Air-Cooled Condenser Market Size, Share, Opportunities, And Trends 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), And By Geography - Forecasts From 2025 To 2030

Air-Cooled Condenser Market Size:

Air-Cooled Condenser Market, sustaining a 5.18% CAGR, is anticipated to reach USD 6.382 billion in 2030 from USD 4.958 billion in 2025.

Air-Cooled Condenser Market Trends:

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.

Air-Cooled Condenser Market Segmentation Analysis:

• 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.

Air-Cooled Condenser Market Geographical Outlook:

• 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.

Air-Cooled Condenser Market Growth Drivers:

• 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.

Air-Cooled Condenser Market Key Players and 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.

Air-Cooled Condenser Companies:

• Thermax Group
• Carrier Global Corporation
• Holtec International
• Kendall Cold Chain System Co., Ltd.
• SPG Dry Cooling

Air-Cooled Condenser Market Scope:

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

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. AIR-COOLED CONDENSER MARKET ANALYSIS, BY TYPE

5.1. Introduction

5.2. Natural Convection Air-Cooled Condenser

5.3. Forced Convection Air-Cooled Condenser

6. AIR-COOLED CONDENSER MARKET ANALYSIS, BY MATERIAL

6.1. Introduction

6.2. Steel

6.3. Cooper

7. AIR-COOLED CONDENSER MARKET ANALYSIS, BY END-USERS

7.1. Introduction

7.2. Oil & Gas

7.3. Power & Energy

7.4. Chemical

7.5. Industrial

7.6. Others

8. AIR-COOLED CONDENSER MARKET ANALYSIS, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. Thermax Group

10.2. Carrier Global Corporation

10.3. Holtec International

10.4. Kendall Cold Chain System Co., Ltd.

10.5. SPG Dry Cooling

10.6. MODINE MANUFACTURING COMPANY

10.7. Sterling Thermal Technology

10.8. Schneider Electric

Thermax Group

Carrier Global Corporation

Holtec International

Kendall Cold Chain System Co., Ltd.

SPG Dry Cooling

MODINE MANUFACTURING COMPANY

Sterling Thermal Technology

Schneider Electric