Evaporative Condensing Unit Market will Expand at a CAGR of 7.2% by 2026| MarketsandMarkets™

Evaporative condensing units are heat transfer systems that use water to condense the refrigerant vapor and convert it into liquid. This process is necessary to provide cooling to the interior of the building or home. The evaporative condensing unit is designed to cool the air inside the building while using a much lower amount of energy than traditional air conditioning systems. The demand for evaporative condensing units is increasing as more people become aware of their efficiency and environmental benefits. These units are an excellent choice for cooling spaces where air conditioning is not feasible or cost-effective. They are also gaining popularity in commercial settings due to their ability to be used for both cooling and heating purposes. In addition, evaporative condensing units are becoming increasingly popular in green buildings due to their energy efficiency and sustainability.

The global evaporative condensing unit market is projected to reach USD 1.61 billion by 2026, at a CAGR of 7.2%. This growth can be attributed to the improved quality of evaporative condensing units and their increasing demand from various industries, such as food processing & storage facilities, power plants, chemical plants, and ice manufacturing facilities, among others. Baltimore Aircoil Company, Inc., Evapco Inc., Johnson Controls Inc., SPX Corporation, and Mammoth Inc., among others are some of the leading players in the evaporative condensing unit market.

The evaporative condensing unit market in the Middle East and Africa is projected to witness the highest growth rate during the forecast period of 2016-2026. This is attributed to increasing investments in numerous commercial and residential sectors in the region, along with the rising demand for energy-efficient cooling solutions. Additionally, the rising construction activities in the region, coupled with the growing demand for clean energy solutions, are some of the factors driving the growth of the evaporative condensing unit market in the Middle East and Africa.

Key players operational in the evaporative condensing unit market are focusing on new product launches, expansions, and agreements to cater to the increasing demand for evaporative condensing units from various industries. Baltimore Aircoil Company, Inc. and Johnson Controls Inc. reported the largest number of developments in the evaporative condensing unit market between 2011 and 2016.
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