Evaporative Condensing Unit Market Expected to Exceed USD 1.61 Billion by 2026- Latest Report by MarketsandMarkets™

The evaporative condensing unit market is projected to reach USD 1.61 billion by 2026, at a CAGR of 7.2% from 2016 to 2026. 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 plant, chemical plant, 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.

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The refrigeration application segment of the evaporative condensing unit market is expected to grow at the highest rate from 2016 to 2026. Evaporative condensing units are used for refrigeration purpose in various industries, such as power, chemical, and commercial industries, among others. The demand for evaporative condensing units is growing from various end users, such as cold stores, warehouses, restaurants, and food processing units, owing to the growth of food & beverage industry in developing nations. The growing food processing & storage facility market in emerging nations is expected to drive the refrigeration application segment of the evaporative condensing unit market.

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.

In 2015, Baltimore Aircoil Company, Inc., a leading player in the evaporative condensing unit market, launched a new evaporative condenser selection software. Baltimore Aircoil Company, Inc. is a multinational company offering products in heat rejection, thermal storage equipment, and other refrigeration technologies. Evaporative condensing units launched by the company have low condensing temperature, high-energy efficiency, and reduced environmental impact.

In 2016, Johnson Controls Inc. and Tyco, a global fire and security provider, merged to form Johnson Controls plc. to offer consumers varied energy storage products and technologies as well as integrated solutions. In 2015, Johnson Controls Inc. and Shanghai Jianke Building Energy Service Co., Ltd. entered into an agreement to improve energy efficiency of buildings and achieve sustainable development. The agreement enabled companies to construct energy-efficient buildings by reducing energy consumption by 10% annually. In 2015, DECSA s.r.l. launched CFR evaporative condensers, which are air-cooled condensing units for low temperature applications in hot climate. Built with Z725 galvanized steel sheets, these condensers offer high corrosion resistance with low energy consumption. The company offers a variety of condensing unit technologies for various applications, such as refrigeration, air conditioning, and heat pump.

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In 2015, DBT Technologies (Pty) Ltd. (a South African subsidiary of SPX Corporation) and Alstom S & E Africa (Pty) Ltd. (a subsidiary of General Electric) entered into an agreement to work collaboratively on Kusile power plant project located in South Africa. This agreement is expected to strengthen the position of SPX Corporation in the South Africa evaporative condensing unit market.

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