Fluid Loss
A horse's sweat glands produce more than twice as much sweat per square-inch of skin as a human's. A horse loses up to almost 16 qts. of fluid per hour -- primarily through its sweat glands and lungs -- during intense exercise.
Electrolyte Loss
Thirst is triggered in humans when sweating causes a rise in the blood's electrolyte levels. Horses lose more electrolytes from their sweat glands. Lower electrolyte levels left in the horse's blood do not quickly trigger thirst.
Overheating
Overheating results if a horse is not producing enough sweat to cool itself, and does not drink sufficient water to replace fluids and electrolytes. A fit horse sweats readily, and loses fewer electrolytes through its sweat glands.