Evaporative Condensing Unit Market Worth $1.61 Billion by 2026
Advanced technologies have contributed to the growth of the market
PUNE, India — The global evaporative condensing unit market is projected to reach $1.61 billion by 2026, increasing at a compound annual growth rate (CAGR) of 7.2 percent from 2016 to 2026, according to a report published by MarketsandMarkets.
The introduction of evaporative condensing units with advanced technologies has contributed to the growth of this market. Advanced units are in demand due to the benefits that they offer, such as adaptability, extended durability and 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 sector, the commercial segment of the evaporative condensing unit market is expected to grow at the highest CAGR from 2016 to 2026.
Evaporative condensing units are being used for refrigeration and air conditioning purposes in various commercial end-use sectors, such as hotels and restaurants, food processing units, and cold storage and warehouses. These are being used in refrigeration and air conditioning applications in large commercial facilities, especially where more than 100 TR (tons of refrigeration) is required.
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, 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 the food and beverage industry in developing nations. The growing food processing and storage facility market in emerging nations is expected to drive the refrigeration application segment of the evaporative condensing unit market.
By region, the Middle East & Africa market 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 CAGR during the forecast period. The high economic growth of Saudi Arabia is significantly contributing to 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 the growth of commercial refrigeration, such as cold storage and food processing, in the country.
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Publication date: 12/2/2016