The Evaporative Cooling Market is Expected to driven by growing construction industry
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| Evaporative Cooling Market |
Evaporative cooling systems facilitate cooling air by utilizing the principle of evaporation. When warm air passes through pads or media that are kept wet, water evaporates and cool dry air is formed. These systems work on low power and are highly efficient in hot and dry climatic conditions. They are increasingly being installed in residential and commercial buildings for indoor cooling applications. The growing construction industry, particularly in emerging economies of Asia and Africa has augmented the demand for efficient and cost-effective cooling systems. Rapid urbanization and rising disposable income have also led to surge in residential construction activities, thereby propelling the evaporative cooling market.
The global Evaporative Cooling Market is estimated to be valued at US$ 6517.71 Mn in 2023 and is expected
to exhibit a CAGR of 10% over the
forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
The evaporative cooling market is witnessing growing prominence of
energy-efficient and environment-friendly systems. Manufacturers are focusing
on development of systems using new-age materials and advanced technologies to
reduce energy consumption and lessen environmental footprint. For instance,
phase-change material (PCM) evaporative coolers that work on thermal energy
storage principle. These offer similar cooling with 40-60% less water use
compared to conventional systems. Furthermore, adoption of sustainable
refrigerants with lower global warming potential (GWP) in products is one of
the major trends in the market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate. The evaporative
cooling market requires significant investments in R&D and manufacturing
facilities to produce quality products. Also, established brands have strong
brand loyalty that acts as a barrier.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have
many options to choose from due to the presence of numerous manufacturers.
Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
Manufacturers depend on a limited number of suppliers for raw materials.
However, suppliers do not have significant influence due to availability of
substitutes.
Threat of new substitutes: The threat of new substitutes is high. Alternatives
like air conditioners pose a threat. Technological advancements can increase
substitutes.
Competitive rivalry: The competitive rivalry is high. The market is fragmented
with many global and regional players. Players compete based on product
variety, pricing, innovation, and marketing.
Key Takeaways
The Global
Evaporative Cooling Market Size is expected to witness high growth over
the forecast period. The global Evaporative Cooling Market is estimated to be
valued at US$ 6517.71 Mn in 2023 and is expected to exhibit a CAGR of 10% over
the forecast period 2023 to 2030.
Geographically,
the Asia Pacific region is projected to dominate the market owing to rapid
industrialization and growing construction activities in counties such as China
and India. Countries such as China, India, and Southeast Asia are majorly
contributing to the regions growth. This is attributed to rapid
industrialization and growth in the construction and manufacturing industries
in the region.
Key players: Key players operating in the evaporative cooling market are Apple
Inc., Amazon Renewed, Samsung Electronics, Best Buy Co., Inc., Gazelle (a
subsidiary of ecoATM Gazelle LLC), Newegg Inc., Decluttr, Back Market, HP Inc.,
GameStop Corp., Swappa, BuyBackWorld, eBay Inc., Renewgoo, Music Magpie. Apple
Inc. and Samsung Electronics are the largest players with strong global
presence.
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