Global Condensing Unit Market Projected to Grow at 10.8% CAGR till 2024
Posted On September 14, 2018
Value Market Research has gone deep into the Global Condensing Unit Market and identified some important information through organized market research. As per the findings, the Global Condensing Unit market was valued at USD 15.21 BN (by revenue) in 2017 and is anticipated to reach USD 28.10 BN by 2024 with a CAGR of 10.8%. The report reveals that the global condensing unit market is basically growing on the account of rising refrigeration market. High urbanization and industrialization is expected to generate huge demand for condensing unit. Also, speedy growth in commercial, industrial, and food retails such as food manufacturing industries is propelling the market growth. Further, the rise in commercial complexes, office spaces, and other manufacturing plants drives the global consumption of the condensing unit. Overall, the market for condensing unit is highly potential and is projected to register significant growth over the forecast period.
Condensing units are one of the familiar temperature-control devices in refrigerators, heat pumps, air conditioner, and chillers. They allow the energy to move in the form of heat by compressing a gas known as a "refrigerant", at that time it pumps the gas through a system of coils and using the air around the coil to heat and cool the surrounding. Basically, this process of cooling undergoes cyclic stages of condensation, compression, expansion, followed by evaporation. In condensation, a condensing unit is an assembly which works on cooling and condensing the refrigerant vapor, therefore, converting refrigerant into liquid form. They are of three types namely air cooled, water cooled, and fan cooled in which compressors play a crucial role. The condensing units are used in residential, commercial as well as in industrial sector but food services applications are the popular one.
The report "Global Condensing Unit Market has been segmented By Type (Air-Cooled Condensing Unit, Water-Cooled Condensing Unit, Evaporative Condensing Unit), Application (Commercial Refrigeration, Industrial Refrigeration, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2017-2024" - studies the market and predicts the future demographics and the expected changes in the market.
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In order to study the market, the condensing unit market has been segmented on the basis of type, application, and region. By type, the market is divided into air-cooled condensing unit, water-cooled condensing unit, and evaporative condensing unit. The report analyzes that the demand for the air-cooled system is high and that can be attributed to the wide scope of commercial application along with the low setup & maintenance cost. By application, the market is parted into commercial refrigeration, industrial refrigeration, and others. Out of which, commercial refrigeration segment is expected to have a large share owing to the increasing number of malls, hotels, offices and other commercial complexes. In the last section, the market of the condensing unit has been analyzed across the 5 major region of North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. APAC has gained traction over the regional segment owing to the growing consumption of frozen & chilled food products which automatically demand cold storage system, thereby driving the market growth in this region.
The Report Segments Global Condensing Units Market -
- Air-Cooled Condensing Unit
- Water-Cooled Condensing Unit
- Evaporative Condensing Unit
- Commercial Refrigeration
- Industrial Refrigeration
- North America
- Latin America
- Middle East & Africa
Global Condensing Unit Market Competitive Landscape
Some of the key market participants reported in this study on the global condensing unit market are Advansor A/S, Baltimore Aircoil Company, Inc., Bitzer Kühlmaschinenbau GmbH, Carrier Commercial Corporation, Danfoss GmbH, Emerson Electric Company, GEA Group, Heatcraft Worldwide Refrigeration, Officine Mario Dorin S.P.A., and SCM Frigo SPA
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