Evaporative Condensing Unit Market to register high demand rate by 2025
Global Evaporative Condensing Unit Market: Overview
Evaporative condensing units are installed for refrigeration needs across various industries such as chemical, power, and commercial industries among others due to their energy efficient features. The booming food and beverage industry displays 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.
The global evaporative condensing unit market can be segmented on the basis of design, end-use, application, and region. The most applications of evaporative condensing units are refrigeration and air conditioning; of the two, the refrigeration application segment is anticipated to lead the global evaporative condensing unit market.
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The key end users of evaporative condensing units include but are not limited to: Commercial, chemical, and power.
The market study presents a thorough overview of the global evaporative condensing unit market, with insights into key growth drivers, restraints, and trends that will impact the market’s future development. The report also delves into the latest trends and opportunities that companies in the global evaporative condensing unit market can leverage for growth.
The report is prepared by gathering data from primary and secondary research sources and using standard research methodologies. The detailed assessment of the global evaporative condensing unit market presented in this study will assist managers, policy makers, and business analysts make informed business decisions.
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Global Evaporative Condensing Unit Market: Drivers and Restraints
The development of advanced evaporative condensing units is primarily driving the growth of the global evaporative condensing unit market. Evaporative condensing units that are technologically advanced are being preferred owing to their extended shelf life and durability and they also facilitate improved performance of air-conditioning and refrigeration systems.
Furthermore, evaporative condensing units are used in large commercial industries, particularly the ones that require above 100 tons of refrigeration.
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Global Evaporative Condensing Unit Market: Regional Outlook
The global evaporative condensing unit market can be segmented into the regional segments of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, the Middle East and Africa are expected to dominate the global evaporative condensing unit market in the coming years. Saudi Arabia is expected to contribute significantly to the growth of the Middle East and Africa evaporative condensing unit market due to the high economic growth in the country.
In the coming years, the Middle East and Africa evaporative condensing unit market is expected to display a significant growth rate. This is due to the development of the chemical industry, which in turn displays substantial demand for evaporative condensing units in this region.
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.
Major Companies Mentioned in Report
Some of the leading companies in the global evaporative condensing unit market are Baltimore Aircoil Company Inc., SPX Corporation, Evapco Inc., and Mammoth Inc. among others.
The study presents reliable qualitative and quantitative insights into:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand chain of the market
- Market valuation (revenue and/or volume)
- Key trends/opportunities/challenges
- Forces defining present and estimated future state of the competitive landscape
- Technological developments
- Value chain and stakeholder analysis
The regional analysis covers:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
- A detailed analysis of key segments of the market
- Recent developments in the market’s competitive landscape
- Detailed analysis of market segments up to second or third level of segmentation
- Historical, current, and projected future valuation of the market in terms of revenue and/or volume
- Key business strategies adopted by influential market vendors
- Outline of the regulatory framework surrounding and governing numerous aspects of the market
- Growth opportunities in emerging and established markets
- Recommendations to market players to stay ahead of the competition
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