Global Evaporative Air Coolers Market: Overview
An evaporative air cooler refers to a type of air conditioner that functions by deriving the power of evaporation to bring down temperature of the surroundings. In the process of evaporation, water is turned into gas. As it happens, the particles of highest energy leave the water first and then it results in a drop of temperature. The global evaporative air coolers market is expected to gather momentum due to its high energy efficiency and effectiveness over traditional air conditioners.
In comparison with traditional air conditioners, evaporative coolers come with two major advantages. These two major benefits of evaporative air coolers are sustainability and high energy efficiency. Both the benefits come from the fact that these air coolers make use of far less electricity than the traditional ones to function. As a matter of fact, the traditional air conditioners reportedly make use of as much as seven times more electrical power than evaporative air coolers. This disadvantage of conventional air conditioners is likely to open up the scope of growth for the global evaporative air coolers market in the years to come.
Utilization of less electricity indicates at evaporative cooler reducing the carbon footprint in the environment. It also means lesser utility bills, which makes it an economically feasible option for middle class people. This factor is likely to drive the demand for evaporative air coolers in the years to come. Furthermore, these coolers do not use any kind of chemical refrigerants and it uses only water. Therefore, these coolers are not harmful for the ozone layer.
Type, application, function, and region are the four important parameters based on which the global evaporative air coolers market has been categorized. Such dissection of the market comes with the purpose to offer stakeholders with a detailed and clear analysis of the global evaporative air coolers market.
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Global Evaporative Air Coolers Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global evaporative air coolers market is mentioned below:
- In January 2018, the US-based Baltimore Aircoil Company launched Nexus Modular Hybrid Cooler in the market. This new cooler is one of the very first intelligent hybrid fluid, and plug-and-play cooling system that is made to optimize savings of energy and water and to simplify the design of the system.
Some of the prominent organizations in the global evaporative air coolers market include the below-mentioned:
- Fujian Jinghui Environmental Technology Co., Ltd
- Honeywell International Inc.
- Aolan (Fujian) Industry Co., Ltd
- De’Longhi Appliances S.r.l
- Seeley International Pty Ltd
- Bajaj Electricals Ltd
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Global Evaporative Air Coolers Market: Key Trends
The global evaporative air coolers market is characterized by the presence of the following restraints, drivers, and opportunities.
Augmented Environmental Awareness to Makes these Air Coolers Popular in the Market
Evaporative air cooler is not a new concept, rather an old and common technology in the field of evaporative cooling. The commercial kitchens, warehouses, and residential sector comprise the major end use segments of the evaporative air coolers. The residential sector is likely to comprise one of the leading end users of the global evaporative air coolers market due to growing concern for the environment and reduced utility bills. Portable evaporative coolers are likely to gain more popularity in the residential sector in the coming years. The demand for stationery evaporative coolers is also expected to observe a surge in demand as they save space on the floor by getting installed on the wall. Furthermore, evaporative air coolers are priced economically, which puts it within the reach of a wider base of people and small-scale industries
Increasing popularity of evaporative air coolers that are powered by solar energy is estimated to come up as an emerging trend. Reducing price of solar powered evaporative air coolers and rising environmental awareness amongst people are likely to spell growth for the global evaporative air coolers market in the years to come.
Global Evaporative Air Coolers Market: Geographical Analysis
Middle East and Africa and Asia Pacific have witnessed considerable change in the climate over the last couple of years, which has impacted the lives of people in these two geographies in more than one ways. The change in climate has resulted in soaring of temperatures in these two regions, which is likely to play a crucial role in the development of the evaporative air coolers in these regions. These coolers are economically priced, which makes these coolers popular amongst the vast middle class population these regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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