | Most Leading Companies - Baltimore Aircoil Company, Condair Group, Colt Group, Celtic Cooling, Celcius Design Ltd

Latest Market Study on Evaporative Cooling Market

The Global Evaporative Cooling Market reached US$ 6.51 billion in 2023 and is expected to reach US$ 10.24 billion by 2031, growing with a CAGR of 5.83 % during the forecast period 2024-2031.

Evaporative cooling is a natural process that reduces air temperature by passing it through water-saturated pads, where evaporation absorbs heat. It is an energy-efficient alternative to traditional air conditioning, especially in dry climates.

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Market Drivers and Opportunities

Rising global temperatures and escalating electricity costs are driving building owners and manufacturers to adopt evaporative cooling as an energy-efficient alternative to traditional vapor-compression air conditioning. In regions with hot, dry climates, direct evaporative coolers can reduce cooling energy usage by up to 80%, unlocking substantial operating savings for data centers, warehouses, and manufacturing plants.

At the same time, indirect and two-stage evaporative cooling systems are gaining traction in applications that demand precise temperature and humidity control without moisture addition such as pharmaceuticals, high-tech cleanrooms, and commercial kitchens. Government incentives for energy-efficient HVAC upgrades and corporate sustainability commitments are generating fresh opportunities for system integrators and manufacturers to offer turnkey evaporative cooling packages that combine water savings, reduced carbon footprints, and rapid return on investment.

Market Segmentation

By Type of Cooling: Direct Evaporative Cooling, Indirect Evaporative Cooling, Two-stage Evaporative Cooling

By Application: Residential, Commercial, Industrial, Confinement Farming, Other

By Distribution Channel: Big-box Retailers, HVAC Contractors and Distributors, Others

By Region, North America leads with a 34% share of global revenue, propelled by stringent energy-efficiency standards in the United States and widespread retrofits of existing HVAC assets. Europe follows at 28%, buoyed by green building codes and decarbonization targets across the E.U. Asia-Pacific holds 24%, driven by rapid urbanization in India and China and rising temperatures in Southeast Asia. Latin America contributes 8%, supported by agro-industrial growth, while the Middle East & Africa represent 6%, where evaporative cooling addresses extreme heat in water-constrained environments.

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Key Market Players and Recent Developments

Baltimore Aircoil Company, Condair Group, Colt Group, Celtic Cooling, Celcius Design Ltd, Delta Cooling Towers Inc., Enexio Water Technologies GMBH, Eco Cooling, Evapcool, Munters, SPX Cooling Technologies, Phoenix Manufacturing Inc, Bonaire, and CFW Evapcool.

Munters Group AB

Munters offers intelligent air-treatment and evaporative cooling technologies, focusing on water and energy optimization.

Released an AI-driven control platform in February 2025, achieving up to 15% water-savings in pilot installations.

Expanded North American manufacturing capacity in late 2024 to meet surging demand from data centers.

SPX Corporation

Acquired a thermal-solutions manufacturer in November 2024, broadening SPX's evaporative cooling portfolio.

Rolled out a cloud-based monitoring service in December 2024, enabling real-time performance analytics and remote troubleshooting.

EVAPCO Inc.

Commissioned a new automated plant in January 2025, increasing output of coils and tower fill media by 30%.

Launched a corrosion-resistant coating for cooling tower components in mid-2024, extending equipment life by 20%.

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Conclusion

The evaporative cooling market is poised for steady growth, driven by the twin imperatives of energy efficiency and sustainability. Innovations in fill media, intelligent controls, and modular system design will continue to lower operating costs and water consumption, helping end-users meet ambitious carbon and utility-savings targets. Nevertheless, challenges around water availability in drought-prone regions, evolving regulatory landscapes, and competition from alternative cooling technologies will require manufacturers and integrators to maintain a sharp focus on R&D and strategic partnerships. As the global push for greener buildings and industrial processes intensifies, evaporative cooling is set to play a central role in tomorrow's low-carbon climate-control solutions.

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