Albany, New York, February 21, 2017: Market Research Reports Search Engine (MRRSE) has announced the addition of a new report to its repository, titled “Desiccant Wheel Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.” The global desiccant wheel market, at present, is characterized by stiff competition because of a host of products and services. The prominent players in the market are trying to outdo each other by offering innovative products and various services. They are also resorting to strategic collaborations and partnerships to maintain as well as improve their foothold.
A report by Transparency Market Research forecasts the market to rise at a CAGR of 5% from 2016 to 2024 to attain a value of US$463.0 mn by 2024.
Humidity Induced by Rising Global Temperature Catalyze Growth
Alarming increase in carbon dioxide and other greenhouse gases, namely methane and nitrous oxide due to growing industrialization has upped the global temperature. This in turn has resulted in higher levels of atmospheric humidity, which has generated demand for dehumidification equipment in different industries such as chemicals, food and beverages, and pharmaceuticals. On account of higher levels of humidity, desiccant wheels absorb more moisture thereby wearing out fast. Because of this, more number of desiccant wheels are required in key end-use industries.
Other factors slated to drive the market are the soaring demand for energy efficient heating, ventilation, and air-conditioning (HVAC) equipment. Consumers are taking to desiccant-wheel-based dehumidification systems to bring down the overall cost of HVAC systems with less energy consumption and better operational intelligence
Efficiency of desiccant wheels, however, is negatively impacted at higher temperatures and humidity levels. This necessitates their swift replacement with new equipment. This is one restraint slated to hamper the global market for desiccant wheel substantially in the years to come. Another factor working to their disadvantage is that pungent odors of cigarettes and building materials that get trapped in desiccant wheels along with the moisture becomes stronger when the desiccant is reheated to purge the adsorbed moisture during the regeneration process.
Rapid Urbanization and Industrialization Paves way for Growth in Market in Asia Pacific
North America is primed to dominate the global market for desiccant wheels by 2014. This region has already been leading the market vis-à-vis demand on account of high uptake of desiccant wheels by the pharmaceutical industry. Asia Pacific, however, is slated to exhibit an impressive 6.2% CAGR between 2015 and 2024 on the back of the robust demand for heating, ventilation, and air-conditioning. The rapid pace of industrialization and urbanization in emerging economies of Asia Pacific spells massive opportunities for the manufacturers of desiccant wheels to come up with an array of products. The Asia Pacific market for desiccant wheels will receive further fillip with both global and regional players entering the fray to put a downward pressure on prices.
Major participants in the global market for desiccant wheel are Munters, Greenheck Fan Corporation, Airxchange Inc., NovelAire Technologies, Rotor Source, Inc., Trane, Seibu Giken DST AB, and Fläkt Woods Group.
Browse Full Global Desiccant Wheel Market Report with TOC:http://www.mrrse.com/desiccant-wheel-market
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