The report “Condensing Unit Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth. The report describes Condensing Unit Market size, historical trends, industry advancements, segmentation analysis, new opportunities, factors controlling the market, and developments. The report analysts have provided a detailed Condensing Unit Market segmentation assessment of the market based on type, application, and geography. Client needs with an understanding of market capacities are ensured in this analytical study.
According to the research report, the global condensing unit market was valued at USD 36.7 billion in 2021 and is expected to reach USD 70.6 billion by 2030, to grow at a CAGR of 7.7% during the forecast period.
Condensing units are increasingly being used worldwide due to the growth of commercial buildings, office space, and dining facilities. Condensers also contribute significantly to the manufacturing of plants, which greatly influences the global condensing unit market.
However, market is constrained by the F-gas (HFCs, PFCs, and SF6) rule that the EU Commission updated in 2015 to edge growing emissions. Also, the introduction of section 608, “Clean Air Act,” states that it is illegal for people to use ozone-depleting substances, whether adopted to maintain, repair, or air disposal of air conditioning & refrigeration. This act may hinder market growth to some extent.
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The growing demand for creating renewable energy is driving the growth of the condensing unit industry. Synchronous condensers (SCs), a helpful device for stabilizing the energy generated by renewable resources, provide reactive power. Producers of renewable energy, network administrators, and grid reinforcement businesses are increasingly utilizing synchronous condensers to offer more short-circuit capability.
Numerous significant factors are anticipated to support the growth of the global market, including increased infrastructure spending & the rising demand for condensing units in varied industry verticals, including cold storage, food & beverage processing, & refrigerated warehouses. For instance, in August 2021, They debuted a new line of refrigeration condensing units in Japan by the Embraco.
List of Top Key Players:
- Blue Star Limited.
- BITZER Kühlmaschinenbau GmbH
- Carrier Inc.
- Danfoss Corporation
- Dorin S.p.A., DAIKIN INDUSTRIES Ltd.
- Emerson Electric Co.
- FRASCOLD SPA
- FreezeIndia
- GEA Group Aktiengesellschaft
- Heatcraft Worldwide Refrigeration
- Howe Corporation
- Hussmann Corporation
- KeepRite Refrigeration
- MTA S.p.A.
- National Comfort Products
- Prijai Heat Exchangers Pvt. Ltd.
- SCM Frigo S.p.A.
- Tecumseh Products Company
- Voltas Industries Ltd
Additionally, the market is growing due to the increasing demand for advanced refrigeration technology from the marine, oil & gas sectors and the growing need for natural refrigerants. A rise in requirement for condensing units from various manufacturing industries and advancing technology are two key drivers anticipated to propel market expansion.
Condensing Unit Market Report Highlights
- The commercial segment is anticipated to grow at a high CAGR over the forecast period. Commercial facilities frequently need more than one HVAC unit to supply enough refrigeration for the entire structure.
- With the increasing demand for numerous application areas, including retail stores, power plants, hospitals, dairy cabinets, cooling systems, and cryogenic containers, the industrial segment is expected to continue its dominance over the projected timeframe.
- Asia Pacific, which is anticipated to expand rapidly throughout the projected period. Increasing living standards and widespread use of refrigeration in daily life fuel demand for product storage are expected to create multiple opportunities for the Asia Pacific region’s market to expand.
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Polaris Market Research has segmented the condensing unit market report based on application, type, refrigerant type, function, and region:
Condensing Unit, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Commercial
- Industrial
- Transportation
Condensing Unit, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Water-Cooled
- Air-Cooled
Condensing Unit, Refrigerant Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Hydrocarbons
- Fluorocarbons
- Inorganics
Condensing Unit, Function Outlook (Revenue – USD Billion, 2018 – 2030)
- Refrigeration
- Heat Pumps
- Air Conditioning
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