Evaporative Condensing Unit Market Estimated to Observe Significant Growth by 2030

One of the major factors accelerating the growth potential of the evaporative condensing unit market is rise in population coupled with increase in disposable income in emerging economies such as China, India, and Malaysia. Food processing, warehousing, and food service are just a few of the industries with strong growth prospects in these areas. As pollution levels rise, the average global temperature rises, necessitating refrigeration in both the residential and commercial sectors. Food processing, warehouses, and industrial chemical plants require advanced levels of refrigeration, which drive the demand for evaporative condensing units in the coming years. Every business unit has made efficient energy consumption a priority with the rise in cost of fuels and energy sources. These types of refrigeration systems are also being used in large supermarkets to reduce energy consumption largely. Reduced condensing temperature is one way to achieve this level of energy efficiency, and the latest design of evaporative condensing units achieves this goal.

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Market Trends 

  • The evaporative condensing unit market is expected to be led by the refrigeration application segment. The demand for evaporative condensing units is on an increase because of advancements in refrigeration technology. The demand for evaporative condensing units in refrigeration is expected to be driven by the growing food processing and storage facility industry in emerging nations.
  • Consumers prefer technologically advanced evaporative condensing units because of their increased durability and shelf life, as well as improved refrigeration and air-conditioning system performance. The evaporative condensing unit market is expected to grow in response to rise in demand for advanced refrigeration systems.
  • The demand for multipurpose high-performance evaporative condensing units is steadily increasing as the world becomes more industrialized. The Middle East & Africa evaporative condensing unit market is expected to grow at the second-highest CAGR during the forecast period due to the dominance of the chemical industry, which contributes to the increasing demand for evaporative condensing units in the region.

Key Market Players

  • Emerson Electric Co. (US)
  • Carrier Global Corporation (US)
  • Danfoss (Denmark)
  • GEA Group Aktiengesellschaft (Germany)
  • Heatcraft Refrigeration Products LLC (US)
  • Voltas Limited (India)
  • BITZER SE (Germany)
  • ADVANSOR A/S (Denmark)
  • Baltimore Aircoil Company (US)
  • Officine Mario Dorin S.p.A. (Italy)
  • SCM Frigo S.p.A. (Italy)

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Key Benefits of the Report

  • his study presents the analytical depiction of the evaporative condensing unit market along with the current trends and future estimations to determine the imminent investment pockets.
  • he report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the evaporative condensing unit market share.
  • he current market is quantitatively analyzed from 2020 to 2030 to highlight the evaporative condensing unit market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • he report provides a detailed evaporative condensing unit market analysis based on competitive intensity and how the competition will take shape in coming years. 

COVID-19 Impact analysis

  • COVID-19 had a negative impact on the evaporative condensing unit market in 2020. Several countries went into lockdown because of the pandemic threat. Supply chain disruptions, work stoppages, and labour shortages influenced a variety of industries, including paints and coatings, adhesives and sealants, electrical and electronics, and others. The adverse health effects of epoxy and the negative impact of the COVID-19 pandemic are expected to stifle market growth.

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