North America Evaporative Cooling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The North America Evaporative Cooling Market was valued at USD 1.56 billion in 2020 and is expected to reach USD 1.94 billion by 2026, at a CAGR of 3.71% over the forecast period 2020 - 2025. The North American region has been witnessing an increasing number of initiatives for sustainable energy management. Therefore, traditional air conditioning is not a feasible option. This factor is driving the popularity of evaporative cooling, which is fast becoming the most efficient option, for cooling large areas or open spaces. Evaporative cooling enables firms to gain cooling benefits without adverse effects on the environment. It has become imperative for firms to adopt sustainable practices for their production and HVAC operations, to mitigate risks of environmental pollution.
Key HighlightsThe North American evaporative cooling market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
The companies operating in the market are also acquiring start-ups working on Evaporative Cooling technologies to strengthen their product capabilities. In February 2018, SPX Cooling Technologies Inc. announced the new Marley MD Everest counter flow cooling tower. The Marley MD Everest cooling tower is designed to meet HVAC demands and is suitable for a wide range of applications.
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