Desiccant Wheel Market to Reach $463 Million by 2024
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.
According to NASA’s Goddard Institute for Space Studies (GISS), 2015 was ranked as the warmest year on record. Increased temperatures are resulting in an increase in surface humidity. These factors are driving the heightened need for dehumidification equipment across multiple industries. With increased humidity levels, the amount of moisture absorbed by desiccant wheels increases, which in turn reduces their lifespan and drives the need for additional desiccant wheels. This factor is expected to have a significant positive impact on the development of the global desiccant wheels market over the forecast period.
The market is also expected to be driven by the rising demand for energy efficient HVAC equipment in the next few years. In order to reduce the overall cost of HVAC systems with low energy consumption, desiccant-wheel-based dehumidification systems are being utilized.
From a geographic perspective, North America led the global market in 2015 and is also expected to remain one of the most attractive regional markets over the forecast period. The market in the Asia-Pacific region, however, is expected to outpace North America owing to the high concentration of several key end-use industries.
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