Condenser is a heat exchanging device used in condensation of gaseous substance into a liquid state through cooling. Condensers are used for efficient heat exchange in many industries due to its attributes of transferring heat from once substance to another. Condenser relies on latent heat that occurs during the phase change for efficient heat transfer. For example, the vapor of one liquid enters into the condenser at temperature more than of secondary liquid. As the temperature of vapor goes down, and reaches to saturation temperature, it releases latent heat which can be utilize for heating the secondary liquid. Condenser can be refurbished or a newly purchased based on the requirement. Air, vapor and water are the cooling material options which can be used in condensers. Because of its efficient heat transfer capability, it is widely used in air conditioning in commercial, industrial and transportation industry. It is also used for chemical process such as distillation and steam power plants. Rise in demand for renewable source of energy is expected to boost the growth of the condensers market at a global level.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down the production of various products in the Condenser industry attributed to the lockdown in countries worldwide. This has hampered the growth of Condenser market in 2020 and, is likely to revive in 2021.
- COVID-19 has already affected the sales of Condenser in the second and third quarter of 2020 and is reviving in 2021.
- The major demand for Condenser was previously noticed from countries including the U.S., Germany, Italy, UK, and India, which are negatively affected by the spread of the corona virus, thereby declining the demand for Condenser.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Condenser manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
- Condenser manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Rise in demand for renewable sources of energy and lack and high cost of non renewable sources is drawing attention of many industries toward condensers. Its ability of heat transfer with available resources is one of the key factors driving the growth of the market at a global level. Installation and operational cost of condensers is low and it has a long service life. In addition, it circulates the feed water continuously while operating which helps in reducing the cost of water softening. To add more, it also helps in reducing the cost of fresh water supply in boilers. These are the factors driving the growth of the market. However, the leftover after condensation process, can be hazardous for health of labor. This factor is anticipated to hamper the growth of the condensers market.
Market Trends
- Asia-Pacific is dominating the growth of the condensers market at a global level. Countries like India, China, and Japan are enhancing their electricity production capacity, where condenser plays a key role in system.
- Continuous innovation and research is being done by the manufacturers to improve the product quality. Use of AI in air conditioning is shaping the market of condensers. For example, in April 2020, TCL Technology launched AI powered air conditioner in India.
Key Benefits of the Report
- This study presents the analytical depiction of the condensers market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the condensers market share.
- The current market is quantitatively analyzed to highlight the condensers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed condensers market analysis based on competitive intensity and how the competition will take shape in coming years.
Condensers Market Report Highlights
| Aspects | Details |
 By Cooling Type |
|
 By End-User |
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 By Region |
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 Key Market Players | Fuji Electric, Ideal Electric Company, Mitsubishi Electric,, Voith Group, BRUSH Group, ABB, General Electric, WEG, Siemens AG, Eaton Corporation |
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