Asia Pacific Evaporative Cooler Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Direct Evaporative Cooling, Indirect Evaporative Cooling, and Two-Stage Evaporative Cooling) and Application (Residential, Commercial, Industrial, and

Asia Pacific Evaporative Cooler Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Direct Evaporative Cooling, Indirect Evaporative Cooling, and Two-Stage Evaporative Cooling) and Application (Residential, Commercial, Industrial, and Confinement Farming)

The Asia Pacific evaporative cooler market is expected to grow from US$ 2,119.22 million in 2022 to US$ 3,270.44 million by 2028. It is estimated to grow at a CAGR of 7.5% from 2022 to 2028.

Increasing Demand for Cost-Effective Cooling Solutions fuels Asia Pacific Evaporative Cooler Market

Evaporative coolers use less energy which makes them a more affordable cooling solution. Also, evaporative coolers consist of fewer parts when compared with air conditioning systems, which include a fan, pump, and water. This lowers the ownership costs of the evaporative cooling systems, making them a more cost-effective solution.

According to the Canstar Blue report, the average reverse cycle split system air conditioner costs ~US$ 0.60 per hour, whereas an evaporative cooling system cost around US$ 0.10 per hour and another US$ 0.02 for water. It is also seen that ducted evaporative cooling, which is powered by inverter technology, has an annual running cost of US$ 65. In addition, ducted refrigerated air conditioning, with a 3.5-star energy rating, has annual costs of US$ 150. This price can further rise if the refrigerant ducted system is used for more than one room. Moreover, evaporative coolers only use water and no artificial refrigerants, because of which they do not exhaust the ozone layer. Thus, the evaporative cooler will help save up to 55% on energy costs and ~70 % on running costs compared to the refrigerated air conditioner. The people in the region are moving toward more energy-efficient and cost-efficient solutions. This will further create an opportunity for the growth of the Asia Pacific evaporative cooler market .

Asia Pacific Evaporative Cooler Market Overview

The Asia Pacific evaporative cooler market is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. In APAC, China is expected to provide several opportunities for the market growth during the forecast period, owing to the rise in construction activities in residential and commercial buildings across the country. Further, a few of the major office building construction projects in China, India, Japan, and other countries in Q2 2022 are mentioned below:

The Seomyeon Office Building Development Project involves the investment of US$ 715 million for the construction of a 32-storey office building in South Korea. The Waterloo Metro Quarter Development project involves investment of US$ 650 million for the construction of a mixed-use community in Sydney, New South Wales, Australia, to provide better residential, commercial, and accommodation facilities in the country. 360 Queen Street Office Tower project involves investment of US$ 608 million for the construction of a 33-storey, 200m high office tower in Australia. Uchikanda 1-Chome District Redevelopment project involves investment of US$ 521 million with an aim to provide better office spaces in Japan. This project will redevelop the Corp Building and the Hitachi Kamakurabashi Building into an office complex. Bestfield Commercial Development project involves the investment of US$ 425 million for the construction of three 22-story commercial towers in India. Thus, the growing number of construction projects is increasing the demand for cooling systems in APAC.

Moreover, for the protection of the environment, the preference of customers has shifted from refrigerant air conditioners to water evaporative coolers, which is expected to boost the evaporative cooler market growth during the forecast period.

Asia Pacific Evaporative Cooler Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Evaporative Cooler Market Segmentation

The Asia Pacific evaporative cooler market is divided into type, application , and country.

Based on type, the Asia Pacific evaporative cooler market is segmented into direct evaporative cooling, indirect evaporative cooling, and two-stage evaporative cooling. The direct evaporative cooling segment held the largest Asia Pacific evaporative cooler market share in 2022.

Based on application, the Asia Pacific evaporative cooler market is segmented into residential, commercial, industrial, and confinement farming . The industrial segment held the largest Asia Pacific evaporative cooler market share in 2022.

Based on country, the Asia Pacific evaporative cooler market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific evaporative cooler market share in 2022.

Baltimore Aircoil Co; CoolBoss LLC; Honeywell International Inc; Munters Group AB; Pinnacle Climate Technologies Inc; SPX Technologies Inc; and Symphony Ltd are the leading companies operating in the Asia Pacific evaporative cooler market.

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