Desiccant Wheel Market to Reach $463 Million by 2024
Desiccant wheels are experiencing a significant rise in demand from a number of industry verticals
ALBANY, N.Y. — The global desiccant wheel market is expected to exhibit a nearly 5 percent compound annual growth rate (CAGR) from 2016 to 2024, rising from a valuation of $296.5 million in 2015 to $463 million by 2024, according to Transparency Market Research. Of the key desiccants used in desiccant wheels, silica gel dominated by a sizeable margin, holding 68 percent of the overall market in 2015.
Desiccant wheels are experiencing a significant rise in demand from a number of industry verticals such as food and beverages, chemicals, and pharmaceuticals for maintaining the regulatory standards associated with the relative humidity (rh) levels in production facilities. In the next few years, reduction in energy costs and portability of desiccant dehumidifiers are expected to increase the popularity of desiccant wheels on a global front. Furthermore, desiccant dehumidifiers have demonstrated the ability to be more effective than compressor-based dehumidifiers when it comes to extracting moisture in short time spans.