The new report titled ‘Evaporative cooling Global Market Report 2024’ states that 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.
The key trend
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.
Region with the largest share
Asia-Pacific was the largest region in the evaporative cooling market in 2023. Middle East and Africa is expected to be the fastest-growing region in the forecast period.
Major players in the 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.
Recent M&A in the market
In July 2024, Munters Group, Sweden-based and focusing on energy-efficient air treatment and climate solutions, acquired Geoclima Group for an undisclosed amount. With this acquisition, Munters will broaden its product offerings and leverage Geoclima’s expertise to better serve the growing demand for energy-efficient cooling solutions in the data center market. Geoclima Group is an Italy-based company that manufactures high-efficiency chillers with evaporative systems and climate control solutions for various applications.
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