Evaporative Condensing Unit Market is segmented into commercial, power and chemical. Commercial end user segment,major factors accelerating the growth potential of evaporative condensing unit market.
Albany, NY -- (SBWIRE) -- 05/08/2018 -- Evaporative condensing unit decreases the heat rejection process using the cooling effect of evaporation. Lower part of condensing temperature leads to the reduction of compressor workload and this helps to attain fuel efficiency. This type of condenser are used for condensing some substance from its gaseous state to liquid state and helps to boost its cooling effect. Evaporative condensing units are of different sizes according to its application across various sectors such as household sector to commercial sector. Large evaporative condensing units are generally used as large air conditioning units for commercial purposes and with the rising performance efficiency the market for evaporative condensing units are expected to achieve growing market demand during the forecast period.
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Rising population coupled with increasing disposable income in emerging economies such as China, India and Malaysia among others is one of the major factors accelerating the growth potential of evaporative condensing unit market. Food processing, warehousing and food service industries are some of these industries that register high growth potential in these regions. Rising level of pollution increases average global temperature thus increasing the necessity of refrigeration in household as well as commercial sectors. Different types of industries such as food processing, warehouses and industrial chemical plants require advanced level of refrigeration process thus increasing the demand for evaporative condensing units in coming years. Owing to its durability, shelf life and adaptability, these type of evaporative condensing units are expected to witness growing market share over the forecast period.
Owing to its improved usability, price of evaporative condensing units are quite expensive and this acts as a restraining factor for the market of evaporative condensing units during the forecast period.
With the rising cost of fuels and energy sources, efficient form of energy consumption has been a priority of every business units. Large supermarkets are also adopting these kind of refrigeration system so that energy consumption can be minimized to a great extent. One of the ways to achieve this kind of energy efficiency is to reduce condensing temperature and that objective is achieved with the latest design of evaporative condensing units. Moreover, this kind of condensing units require lower amount of water to achieve refrigeration state thus helping in the process of water conservation. These factors are expected to promote the growth opportunity of this market during the forecast period.
Based on the end users industry, the evaporative condensing unit market is segmented into commercial, power and chemical. Commercial end user segment held the largest market share as this type of condensing units offer improved refrigeration and air conditioning system. Hence, this type of condensing units find their uses in restaurants, cold storage, warehouses and food processing units. Many luxury hotels increase their demand for such units; specifically for those instances where more than 100 tons of refrigeration are required.
According to application, evaporative condensing units market is segmented into two types such as refrigeration and air conditioning. Refrigeration held the largest market share owing to its growing application in food processing units and cold storages. As food and beverage industry holds considerable market share in emerging economies, this segment is expected to retain its market dominance during the forecast period.
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On the basis of geographical locations, the market for evaporative condensing units are segmented into five regions such as North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America. North America held the largest market share owing to the increasing demand for evaporative condensing units in different manufacturing industries. MEA is expected to be the fastest growing segment as Saudi Arabia, Egypt secure growing market share in food processing units and cold storage divisions.
Some of the key market players include Johnson Controls Inc, Baltimore Aircoil Company Inc, and DECSA s.r.l among others.