Evaporative Condensing Unit Market Size, Share, Growth, and Industry Analysis, By Type (Refrigeration, and Air Conditioning), By Application (Commercial, Power, and Chemical) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

EVAPORATIVE CONDENSING UNIT MARKET REPORT OVERVIEW

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The global evaporative condensing unit market size was USD 1085.3 million in 2022 and will touch USD 1475.3 million by 2028, exhibiting a CAGR of 5.3% during the forecast period.

An essential element within refrigeration systems for commercial and industrial settings, the evaporative condensing unit serves the crucial function of converting refrigerant vapor into liquid form. This transformation is achieved by transferring heat from the refrigerant to a circulating medium, commonly water. By executing this process, the unit effectively expels heat from the refrigeration system, ensuring it can uphold ideal operational temperatures.

An evaporative condensing unit comprises essential elements such as a condenser coil, compressor, condenser fan, water distribution system, and water collection basin. The condenser coil facilitates the transfer of heat from the refrigerant to circulating water, while the compressor elevates the pressure and temperature of the refrigerant vapor. Additionally, the condenser fan aids in heat dissipation by directing air across the condenser coil.

COVID-19 Impact: Increased Demand for Cold Storage Facilities among Population to Fuel Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

During the pandemic, there was a heightened demand for storage facilities, especially for pharmaceuticals, vaccines, and food products. This surge in demand for cold storage facilities led to an increased requirement for evaporative condensing units, given their essential role in the refrigeration systems utilized in these facilities.

As awareness of health and hygiene has risen, there has been a greater focus on food safety, resulting in the implementation of stricter regulations and standards. This has encouraged businesses to invest in enhanced refrigeration equipment, such as evaporative condensing units, to guarantee the safety and preservation of food products.

LATEST TRENDS

"Energy Efficiency, Smart Technology Integration to Drive Market Growth"

Across the globe, governments are enacting more stringent regulations to diminish energy usage and curb greenhouse gas emissions. Manufacturers producing evaporative condensing units are obligated to adhere to these regulations, often necessitating elevated energy efficiency criteria for refrigeration equipment. By consuming less electricity, energy-efficient evaporative condensing units present reduced operating expenses. Businesses are becoming more mindful of energy costs and are predisposed to invest in equipment that promises long-term reductions in energy bills. Evaporative condensing units are integrating smart technology features more frequently, including remote monitoring, predictive maintenance, and data analytics. These functionalities enable enhanced performance monitoring, proactive maintenance, and energy consumption optimization.

EVAPORATIVE CONDENSING UNIT MARKET SEGMENTATION

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By Type

Based on type the global evaporative condensing unit market can be categorized into Refrigeration, and Air Conditioning.

• Refrigeration: Evaporative condensing units employed in refrigeration applications are engineered to sustain low temperatures, crucial for safeguarding perishable items. These units are prevalent in cold storage facilities, supermarkets, food processing plants, and various commercial or industrial environments where meticulous temperature regulation is imperative to ensure food safety and longevity. Typically operating at lower condensing temperatures, refrigeration evaporative condensing units are fine-tuned to handle refrigerants tailored for sub-zero temperature requirements.

• Air Conditioning: Evaporative condensing units employed in air conditioning systems play a pivotal role in cooling indoor environments by extracting heat from the air. These units find widespread use in residential, commercial, and industrial structures to deliver comfort cooling. Operating at elevated condensing temperatures in contrast to refrigeration units, air conditioning evaporative condensing units are tailored to accommodate refrigerants optimized for air conditioning tasks, such as R-410A or R-134a. Collaborating seamlessly with air handling units or ductwork, they facilitate the distribution of cooled air throughout the premises, guaranteeing optimal indoor comfort, particularly during warmer climates.

By Application

Based on application the global evaporative condensing unit market can be categorized into Commercial, Power, and Chemical.

