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Sales Of Evaporative Condensing Unit To Hit 1.61 Billion Usd By 2026; Covid-19 Pandemic Unlocks New Opportunities, Opines A Mnm Study
An evaporative condensing unit refers to a refrigeration system that comprises condenser, compressor, and receiver. Evaporative condensing units are used predominantly to provide refrigeration in food processing & storage facilities and cold storages. The capacity of an evaporative condensing unit ranges between 20 tons of refrigeration and 2,000 tons of refrigeration. The evaporative condensing unit market was valued at USD 750.4 million in 2015 and is projected to reach USD 1.61 billion by 2026, at a CAGR of 7.2% from 2016 to 2026. This growth can be attributed to the increasing demand for evaporative condensing units in the Middle East & Africa region. The growing commercial refrigeration industry in developing nations is fueling the growth of evaporative condensing units. The demand is also estimated to arise from the other industries due to the increased need for advanced inverters, process cooling, heat pumps, water chilling, cold storage, among others.
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Key players of the evaporative condensing unit market, such as Baltimore Aircoil Company Inc., Johnson Controls Inc., and DECSA s.r.l. launched various products to cater to the diverse needs of customers and expand their presence in the market. Increasing concerns towards high global warming potential (GWP) of common chlorofluorocarbon (CFC) refrigerants have adversely affected the growth of the evaporative condensing unit market in Europe and North America. In Europe, standards, such as EN 378 and ISO 5149 have to be met in context of non-toxic, non-flammable refrigerants. In the U.S., obtaining EPA SNAP approval is mandatory before using ammonia in refrigerants. The European Environment Agency monitors ammonia emissions from industries, institutions, households, commercial, and agriculture sectors, and has imposed strict restrictions on using ammonia.
Commercial is the largest end-use industry segment of the evaporative condensing unit market. Evaporative condensing units are used for refrigeration and air conditioning purposes in commercial end-use industries, such as hotels & restaurants, food processing units, and cold storages & warehouses. Evaporative condensing units are used for refrigeration and air conditioning applications in large commercial industries, especially where more than 100 TR (tons of refrigeration) is required. All luxury facilities in the food & service industry prefer evaporative condensing units due to their benefits such as, adaptability, extended durability and shelf life, and improved performance of refrigeration and air-conditioning systems. Thus, the growing demand for advanced refrigeration systems from commercial industries is expected to fuel the growth of the evaporative condensing unit market.
The refrigeration application segment of the evaporative condensing unit market is expected to grow at the highest rate from 2016 to 2026. Evaporative condensing units are used for refrigeration purpose in various industries, such as power, chemical, and commercial industries, among others. The demand for evaporative condensing units is growing from various end users, such as cold stores, warehouses, restaurants, and food processing units, owing to the growth of food & beverage industry in developing nations. The growing food processing & storage facility market in emerging nations is expected to drive the refrigeration application segment of the evaporative condensing unit market.
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The Middle East & Africa is projected to grow at the highest CAGR between 2016 and 2026. Saudi Arabia is leading the evaporative condensing unit market in the Middle East & Africa. High economic growth of Saudi Arabia is significantly contributing to the growth of the evaporative condensing unit market in the region.
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