Air-Cooled Condenser Market - Forecasts from 2023 to 2028

The air-cooled condenser market is estimated to grow at a CAGR of 4.06% during the forecast period.

An air-cooled condenser (ACC) is a direct dry cooling system that employs air-cooled finned tubes to condense steam. The heat removal process and overall functionality of an ACC are defined by the flow of cool ambient air outside the finned tubes, which effectively dissolves the heat. The air-cooled condenser industry growth is primarily driven by the high demand from growing prominent end-users such as oil & gas, power & energy, among other industrial sectors.

Booming oil & gas sector bolsters the air-cooled condenser market growth.

Air-cooled condensers due to their efficient heat dissipation capabilities are employed in natural gas processing and refineries. The increasing global energy demand and exploration of new oil & gas reserves have escalated the scale of oil & gas production activities owing to which the demand for air-cooled condensers rises. According to the Energy Information Administration, in 2022, the United States witnessed a notable increase in dry natural gas production by 3.7%, reaching approximately 35.81 trillion cubic feet (Tcf). This translates to an average daily production of around 98.11 billion cubic feet, compared to the previous year.

Emerging power & energy drives the air-cooled condenser market expansion.

Air-cooled condensers are widely used in the power and energy sector due to their ability to efficiently dissipate heat and provide effective cooling for power generation equipment, including steam turbines and thermal power plants. The power and energy sector is experiencing substantial growth due to increasing energy demands, and heavy investments which are propelling the demand for reliable air-cooled condensers that are resulting in positive market growth. For instance, in June 2022, BHEL and GE Steam Power entered into a significant contract worth $165 million for the supply of three nuclear steam turbines which are intended for NPCIL's domestic nuclear program, specifically for phase 1 development in Haryana and Karnataka, India.

Technological advancement drives the air-cooled condenser industry growth.

Ongoing advancements in air-cooled condenser technology such as advanced fin designs, optimized airflow, and efficient materials usage have led to improved performance, efficiency, and reliability which is contributing to the overall market growth. For instance, in May 2022, Kaltra introduced the Bora VS series, which consists of air-cooled refrigerant condensers equipped with innovative twin-slab microchannel heat exchangers. These heat exchangers operate with a counterflow configuration for efficient heat transfer between the refrigerant and air. The condensers are designed with 4-coil V-banks, enhancing their performance. This design is particularly effective when using HFO refrigerants and other refrigerants with a low latent heat of vaporization, as it optimally reflects the overall refrigeration effect.

Asia-Pacific is expected to be the market leader.

Asia Pacific will account for a major air-cooled condenser market share due to the robust growth of the oil & gas and power and energy sectors in leading economies namely China, India, and Japan coupled with rapid industrialization. According to the Ministry of Petroleum and Natural Gas, in December 2022, crude oil processing in India reached 22.3 million metric tonnes (MMT), reflecting a 3.7% increase over 2021. Also, in December 2020, Energy China agreed with Erdos city government to establish an integrated energy base with an investment of 23.8 billion yuan to augment the region's energy infrastructure by adding 5 GW of solar capacity.

Limited efficiency can restrain the air-cooled condenser industry's growth.

Air-cooled condensers face limitations in regions with high ambient temperatures as their efficiency can be reduced when temperatures rise, impacting their cooling capacity and suitability for use in such environments. Additionally, air-cooled condensers generate noise through the operation of fans and compressors, which can pose challenges in noise-sensitive residential areas and industrial establishments thereby constraining their adoption.

Key Developments

• May 2023: IWC recently unveiled a new range of Air-Cooled Condensers, including ambient air-cooled motor and gearbox solutions. These condensers utilize parallel shaft gearboxes, known for their superior efficiency compared to right-angled gearboxes. With this introduction, IWC aims to offer advanced and efficient cooling solutions to cater to diverse industry needs, ensuring optimal performance and reducing energy consumption.
• July 2021: Evapco, a prominent U.S. original equipment manufacturer (OEM), has expanded its chiller lineup by introducing a new packaged low-charge air-cooled ammonia chiller LCR-C-A model, complementing its existing water-cooled models. The LCR-C-A model boasts a top-mounted air-cooled condenser and is available in various configurations. Specifically designed for regions with humid and cool climates, where air-cooled technology can be optimally utilized throughout the year, this new addition aims to cater to the specific needs of such environments,

Company Products

• AIR COOLED CONDENSER (ACC): Thermax Group offers AIR COOLED CONDENSER (ACC) solutions with a capacity of 3 MW and above. These ACC units employ a finned tube heat exchanger design, where ambient air is directed over the exchanger using forced draft axial fans to condense the steam. The condensate collected in the process is efficiently recycled and utilized for various utilities, promoting sustainable water management practices. Thermax Group's ACC systems provide reliable and efficient steam condensation while ensuring the responsible use of water resources.
• 09AZ: The Omnizone Remote Outdoor Air-Cooled Condenser 09AZ, offered by Carrier Global Corporation, features high-static, direct-drive condenser fans for enhanced performance. It also offers E-coated coils as an option, ensuring added durability and protection against corrosion. Additionally, the condenser is equipped with a low-sound motor, contributing to a quieter operational environment. 09AZ presents a comprehensive solution that combines efficiency, durability, and reduced noise levels for reliable outdoor air-cooling applications.

Segmentation

By Type

• Natural Convection Air-Cooled Condenser
• Forced Convection Air-Cooled Condenser

By Material

• Steel
• Copper

By End-Users

• Oil & Gas
• Power & Energy
• Chemical
• Industrial
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Other