PUBLISHER: Allied Market Research | PRODUCT CODE: 1414785
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414785
According to a new report published by Allied Market Research, titled, "Adiabatic Cooler Market," The adiabatic cooler market was valued at $626.80 million in 2022, and is estimated to reach $1 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.
Increase in demand for adiabatic cooler in industries, such as industrial manufacturing and oil & gas industries, drives market growth. In addition, factors such as industrial growth, technological advancement, energy efficiency requirements, and the need for sustainable cooling solutions contribute to the growth of the market. The adiabatic cooler uses wet pads to pre-cool the ambient air entering the tower. Pre-cooling helps to achieve a lower temperature than the ambient dry bulb temperature. This pre-cooled air is then used to cool process water or any other refrigerant. Achieving a cold-air temperature lower than dry bulb temperature is not possible in standard dry cooling systems, which is a major advantage of adiabatic coolers. In addition, depending on the mode of operation (water saving or energy saving), the in-built control systems autonomously regulate fan speed. Moreover, the growth in the industrial manufacturing sector has largely been aided by the rise in demand for manufactured goods and is expected to boost the adiabatic coolers market.
The adiabatic cooler market is segmented on the basis of product type, orientation, end-user industry, and region. By product type, the market is categorized into dry air coolers and liquid coolers. On the basis of orientation, it is bifurcated into V-type and horizontal. And on the basis of end-user industry, the market is classified into oil & gas, industrial manufacturing, chemical & petrochemical, food & beverage, and others.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2020, accounting for the highest share, and LAMEA is anticipated to grow at the highest CAGR during the forecast period. This is attributed to the growing industrialization in the region.
The major players that operate in the global adiabatic cooler market have adopted key strategies such as product launch and product development to strengthen their market outreach and sustain the stiff competition in the market. For instance, in September 2023, FRIGEL FIRENZE S.p. A. launched an adiabatic cooler equipped with pre-cooler pads, ensuring not only exceptional thermal efficiency, however, also safe operation. The next-generation Ecodry 4DK is a groundbreaking solution in the field of efficient cooling, particularly suited for applications where traditional open cooling towers face challenges related to water consumption, treatment, and the risk of Legionella contamination.
COMPETITION ANALYSIS
Key companies profiled in the adiabatic cooler market report include 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, and Vistech Cooling Systems.
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