According to Future Market Insights (FMI), the global evaporative condensing units market is forecast to reach US$ 1.5 billion in 2023 and US$ 2.7 billion by 2033. Overall sales of evaporative condensing units are expected to soar at 6.1% during the assessment period from 2023 to 2033.
The evaporative condensing units industry is projected to witness a positive growth trajectory during the assessment period. It is likely to create an absolute $ opportunity of US$ 1.2 billion through 2033.
As per the latest analysis, refrigeration application will dominate the worldwide evaporative condensing units industry through 2033. This is due to rising usage of evaporative condensing units in various refrigeration systems.
The refrigeration segment is projected to expand at 6.0% CAGR during the assessment period, in comparison to 7.4% CAGR registered during the historical timeframe.
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Rising usage of evaporative condensing units in air conditioning and refrigeration applications is expected to drive the global market forward through 2033.
Robust growth of end-use sectors such as food service, warehouses, and food processing in both developed and developing regions will uplift evaporative condensing unit demand.
Increasing adoption of advanced refrigeration systems across various sectors is projected to boost the global evaporative condensing units industry during the assessment period.
Similarly, increasing global temperature along with rising demand for energy-efficient air conditioning systems will bolster evaporative condensing unit sales through 2033.
Technological advancements in condensing technologies are enabling manufacturers to develop more efficient and advanced evaporating condensing units. This will further boost the target market.
Key Takeaways from the Evaporative Condensing Units Market Report:
- The global evaporative condensing units industry is expected to cross a valuation of US$ 2.7 billion by 2033.
- By application, refrigeration segment is forecast to thrive at 6.0% CAGR during the projection period.
- By end use, commercial segment is likely to expand at 5.7% CAGR through 2033.
- The United States evaporative condensing units market value is expected to reach US$ 0.476 billion by 2033.
- Evaporative condensing unit demand in China is projected to rise at 6.0% CAGR through 2033.
- The evaporative condensing units industry in Japan is forecast to attain a valuation of US$ 0.518 billion by 2033.
- South Korea market is projected to thrive at a CAGR of 5.8% during the assessment period.
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Who is Winning?
Johnson Controls International PLC, AAON, Inc, Baltimore Aircoil Company, Daikin Industries Ltd., Decsa Srl, Nortek Air Solutions, LLC., SPX Corporation, Evapco, Inc., TEVA – Tecnicas Evaporativas, S.L, and Temp Tech Co., Ltd among others are key manufacturers of evaporating condensing units profiled in the report.
To increase their sales and expand their footprint, these key companies are expanding their portfolios by introducing new eco-friendly and energy-efficient evaporative condensing units. They are also implementing strategies such as partnerships, facility expansions, collaborations, agreements, acquisitions, alliances, and mergers to strengthen their market presence.
Recent developments:
- In June 2023, SPX Technologies acquired ASPEQ Heating Group to strengthen its market position.
- In October 2017, Kaltra GmbH introduced new evaporative condensers with power-saving potential.
