The global evaporative condensing units market size is forecast to increase from USD 1.5 billion in 2023 to USD 2.7 billion by 2033. Over the forecast period from 2023 to 2033, global evaporative condensing unit sales are likely to surge at 6.1% CAGR.
In 2022, the worldwide evaporative condensing units industry was valued at about USD 1.4 billion. The target market is likely to generate an absolute D opportunity of USD 1.2 billion over the forecast period.
Evaporative condensing unit demand is expected to remain high in the refrigeration application. As per Future Market Insights (FMI), refrigeration segment is anticipated to thrive at a CAGR of around 6.0% through 2033.
Key Market Shaping Factors:
Compressors, condensers, and evaporators all play a critical role in how refrigeration systems work, from air conditioners to walk-in freezers and commercial cool rooms. They have become crucial components of modern refrigeration systems and air conditioning equipment.
Evaporative condensing units, also called evaporative condensers, are air-cooled heat exchangers that use the process of evaporation cooling to remove heat from a fluid. These condensers are used to remove excess heat from a cooling system when the heat cannot be utilized for other purposes.
Evaporating condensing units remove excess heat by evaporating water. They have become ideal alternatives for cooling devices such as cooling towers. These evaporative condensers are designed for industrial refrigeration, HVAC, and other applications.
Evaporative condensing units come in various sizes depending on the intended use, which can range from commercial to residential, and industrial. Adoption of these condensing units can help to save up to 15% of energy as compared to traditional units.
Evaporative condensing units are becoming popular among end users due to their higher cooling efficiency, reliability, durability, adaptability, environmentally friendliness, and energy & cost-saving features. These refrigeration systems require lower amounts of water and are being widely used to minimize energy consumption to a great extent.
Rising usage of high-performance evaporative condensing units in refrigeration is emerging as a prominent factor driving the global market forward. Similarly, adoption of these condensers in the air conditioning application will fuel evaporative condenser sales.
Temperature-control devices such as evaporating condensing units are used in commercial refrigerators, air conditioning systems, heat pumps, chillers, etc. to help condense the refrigerant and other substances from a gaseous state into a liquid state. They also find application in industrial chemical processes, steam power plants, and other heat-exchange systems.
Amid fluctuating climatic conditions across the world, demand for energy-efficient systems such as air conditioners is likely to rise rapidly during the assessment period. As per a report published by NASA, global average temperature is estimated to exceed 1.5 °C within the next few decades.
Growing usage of air conditioning systems due to rising temperatures will play a key role in boosting the global evaporative condensing units industry through 2033.
Similarly, growing concerns regarding food insecurity due to increasing food wastage is expected to create lucrative opportunities for evaporative condensing unit manufacturers.
Most of the food produced across the globe gets wasted due to lack of adequate storage and transportation facilities. For instance, an estimated 1.6 billion tonnes of food produced globally is lost or goes to waste, as per the Food and Agriculture Organization of the United Nations.
To reduce food wastage as well as safely store & transport perishable food products, people are employing advanced cooling and refrigeration systems. This is expected to uplift evaporative condensing unit demand during the assessment period.
Robust growth of retail stores, warehouses, restaurants, data centers, and hotels will further boost the target market during the assessment period.
Burgeoning demand for energy-efficient solutions in sectors such as oil & gas, HVAC, chemical, etc. will also contribute towards market expansion.
With growing focus on energy efficiency and environmental sustainability in refrigeration and HVAC sectors, popularity of evaporating condensing units is rising rapidly. This is because these condensing units offer improved energy efficiency than traditional air-cooled systems.
Customers looking to reduce energy consumption and operating costs are rapidly shifting their preference towards evaporating condensing units. This will boost the target market through 2033.
Leading evaporative condensing unit manufacturing companies are continuously investing in research and development to improve the performance and efficiency of evaporative condensing units. This includes innovations in fan technologies, heat exchanger designs, and water management systems.
| Attributes | Key Insights |
|---|---|
| Estimated Global Evaporative Condensing Units Market Value (2023) | USD 1.5 billion |
| Projected Market Size (2033) | USD 2.7 billion |
| Value-based CAGR (2023 to 2033) | 6.1% |
| United States Market CAGR (2023 to 2033) | 6.0% |
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According to Future Market Insights (FMI) latest analysis, global sales of evaporative condensing units grew at around 7.5% CAGR historically from 2018 to 2022. Total market value at the end of 2022 reached USD 1.4 billion.
Looking ahead, the global evaporative condensing units industry is poised to exhibit a CAGR of 6.1% through 2033. It is likely to generate an absolute D opportunity of USD 1.2 billion during the projection period.
