Adiabatic Cooler Market to Reach $1,025.9 Million, by 2032 at 4.9% CAGR: Allied Market Research
The adiabatic cooler market has witnessed growth due to factors such as rise in the oil and gas and industrial manufacturing industry, growth in the food & beverages industry, and rise in demand for chemicals and petrochemicals.
WILMINGTON, Del., Nov. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "The Adiabatic Cooler Market by Product Type (Dry Air Cooler and Liquid Cooler), End-User Industry (Oil and Gas, Industrial Manufacturing, Chemical and Petrochemical, Food and Beverages, and Others), and Orientation (V Type and Horizontal): Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global adiabatic cooler market was valued at $626.8 million in 2022, and is projected to reach $1,025.9 million by 2032, registering a CAGR of 4.9% from 2023 to 2032.
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Prime determinants of growth
A rise in the oil and gas industry, growth in the chemical, and rise in demand for oil and gas storage facilities drive the growth of the adiabatic cooler market. however, the High initial and maintenance cost restrict the market growth. Moreover, technological advancements in the chemical and petrochemical industry present new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $626.8 Million |
Market Size in 2032 | $1,025.9 Million |
CAGR | 4.9 % |
No. of Pages in Report | 264 |
Segments covered | Product Type, End-User Industry, and Orientation |
Drivers | Rise in oil and gas industry Rapid industrialization in developing countries Rise in demand for food and beverages facilities |
Opportunities | Technological advancements |
Restraints | High initial and maintenance cost |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the adiabatic cooler market, owing to temporary closure of manufacturing firms during the lockdown.
- However, the rise witnessed in chemical and refrigeration industry post COVID-19 lockdowns prevented the adiabatic cooler market from taking a steep negative dive.
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The dry air cooler segment is the largest segment based on revenue in 2022.
By product type, the dry air cooler segment held the highest market share in 2022, accounting for more than three-fifth of the adiabatic cooler market. Dry air coolers are frequently used in situations where water resources are limited or where environmental concerns call for water conservation is expected to boost the growth of the market. It is used in various industrial processes, power plants, and HVAC systems to maintain ideal operating temperatures. For example, dry air coolers are used including cooling the lubricating oil in a gas turbine power facility, cooling process water in a chemical manufacturing plant, or regulating the temperature of server racks in data centres.
The industrial manufacturing segment is the largest segment based on revenue in 2022
By end-user industry, the industrial manufacturing segment held the highest market share in 2022, accounting for more than one-fourth of the adiabatic cooler market. The utilization of adiabatic coolers in industrial manufacturing is driven by a variety of factors such as the demand for energy efficiency, compliance with environmental regulations, the necessity for precise temperature control, cost-effectiveness, and a growing emphasis on sustainability and product quality. All these factors have driven the growing adoption of adiabatic cooling systems within the industrial manufacturing sector.
The Asia-pacific region holds largest share based on revenue in 2022
By region, the Asia-pacific region held the highest market share in 2022, accounting for more than one fourth of the adiabatic cooler market. Government initiatives have boosted the manufacturing sector in the region. For instance, make in India launched by the Indian Government, and Made in China 2025 launched by the Chinese Government have fueled the growth of manufacturing sector. Furthermore, the exponential rise in population and rapid development of the manufacturing industries have fueled the demand for electricity, thereby increasing the number of power plants in the region. These factors are expected to provide lucrative opportunities for the growth of the adiabatic coolers market in the region.
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Leading Market Players: -
- ALFA LAVAL
- Baltimore Aircoil Company Inc.
- EVAPCO, Inc.
- Guntner Group
- FRIGEL FIRENZE S.p.A.
- ICS Cool Energy Limited
- MITA Group
- SPX Cooling Technologies
- Thermax Limited
- Vistech Cooling Systems
The report provides a detailed analysis of these key players in the adiabatic cooler market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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