The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Evaporative Condensing Unit Market.
It was estimated prior to this unanticipated outbreak that the Evaporative Condensing Unit Market was likely to witness an impressive CAGR of 7.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Market Share Analysis
Evaporative Condensing Unit Market Share: By End-Use Industry Type
Based on the end-use industry type, the market is segmented as commercial, power, and chemical. The commercial segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period as this type of condensing unit offers improved refrigeration and air conditioning systems.
Evaporative Condensing Unit Market Share: By Application Type
Based on the application type, the evaporative condensing unit market is segmented as refrigeration and air conditioning. The refrigeration segment dominates the market, as the demand for evaporative condensing units is growing, owing to the advancement in refrigeration technologies. Further, the burgeoning food processing & storage facility industry in the emerging economies is likely to bolster the demand for the evaporative condensing unit market in the refrigeration segment, during the forecast period.
Evaporative Condensing Unit Market Share: By Region
In terms of regions, North America is estimated to be the largest market for evaporative condensing units during the forecast period, owing to the increasing demand for evaporative condensing units from different manufacturing industries. On the other hand, triggered by the growing industrialization, the demand for multipurpose high-performance evaporative condensing units is increasing in The Middle East & Africa, which are expected to capture a substantial share of the market during the forecast period. Further, the dominance of chemical industries is contributing to the increasing demand for evaporative condensing units in the region.
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