The report "Evaporative Condensing Unit Market by End-Use Industry (Commercial, Power, and Chemical), Application (Refrigeration, and Air Conditioning), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Global Forecast to 2026", The evaporative condensing unit market is projected to reach USD 1.61 Billion by 2026, at a CAGR of 7.2% from 2016 to 2026.
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Introduction of evaporative condensing units with advanced technologies has contributed to the growth of this market. Advanced evaporative condensing units are in demand primarily due to the benefits that they offer, 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 is expected to fuel the growth of the evaporative condensing unit market.
Based on end-use industry, commercial segment of the evaporative condensing unit market expected to grow at the highest CAGR from 2016 to 2026
Evaporative condensing units are being used for refrigeration and air conditioning purposes in commercial end-use industries, such as hotels & restaurants, food processing units, and cold storages & warehouses. These are being used in 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 the benefits that they offer, 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 is expected to fuel the growth of the evaporative condensing unit market for commercial industries.
Based on application, the refrigeration segment is expected to lead the evaporative condensing unit market 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.
The evaporative condensing unit market in the Middle East & Africa is expected to grow at the highest CAGR between 2016 and 2026
The Middle East & Africa is projected to grow at the highest rate between 2016 and 2026. The Saudi Arabia evaporative condensing unit market is expected to grow at the highest CARG between 2016 and 2026. High economic growth of Saudi Arabia is significantly contributing to the growth of the evaporative condensing unit market in the region. Egypt is one of the key markets for evaporative condensing units in the Middle East & Africa, due to growth of commercial refrigeration industries, such as cold storage, food processing, and power industries, in the country.
Key players in the evaporative condensing unit market, such as Baltimore Aircoil Company Inc., Johnson Controls Inc., and DECSA s.r.l. have launched various products to cater to the diverse needs of customers and expand their presence in the market.
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