Growing usage of evaporative condensing units in refrigeration and air conditioning applications across various sectors is providing impetus for market expansion. Similarly, energy-efficiency and high cooling performance of evaporating condensing units is fueling their demand globally.
Rising need for advanced refrigeration across power plants, hospitals, transportation containers, and cooling systems is expected to create lucrative growth prospects within the evaporative condensing units industry.
Growing number of warehouses and logistics will further elevate demand for evaporative condensing units during the assessment period.
Advancement in condensing technology is paving way for the development of innovative evaporative condensing units with low global warming potential, high energy performance ratio, and trouble-free installation.
Evaporative condensing units are becoming attractive choices for modern air conditioning and refrigeration systems that keep spaces cool and comfortable. These solutions are being widely employed across various sectors to modify temperature.
The rapid growth of residential & commercial sectors, population explosion, and high penetration of industrialization are few of the key factors expected to drive demand for evaporative condensing units during the forecast period.
Integration of smart and connected technologies such as IoT and remote monitoring systems in evaporative condensing units will also play a crucial role in boosting the market. Adoption of these advanced technologies allows for predictive maintenance, real-time monitoring, and optimization of system performance.
| Countries | Projected CAGR (2023 to 2033) |
|---|---|
| United States | 6.0% |
| United Kingdom | 5.7% |
| China | 6.0% |
| Japan | 6.0% |
| South Korea | 5.8% |
| Countries | Market Value (2033) |
|---|---|
| United States | USD 0.476 billion |
| United Kingdom | USD 0.85 billion |
| China | ~USD 0.627 billion |
| Japan | ~USD 0.518 billion |
| South Korea | ~USD 0.141 billion |
| Countries | Historical CAGR (2018 to 2022) |
|---|---|
| United States | 7.4% |
| United Kingdom | 7.1% |
| China | 7.3% |
| Japan | 7.2% |
| South Korea | 7.0% |
Rising Demand for Commercial Refrigeration Fueling Evaporative Condensing Unit Sales in the United States
According to Future Market Insights (FMI), the United States evaporative condensing units market is anticipated to cross a valuation of USD 0.476 billion by 2033. It is likely to generate an absolute D opportunity of USD 0.210 billion during the assessment period.
Historically, evaporative condensing unit demand in the United States grew at 7.4% CAGR. Over the projection period, sales of evaporative condensing units in the country are predicted to soar at 6.0% CAGR.
Growth in the United States market is driven by rising need for reducing food wastage and surging demand for commercial refrigeration. Subsequently, growing preference for evaporative condensers over other types including water-cooled condensers due to their energy-efficient and eco-friendly nature will fuel sales.
In recent years, there has been an upsurge in food wastage across the United States due to unsuitable temperatures during transportation and storage of food items. For instance, as per the United States Department of Agriculture (USDA), around 30% to 40% of the food supply is lost or goes to waste in the United States.
In order to minimize food wastage, end users such as food manufacturing sector, retail stores, transportation containers, and hotels employ commercial refrigeration systems. This in turn is positively impacting evaporative condensing unit sales across the United States.
Evaporative condensers have become ideal solutions for commercial and industrial refrigeration and HVACs. This is due to their various benefits including high energy efficiency and low maintenance costs.
Continuous advancements in refrigeration technology and rapid shift towards eco-friendly and energy-efficient cooling systems will further boost the United States market.
Growing Demand for Commercial Air Conditioning Systems Boosting China Market
As per FMI’s latest report, China is expected to remain at the top of the ladder in the global evaporative condensing units industry during the assessment period. This is due to rapid growth of residential and commercial sectors and escalating demand for commercial air conditioning systems.
The evaporative condensing units industry in China is projected to exceed a valuation of USD 0.627 billion by 2033. It is anticipated to create an absolute D opportunity of USD 0.276 billion during the assessment period.
For the projection period, evaporative condensing unit demand in China is forecast to rise at 6.0% CAGR, in comparison to 7.3% CAGR recorded from 2018 to 2022.
Presence of a large number of leading evaporative condenser manufacturers is another key factor facilitating market expansion in China.
China is home to various large compressor factories or those with an annual production capacity more than 10 million units. These leading evaporative condensing unit manufacturers are increasingly introducing energy-efficient and eco-friendly products to increase their sales.
Expanding Real Estate Sector Fueling Sales of Evaporative Condensing Units in India
India is emerging as one of the key markets for evaporative condensing units across South Asia and Pacific. Rising need for energy-efficient evaporative condensing units in thriving industrial and commercial sectors and changing climatic conditions are few of the factors driving the India market.
