Global Evaporating Condensing Unit Market: Demand Analysis and Growth Forecast
An evaporating condensing unit is a special unit in industrial applications which decreases the heat rejection process using the cooling effect of evaporation. The booming food and beverage industry display an extensive demand for evaporative condensing units for several end-users such as cold stores, restaurants, warehouses, and food processing units. The developing food processing and storage facility industry in emerging economies is anticipated to fuel the growth of the refrigeration application segment of the overall market.
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Evaporative condensing units that are technologically advanced are being preferred owing to their extended service life and durability. Additionally, they facilitate improved performance of air-conditioning and refrigeration systems. According to a recent business intelligence report from IndustryARC, the Evaporating condensing unit market is expected to exceed more than US$ 32 Billion at a CAGR of 8% during the forecast period from 2018 to 2023. Globally increasing industrial establishment is one of the reasons for the growth of the evaporating condensing unit market.
Evaporating Condensing Unit Market: Key Drivers and Disruptive Trends
The growth of end-user industries in rising nations is one of the key drivers for a rapid increase in the evaporating condensing market. Honeycomb PVC Wet deck design is used widely with the aim to improve air and water usage. Furthermore, evaporative condensing units are used in large commercial industries, particularly the ones that require above 100 tons of refrigeration. The rising concerns about the high global warming potency of chlorofluorocarbons (CFC) refrigerants have negatively impacted the growth of the evaporative condensing unit market in North America and Europe. In Europe, refrigerants need to meet EN 378 and ISO 5149 standards in order to be certified as non-toxic and non-flammable. Moreover, the European Environment Agency keeps a check on ammonia emissions from industrial units, commercial, domestic, and agricultural sectors and has laid out stringent regulations for the use of ammonia. In the U.S., the need to obtain EPA SNAP approval is compulsory before ammonia can be used in refrigerants.
Global Evaporating Condensing Unit Market: Leading Segments
Based on the design the global evaporating condensing unit market can be segmented into the combined flow, counter flow, induced draft, and forced draft. Based on end users, the market can be segmented as commercial, power, and chemicals. Some of the major applications of the evaporating condensing market are refrigerators, air conditioning, and others. North America currently holds the largest market share owing to the increasing demand for evaporative condensing units in different manufacturing industries. MEA is expected to be the fastest growing segment as Saudi Arabia and Egypt secure growing market share in food processing units and cold storage divisions.
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Evaporation condensing unit market decreases the heat rejection process using the cooling effect. High economic growth in a nation is the major driver effecting the growth of the evaporating condensing unit market. Increasing demands of display and storage refrigerator in the food and beverage industry is another reason for the growth of the market.
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