Evaporative Cooler Market Research Report and Outlook by 2028

The market for evaporative coolers is projected to expand from US$ 4,409.39 million in 2022 to US$ 6,492.10 million by 2028, with an expected compound annual growth rate (CAGR) of 6.7% during this period.

Evaporative coolers function by cooling air through the evaporation of water, a process known as adiabatic cooling. Direct evaporative coolers utilize a fan to pull warm air from outside into the unit, where it is cooled by passing over water-saturated pads, leading to the evaporation of water. This method can lower the air temperature by 15?F to 40?F in the area being cooled. Additionally, many air coolers are equipped with components like air filters and pads that enhance air quality by reducing mildew and allergens.

These coolers are recognized as one of the most economical and energy-efficient solutions for cooling spaces. Consequently, their use in data centers is rapidly increasing, further propelling the evaporative cooler market. For example, in September 2021, Huawei introduced an Indirect Evaporative Cooling solution at HUAWEI CONNECT 2021, designed to transform air handling units (AHUs) into environment handling units (EHUs), which can significantly lower data center power usage effectiveness (PUE) and support carbon neutrality initiatives.

In the Asia-Pacific (APAC) region, China is anticipated to present numerous opportunities for the growth of the evaporative cooler market during the forecast period, driven by a surge in construction activities for both residential and commercial buildings. Notable office building projects in APAC during the second quarter of 2022 include:

- The Seomyeon Office Building Development Project, which involves a US$ 715 million investment to construct a 32-story office building in South Korea.

- The Waterloo Metro Quarter Development project, with a US$ 650 million investment aimed at creating a mixed-use community in Sydney, New South Wales, Australia, to enhance residential, commercial, and accommodation facilities.

- The 360 Queen Street Office Tower project, which entails a US$ 608 million investment for a 33-story, 200 m high office tower in Australia.

- The Uchikanda 1-Chome District Redevelopment project, involving a US$ 521 million investment to improve office spaces in Japan by redeveloping the Corp Building and the Hitachi Kamakurabashi Building into a modern office complex.

- The Bestfield Commercial Development project, which includes a US$ 425 million investment for the construction of three 22-story commercial towers in India.

The increasing number of construction projects is driving the demand for cooling systems in the APAC region.

Furthermore, there is a noticeable shift in consumer preference from refrigerant-based air conditioners to water-based evaporative coolers, motivated by environmental concerns. This trend is expected to further enhance the growth of the evaporative cooler market in the coming years. Various manufacturers are responding to this demand by launching advanced evaporative cooler models. For instance, in April 2021, Guangdong Symphony Keruilai Air Coolers Co., Ltd. introduced a new household air cooler, while Thomson launched a range of air coolers in India on Flipkart in March 2021, including personal, desert, and window models. The combination of rising construction activities and innovative product developments by key players is driving market growth in the region.

In Europe, the adoption of evaporative coolers is increasing across commercial, residential, and industrial sectors, contributing to market growth. The region has experienced severe heat waves in recent years, and many buildings lack air conditioning systems. According to the European Environment Agency (EEA), heatwaves have resulted in approximately 77,000 to 129,000 deaths in Europe over the past four decades, accounting for about 90% of climate-related fatalities. The demand for evaporative coolers is rising as they provide a cost-effective cooling solution without necessitating extensive building renovations. Additionally, escalating energy prices, exacerbated by the ongoing Russia-Ukraine conflict, have led to a significant increase in electricity and gas costs, prompting a search for energy-efficient cooling solutions and further driving the evaporative cooler market in Europe.

In North America, the effects of global warming have led to rising temperatures across various countries, increasing the demand for environmentally friendly cooling options. As traditional refrigerant air coolers contribute to global warming, many consumers are turning to evaporative coolers as a sustainable alternative. The construction boom in residential and commercial sectors is also boosting the evaporative cooler market in North America. The number of single-family homes and privately owned housing under construction has reached its highest level since 2010. According to the US Census Bureau and the US Department of Housing and Urban Development, privately owned housing completions were at an annual rate of 1,309,000 in February 2022, marking a 5.9% increase from January's estimate of 1,236,000. Furthermore, single-family housing completions rose to 1,034,000 in February 2022, a 12.1% increase from January 2022. In Canada, the construction sector is projected to exceed US$ 430 billion, with an expected growth rate of 8.5% by 2024. Thus, the surge in residential construction activities is likely to drive the evaporative cooler market in the region during the forecast period.

The evaporative cooler market is categorized into five primary regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2022, Asia Pacific held the largest market share, followed by North America and Europe. Furthermore, Asia Pacific is expected to exhibit the highest CAGR in the evaporative cooler market from 2022 to 2028.

The market is segmented by type and application. The types include direct evaporative cooling, indirect evaporative cooling, and two-stage evaporative cooling. The applications encompass residential, commercial, industrial, and confinement farming. Key players in the evaporative cooler market include Baltimore Aircoil Co, CoolBoss LLC, Dantherm Group AS, Honeywell International Inc, Metalurgica Manlleuense SA, Munters Group AB, Phoenix Manufacturing Inc, Pinnacle Climate Technologies Inc, SPX Technologies Inc, and Symphony Ltd. The evaporative cooler market report offers comprehensive insights to assist key players in strategizing for growth.