Evaporative Condensing Unit Market By Application (Refrigeration, Air Conditioning, Others) , By End Use (Residential, Commercial, Industrial) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Evaporative Condensing Unit Market
The evaporative condensing unit market was valued at $1.3 billion in 2023 and is projected to reach $2.2 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
An evaporative condensing unit is a heat-exchanging component of refrigeration systems. It removes excessive heat from a process or system through the evaporation of water to enhance the procedure of heat rejection. The combined principle of evaporative cooling and conventional condensation of the unit makes it critical for deployment in HVAC systems, commercial refrigeration, and industrial cooling processes. The major elements that form evaporative condensing units include evaporative condenser, compressor, fan, water distribution system, drift eliminators, and basins & pumps.
Increase in focus on improving efficiency and reducing excessive energy expenditure is a key driver of the evaporative condensing unit market. In addition, the implementation of stringent regulations by governments across the globe to reduce the emission of greenhouse gases is fueling the adoption of condensing units, thereby augmenting the development of the market. Furthermore, rapid surge in urbanization has boosted the installation of HVAC systems, propelling the market growth significantly. With increasing concerns pertaining to the environmental impact of conventional power sources, the adoption of renewable energy systems is gaining notable prominence. This has fueled the trend of assimilating evaporative condensing units with renewable energy systems to develop energy-efficient hybrid refrigeration systems. The widespread adoption of such systems is poised to elevate energy conservation by reducing power consumption and enhancing output.
However, the constant supply of water for efficient operation acts as a significant challenge, particularly in areas with water scarcity, hence restraining the development of the market. Moreover, high maintenance requirements owing to potential scale build-up and microbial growth deter its adoption and hampers the market growth. On the contrary, upsurge in demand for evaporative condensing units in the petrochemical industry for heat management during production and refining processes is anticipated to present lucrative opportunities for the market. According to the International Energy Agency, rise in demand for petrochemical products is expected to account for more than one-third of oil demand by 2030. This surge in demand is projected to fuel the requirement for evaporative condensing units and open new avenues for the market expansion.
Segment ReviewThe evaporative condensing unit market is segmented into application, end use, and region. On the basis of application, the market is divided into refrigeration, air conditioning, and others. Depending on end use, it is divided into residential, commercial, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of application, the refrigeration segment held a high share of the market in 2023.
Depending on end use, the industrial segment acquired a high stake in the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global evaporative condensing unit market include AAON, Inc., Johnson Controls International PLC, Baltimore Aircoil Company, Decsa Srl, Daikin Industries Ltd., Nortek Air Solutions, LLC, SPX Corporation, Evapco, Inc., TEVA - Tecnicas Evaporativa S.L., and Temp Tech Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy ApplicationRefrigeration
Air Conditioning
Others
By End UseResidential
Commercial
Industrial
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersAAON, Inc
Johnson Controls International PLC
Baltimore Aircoil Company
Decsa Srl
Daikin Industries Ltd.
Nortek Air Solutions, LLC.
SPX Corporation
Evapco, Inc.
TEVA - Tecnicas Evaporativa S.L.
Temp Tech Co., Ltd.