Dry cooler is an air-cooled device, which is utilized to remove excess heat from the system. Water is most preferably circulated through the cold media of the dry cooler, where the heat exchanger with the surrounding air cools the media. Exhaust fans are utilized to force the air through the dry cooler. So as to maintain a highly efficient process, a 5 Kelvin temperature difference is recommended between the cooling air and the medium. A dry cooler is often used in industries where heat removal is highly necessary, such as, process cooling or re-cooling.
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Dry Cooler Market: Dynamics
The global dry cooler market has witnessed a gradual growth over the past decade and is likely to excel over the forecast period. Expansion in the IT, commercial and industrial sector has resulted in increased demand for dry coolers across all major developing economies.
The macroeconomic factor, such as growing urbanization & industrial activities coupled with technological advancement in the HVAC industry is further augmenting the sales for dry cooler. The significant increase in sales of dry cooler due to the growing concerns regarding efficient & effective operations in industrial operations is highly anticipated to drive the global dry cooler market.
Moreover, considerable growth in the South and East Asia industrial sector and rising concerns regarding greenhouse gas emission is anticipated to create a significant opportunity for the global dry cooler market. Additionally, the superior performance characteristics of dry cooler such as, no or less water usage, no water treatment, less maintenance and operational safety is highly anticipated to boost the demand for dry cooler.
As dry cooler plays a significant role in helping a building operate more efficiently, dry cooler is gaining huge recognition across all regions. All the above mentioned major influencing features are highly anticipated to drive the global dry cooler market over the forecast period. The key restraining factor such as slow replacement rate, complex installation process of dry cooler and prominence of conventional coolers in the current market may hinder the global dry cooler market growth over the forecast period.
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Dry Cooler Market: Segmentation
The global dry cooler market is segmented on the basis of product type, cooling capacity, end-use sector and region.
Based on the product type, the global dry cooler market is segmented as:
- ‘V’ type
- Horizontal Type
Based on the cooling capacity, the global dry cooler market is segmented as:
- Upto 50 kW
- 50 kW – 100 kW
- 100 kW – 500 kW
- Above 500 kW
Based on the end-use sector, the global dry cooler market is segmented as:
- Refinery & petrochemicals
- Information & Technology
- Power industry
“V” type dry cooler is anticipated to showcase extraordinary growth rate during the forecast period due to its low cost and its operational efficiency. On the other hand, information & technology sector segment is anticipated to see rapid market growth over the forecast period, attributed to phenomenal growth of the sector.
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Dry Cooler Market: Regional Outlook
The global dry cooler market is segmented into seven regions: North America, Europe, MEA, East Asia (Japan, China, and South Korea), South Asia (India, Thailand, Malaysia, Indonesia, Philippines, and Rest of South Asia), Oceania (Australia, New Zealand) and Latin America. Among the above-mentioned countries, North America is projected to account for a notable market share due to the predominant IT sector. East Asia is anticipated to witness a high growth in the global dry cooler market owing to the rise in industrial, construction and telecommunication expansion activities.
Furthermore, South Asia and MEA is projected to showcase most enthusiastic growth in the global dry cooler market due to the rise in the urbanization coupled with a surge in power consumption across the region. Europe is one of the key matured regions that will create praiseworthy product demand opportunity through replacement of conventional cooler by advanced dry cooler over the forecast period due to the existence of significant robust infrastructure.
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