Rising demand for condensing units in air conditioners & refrigeration equipment, steam plants and other end-use industries are driving the market growth. Increasing commercial spaces such as offices, complexes, hotels, malls & others are also likely to foster the demand for condensing unit market. Moreover, shift in preference of consumers towards consumption of frozen food products along with rising disposable income are the factors driving the condensing unit market.
As per the latest report added by Value Market Research, 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%.
BY APPLICATION, COMMERCIAL REFRIGERATION DOMINATED THE SEGMENT
Commercial refrigeration led the application segment on account of increasing number of malls, hotels, offices and other commercial complexes. This segment is expected to reach at USD XX.X MN by the end of the year 2024.
AIR COOLED CONDENSING SYSTEM LED THE PRODUCT SEGMENT
Air-cooled condensing system has dominated product segment owing to wide scope in commercial application coupled with low setup & maintenance cost is driving the segment growth. Air-cooled condensing system is predicted to reach up to USD XX.X MN by the end of the year 2024. Moreover, the rising scarcity of water globally is another factor contributing in the growth of air-cooled condensing systems segment.
GEOGRAPHICALLY, APAC LED THE SEGMENT
Asia-Pacific has gained dominance over the regional segment owing to the growing consumption of frozen & chilled food products which require cold storage is the key driver driving the market growth. APAC is anticipated to reach up to USD XX.X MN by the end of the year 2024. Growing power, chemical & HVAC industries within the Asia-Pacific region is boosting the regional market growth.
KEY PLAYERS OF THE MARKET
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 are the prominent players of the condensing unit market.
As per this study, the Global Condensing Unit Market was valued at USD XX BN (by revenue) in 2021 and is anticipated to reach USD XX BN by 2028 with a CAGR of XX%. By volume, the market was estimated at XX K Units in 2021 and is expected to reach XX K Units by 2028 with a CAGR of XX%.
A condensing unit is a combination of the compressor, refrigerants, pumps, fans, and tubing system to accomplish the flow of the refrigerant. Basically, the condensing unit uses a condensing medium such as air or water, in order to absorb heat from the vapor. Transfer of heat from vapor to the condensing medium leads to temperature falls to the saturation point, and it condenses to a liquid. The condensing units are of three types based on the condensing medium, namely air-cooled, water-cooled and evaporative (combination of air and water). In addition, they are widely adopted for use in the commercial, residential and industrial sector such as geothermal and other energy generation plants.
Market Dynamics
The changing food consumption trends coupled with the rapid growth of the frozen foods market is the most prominent factor fuelling the demand for condensing units. Rising demand for storage of frozen foods leads to growth in commercial refrigeration equipment. This, in turn, will fuel the condensing unit market growth. In recent years, demand for frozen food has begun to grow, owing to changing consumer lifestyles and rising incomes that drive the expenditure on convenient food.
Increasing adoption of natural refrigerant followed by improvement in energy efficiency, growing food-processing industry in the developing countries are the factors driving market growth. Whereas, stringent environmental regulations on refrigerants/gases used in condensing units may hamper the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of condensing unit.
Market Segmentation
The broad condensing unit market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Air-Cooled Condensing Unit
- Water-Cooled Condensing Unit
- Evaporative Condensing Unit
By Application
- Commercial Refrigeration
- Industrial Refrigeration
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for condensing unit in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Condensing Unit Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the condensing unit market includes 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. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.