According to Future Market Insights (FMI), the global desiccant wheel market was valued at USD 431.2 million back in the year 2022. The new market analysis report estimates the overall valuation to be nearly USD 448.4 million in the present year 2023. Further, the sales of desiccant wheels are predicted by this report to expand at a steady rate of 4.3% over the coming years. The overall market value could reach around USD 683.2 million by 2033.
The demand for desiccant wheels is growing promisingly due to the escalating requirement for quick moisture extraction in numerous labs and processing industries. Desiccant dehumidifiers are known for their capacity to be significantly more efficient and quick than the use of compressor-based dehumidifiers for the purpose. Additionally, many regulatory agencies have said that desiccant wheels, particularly silica gel, are safe for food and beverage processing facilities.
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Numerous businesses including electronics, chemicals, pharmaceuticals, food and beverages, and other sectors are also showcasing a significant increase in demand for desiccant wheels. During the anticipated period, desiccant wheel manufacturers are projected to witness ample expansion opportunities due to the expansion of such processing industries.
Desiccant wheels are also projected to become popular in the coming days because of increasing power costs and their portability advantage. Furthermore, the rapid infrastructure growth rate witnessed by several end-use industrial verticals is also driving the sales of desiccant wheels in the global market.
Key Takeaways from the Desiccant Wheel Market Study Report
- The United States has surpassed all other regions as the leading user of desiccant wheels and held a revenue share of 15.1% in 2022.
- With a market share of 6.2%, Japan is the leading country for the production of desiccant wheels in Asia Pacific region.
- China is another leading contributor in Asia Pacific region and its sales of desiccant wheels could register a CAGR of 5.2% through 2033.
- During the projected period, the sales of desiccant wheels in India are anticipated to develop at a high growth rate of 5.8%.
- Back in 2022, the silica gel desiccant wheel segment dominated the overall market, accounting for 41% of all desiccant wheels sold worldwide. Because of its improved ability to absorb moisture, non-flammability, and significantly long lifespan, it is expected to remain the preferred product through 2033.
- The ability of desiccant wheels to efficiently remove and maintain the moisture of storage spaces makes them a crucial component for pharmaceutical businesses. Consequently, the pharmaceutical application segment contributed to almost 35.2% of the total demand for desiccant wheels in 2022.
Competitive Landscape for the Desiccant Wheel Market Players
Due to the emergence of new global as well as regional manufacturers, the overall market is fragmenting and is getting extremely competitive day by day. Some of the leading firms with extensive distribution channels and brand recognition, however, still control a large portion of the market. The rivalry in the desiccant wheels industry is growing as a result of all the leading players outperforming one another by focusing on one or two metrics.
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Top Key Players
- Munters
- NovelAire Technologies
- DRI
- Trane
- Rotor Source Inc.
Key Segmentations
By Type:
- Silica Gel
- Molecular Sieve
- Activated Alumina
- Others
By Application:
- Pharmaceutical
- Food Industries
- Chemical
- Electronics
- Warehousing
- Others
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- South America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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