During the forecast period (2021-2028), the global evaporative cooling market will not grow at a high compound annual growth rate
(ProNewsReport editorial):-Batavia, New York, November 9, 2021 (Issuewire.com)-Market Overview
During the forecast period (2021-2028), the global evaporative cooling market will not grow at a high compound annual growth rate
Evaporative cooling is an alternative to traditional cooling technology because it uses a natural process that reduces the air temperature by evaporating water. Although this is an ancient process, it has become a viable alternative to traditional air conditioning systems in areas where extremely low temperatures are not required. Compared with traditional cooling technology, the global favorable regulations for sustainable energy and technological progress and advantages are significantly promoting market research. Another major driver of the market is the use of evaporative coolers in data centers. With the rapid adoption of big data, digital content and e-commerce, the country's demand for data centers is growing rapidly. In addition, the industry is now seeking energy-saving solutions that have the potential to reduce operating costs and reduce carbon emissions from data center operations.
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The growing demand for cost-effective cooling solutions is one of the key factors driving the global evaporative cooling market. The cost of the evaporative cooler is 50% lower than the equivalent refrigeration air conditioner, and the operating cost is 75% lower. Evaporative cooling is environmentally friendly and energy-saving. It provides excellent air quality by reducing CO2, CFC and other greenhouse gas emissions. The evaporative cooler is an efficient and economical cooling device. In general, the operating cost is lower than that of an air conditioner. In addition, the operating and maintenance costs of evaporative coolers are lower than that of air conditioners. Compared with a typical air conditioning unit, the evaporative cooler also consumes less energy during operation. Evaporative cooling is most suitable for medium to large open space areas with good ventilation and air flow. It can be used in small rooms and offices, but it must provide adequate ventilation by opening doors and windows or installing mechanical blowers. Due to these factors, the global evaporative cooling market is expected to grow at a healthy rate in the future.
However, the dependence on external climatic factors is one of the main parameters that many consumers who plan to adopt evaporative cooling methods are considering. In hot and humid weather, evaporative coolers cannot provide similar thermal comfort. In fact, because it increases the humidity in the air, it actually increases discomfort. It is also necessary to use such appliances with exhaust pipes or open windows, or use them in the open air to maximize their efficiency.
The Asia-Pacific region is the largest evaporative cooling market, and its share in 2020 is close to XX%. Divided by region, the Asia-Pacific region is expected to dominate the global evaporative cooling market in 2020, growing at a compound annual growth rate of xx% during the forecast period. Evaporative cooling is an ancient cooling process; however, in areas with warm and dry climates, it is one of the viable alternatives to traditional air conditioning systems. Earlier, evaporative cooling was mainly used in residential areas, but with continuous innovation, it has expanded its coverage to industrial and commercial areas. In developing countries in the region such as China and India, the construction and industrial markets are booming, and the evaporative cooling market is expected to grow significantly during the forecast period. In February 2017, HMX, a leader in two-stage evaporative cooling technology, launched IDECool in the Asian market. Compared with traditional air coolers that use HMX's patented indirect direct evaporative cooling technology, HMX-IDECool is built on an excellent technology platform. Governments are taking various efforts to bring energy security to their countries and are increasingly concerned about sustainable energy. The long pending demand for affordable energy, especially in Southeast Asian countries, has become the focus
North America has witnessed an increasing number of sustainable energy management initiatives. Therefore, traditional air conditioning is not a viable option. This factor has promoted the popularity of evaporative cooling, which is rapidly becoming the most effective choice for cooling large areas or open spaces. Various government standards have been implemented in the region, especially in the United States, for the efficient use of energy in the commercial and industrial sectors through evaporative cooling technology. Therefore, the Canadian Department of Natural Resources is considering increasing the minimum energy performance standards (MEPS) for evaporative cooling products to be consistent with the US MEPS and apply to these categories of products. Since evaporative cooling uses a natural process, which is to reduce air temperature by evaporating water, they are the preferred alternative to traditional cooling technology.
Due to the presence of regional and international market participants offering a range of products, the global cooling tower market is highly fragmented. Delta Cooling Towers Inc., Condair Group AG, Baltimore Aircoil Company Inc., Munters Group AB and Colt Group Limited are some of the major players in the market. Due to the advantages of low installation and maintenance costs, suitable for dry and arid climates, evaporative cooling systems are being widely used, and are suitable for areas such as North Africa, the Middle East and Western Australia. Manufacturers are investing in product innovation R&D and engineering to expand their product supply and attract a large customer base. For example, in 2019, Monte invested 3.8% (4.3) of net sales in research and development. Carel spent 6% of its revenue on research and development in 2019. SPX Cooling Technologies invested approximately US$150 million in three acquisitions in 2019. In April 2019, Baltimore Aircoil launched the HXV hybrid cooler, which provides the best performance for evaporation and cooling. Dry cooling in water-saving and energy-saving solutions. The cooler is said to be ideal for maintaining optimal performance in a variety of applications where water shortages, high water costs, uptime is critical, or plume issues.
COVID-19 impact: COVID has had a negative impact on the evaporative cooling market
The COVID-19 pandemic has shut down the production of various products in the evaporative cooling market industry, mainly due to long-term lockdowns in major countries around the world. This seriously hinders the growth of the evaporative cooling market. COVID-19 has affected the sales of equipment and machinery in the first quarter of 2020, and may have a negative impact on market growth before the end of 2020. Previously, the main demand for equipment and machinery was noticed from the giant that manufacturing countries including the United States, Germany, Italy, the United Kingdom, and China were severely affected by the spread of the coronavirus, thus halting the demand for equipment and machinery.
In addition, the potential impact of the blockade is currently unclear, and the company's financial recovery depends entirely on its cash reserves. Equipment and machinery companies can only withstand a total blockade for a few months, after which players will have to modify their investment plans. Equipment and machinery manufacturers must focus on protecting their labor, operations, and supply chain to deal with the immediate crisis and find new ways of working after COVID-19. In addition, the supply chain was disrupted due to the shortage of key parts due to labor reduction and manufacturing business restrictions. From the perspective of supply, the entire supply chain has been interrupted due to the shortage of raw materials in various places, leading to production delays.
Delta Cooling Towers’ key healthcare customers are asking them to shorten delivery times during this crisis. Delta Air Lines responded by shortening the delivery time by 30-40%, and it is currently available for delivery within 7-10 days. In response to the coronavirus, Monte has taken swift action and concentrated efforts at the global and local levels to keep pace with the times as all the government’s tasks and policies evolve. The Covid-19 outbreak affected Munters in the first quarter. Demand was strong in January and February, with the exception of China, which was affected by the epidemic in February. Demand in March was negatively affected by the epidemic in Europe and America. In China, demand picked up in mid-March. Order volume fell -5% (-8% after currency adjustment), mainly driven by the decline in the industrial sector in the AirTech business area. FoodTech's business area grew by 3%, and organic development remained flat. In Asia, with the increase in investment in the production capacity of China's pig industry, FoodTechs' orders have increased. Net sales fell by -3% (-7% after currency adjustment), which was mainly driven by the decline in demand from the industrial sector in all regions of the AirTech business area. FoodTech's business area is weak in the Americas and Asia-Pacific region, and its development in the EMEA region is slow
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