• Commercial: Evaporative condensing units find widespread usage in commercial settings such as supermarkets, convenience stores, restaurants, and retail outlets. These units serve to refrigerate food and beverages, maintain freshness in display cases, and regulate temperatures in walk-in coolers, ensuring product quality and safety. Moreover, they are integral components of commercial HVAC systems, playing a key role in maintaining optimal indoor temperatures across various commercial spaces like office buildings, hotels, and shopping malls.

• Power: Evaporative condensing units are crucial elements within cooling systems for gas turbines and steam turbines in power generation plants. Their primary function is to condense exhaust steam from turbines, effectively rejecting heat and sustaining ideal operational parameters for power generation. Evaporative condensing units deployed in power applications play a pivotal role in boosting plant efficiency and reliability.

• Chemical: Evaporative condensing units are pivotal in chemical processing plants, serving diverse purposes like refrigeration, solvent recovery, and distillation. These units are instrumental in sustaining the necessary low temperatures for chemical reactions, product preservation, and equipment cooling. Specifically engineered for chemical environments, evaporative condensing units adeptly manage corrosive or hazardous substances, ensuring safe and efficient operation even in demanding conditions.

DRIVING FACTORS

"Energy Efficiency Regulations to Boost the Market"

The evaporative condensing unit market growth for energy-efficient refrigeration solutions, including evaporative condensing units, is propelled by the implementation of increasingly stringent energy efficiency regulations and environmental standards. Adhering to these regulations incentivizes businesses to invest in more efficient equipment, driving demand and contributing to market expansion as they seek to minimize energy consumption and lower operating costs.

"Technological Advancements to Expand the Market"

Continuous advancements in evaporative condensing unit technology result in enhanced efficiency, reliability, and performance. Incorporating features like smart controls, variable speed drives, and advanced materials elevates the attractiveness of these units among consumers in search of state-of-the-art refrigeration solutions to meet their needs.

RESTRAINING FACTOR

"High Initial Investment to Potentially Impede Market Growth"

The initial investment required for the purchase and installation of evaporative condensing units, especially for larger-scale systems or those equipped with advanced features, can be significant. This substantial upfront cost may discourage certain businesses from embracing or transitioning to more efficient equipment.

EVAPORATIVE CONDENSING UNIT MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market owing to advancements in technology"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa.

In the North American market, evaporative condensing units dominate due to stringent energy efficiency regulations and a significant emphasis on sustainability. The evaporative condensing unit market share is largely driven by the food and beverage industry, alongside commercial and industrial sectors with stringent temperature control requirements. Moreover, advancements in technology and a heightened focus on environmentally friendly refrigerants bolster market expansion.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through innovative technologies"

Several key industry players significantly shape the dynamics of the Evaporative Condensing Unit market. Companies like Carrier Corporation are well-known for their broad product portfolios, innovative technologies, global reach, and strategic initiatives, establishing them as leaders in this sector.

List of Market Players Profiled

• Baltimore Aircoil (U.S.)
• Evapco (U.S.)
• Mammoth (U.S.)
• SPX Corporation (U.S.)
• Johnson Controls (Ireland)

INDUSTRIAL DEVELOPMENT

December 2023: The market for evaporative condensing units has experienced significant growth in recent years, propelled by several factors. Primarily, the rising need for refrigeration across diverse industries including food and beverage, pharmaceuticals, and chemicals has fueled the uptake of advanced cooling solutions like evaporative condensing units. These units provide advantages such as enhanced energy efficiency, lowered operational expenses, and compact configurations.

REPORT COVERAGE

The future demand for evaporative condensing unit market is covered in this study. The Research report includes the Increased Demand for Cold Storage Facilities due to the Covid-19 Impact. The report covers the latest trends in Energy Efficiency. The paper includes a segmentation of the evaporative condensing unit market. The research paper includes the driving factors that are Energy Efficiency Regulations to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for evaporative condensing unit.