Amid exploding population and rising food concerns, the Indian government is putting various efforts to develop the country's industrial and commercial infrastructure. Expansion of real estate sector in turn is playing a key role in driving the evaporative condensing units industry.
Over the years, Indian real estate sector has witnessed significant growth due to surging demand for office as well as residential spaces. For instance, as per the Indian Brand Equity Foundation (IBEF), real estate sector in India, comprising retail, housing, hospitality, and commercial sub sectors, is anticipated to reach around USD 1 trillion by 2030.
Rising adoption of energy-efficient air conditioning systems across industrial, commercial, and residential sectors will bolster evaporative condensing unit sales in India through 2033.
Principal Consultant
| Top Segment (Application) | Refrigeration |
|---|---|
| Historical CAGR (2018 to 2022) | 7.4% |
| Projected CAGR (2023 to 2033) | 6.0% |
| Top Segment (Application) | Commercial |
|---|---|
| Historical CAGR (2018 to 2022) | 7.2% |
| Projected CAGR (2023 to 2033) | 5.7% |
Refrigeration to Remain the Highly Remunerative Application for Evaporative Condensing Units
Based on application, the global evaporative condensing units industry is segmented into refrigeration and air conditioning. Among these, refrigeration segment will continue to remain the most profitable application, generating significant revenues for evaporative condensing unit manufacturers.
As per Future Market Insights (FMI), the refrigeration segment is projected to thrive at 6.0% CAGR during the assessment period in comparison to 7.4% CAGR registered from 2018 to 2022.
Demand for evaporating condensing units is rising in refrigeration segment owing to the advancements in refrigeration technologies and robust growth of food processing sector.
Evaporative condensing units are being widely used for refrigeration. They use both water and air for the condensation of the refrigerant. In this type of
Evaporative condensers are a type of indirect cooling system in which heat of vapor refrigeration is taken by water and water is cooled by air. These evaporative condensing units perform the combined functions of a cooling tower and a water-cooled condenser.
Rising usage of evaporative condensing units for refrigeration applications across several sectors including food processing and storage facilities will boost growth of the target segment during the assessment period.
Commercial Sector to Create Ample Growth Opportunities for the Target Market
Based on end use, the worldwide evaporative condensing units industry is categorized into commercial, power, and chemical. Among these, commercial segment is projected to dominate the global market.
According to Future Market Insights’ (FMI) latest analysis, commercial segment will generate significant revenues in the target industry. This is due to rising usage of evaporative condensing units across the commercial sector.
Historically, the commercial segment witnessed a CAGR of 7.2% and for the projection period, it is likely to expand at 5.7% CAGR.
Evaporative condensing units are being increasingly employed for air conditioning and refrigeration purposes in the commercial sector. This is due to their high energy efficiency and low water consumption.
Evaporative condensing units find application in restaurants, warehouses, cold storage, and food processing units. Expansion of these facilities will create a high demand for evaporative condensing units throughout the forecast period.
Leading evaporative condensing unit manufacturers listed in the report include 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.
These key manufacturers of evaporative condensing units are continuously innovating to develop high-performance and power-saving products that meet end user requirements. They also utilize tactics such as partnerships, acquisitions, facility expansions, mergers, agreements, facility expansions, and collaborations to gain a competitive edge in the market.
Recent developments:
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| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 1.5 billion |
| Projected Market Value (2033) | USD 2.7 billion |
| Anticipated Growth Rate (2023 to 2033) | 6.1% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Application, End Use, and Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled | 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; Temp Tech Co., Ltd. |
The evaporative condensing units market is set to reach USD 1.5 billion in 2023.
The global evaporative condensing units market is poised to achieve a revenue milestone of USD 2.7 billion by 2033.
A CAGR of 6.1% is predicted for the evaporative condensing units market through 2033.
The evaporative condensing units market size in the United Kingdom is projected to reach USD 0.85 billion by 2033, emerging as a prominent leader.
With a projected CAGR of 7.4% through 2033, the refrigeration segment is set to lead the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Refrigeration 5.2. Air Conditioning 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Commercial 6.2. Power 6.3. Chemical 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Johnson Controls International PLC 17.2. AAON, Inc 17.3. Baltimore Aircoil Company 17.4. Daikin Industries Ltd. 17.5. Decsa Srl 17.6. Nortek Air Solutions, LLC. 17.7. SPX Corporation 17.8. Evapco, Inc. 17.9. TEVA - Tecnicas Evaporativas, S.L 17.10. Temp Tech Co., Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
Industrial Automation
May 2023
REP-GB-7040
333 pages
Explore Industrial Automation Insights
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Evaporative Condensing Units Market
