Global Adiabatic Cooler Market Is $ 456.37 Million In 2019 And Expand To $ 680.39 Million By 2024
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Global revenue of Adiabatic Cooler has kept growing during the past five years with an average growth rate of 8.34%. Compared to 2017, Adiabatic Cooler market managed to increase revenue by 5.60 percent to $ 428.97 million worldwide in 2018 from $ 406.24 million in 2017. Overall, the Adiabatic Cooler market performance is positive, despite the weak economic environment.
The global Adiabatic Cooler market is forecasted to keep the trend and expand to $ 680.39 million by 2024 from $ 456.37 million in 2019, growing at a CAGR of 8.31% from 2019 to 2024. And it is expected to reach 7895 units in 2024, in terms of volume.
As the technology of Adiabatic Cooler is relatively mature and the downstream market, especially for industrial and commercial market is growing fast, so there are lots of enterprises in the Adiabatic Cooler market. The high-end Adiabatic Cooler is mainly produced in Europe and United States because their advanced R&D level, and more than 60% of Adiabatic Cooler are consumed in these two regions as well. The Adiabatic Cooler market competition will be still intense. Thermax is the leading manufacturer in the global Adiabatic Cooler market with the market share of 8.42%, in terms of revenue, followed by SPX Cooling Technologies, EVAPCO, Alfa Laval, Guntner, Baltimore Aircoil, ICS Cool Energy, FRIGEL, MITA Group and Vistech. The top 10 listed companies accounted for 50% of the market share in 2018.
Adiabatic Cooler is widely adopted across industry, as the machine has been used for a multitude of applications, including both industrial and commercial. Among them, industrial segment accounted for the most of market share (78.12% in 2018), in terms of volume, while Commercial segment accounted for 21.88%, which would grow with highest rate during the forecast period. Briefly speaking, in the next few years, Adiabatic Cooler industry will still be an energetic industry.
Although Adiabatic Cooler market still brings a lot of opportunities, the study group recommends the new entrants just having money but without technical advantage and upstream and downstream support do not to enter into this field.