The global condensing units market is estimated to witness a high growth rate of more than 8% during the period 2019-2028. A condensing unit is a component that cools and condenses refrigerant vapor and transforms it into liquid form, they move the energy in the form of heat by compressing refrigerant then pumping it through a system of coils and using the air around the coil to heat or cool spaces. This machine may be a heat pump or an air conditioning unit. Technology advancement to support increased shelf-life to remain a promising trend during the coming years. The use of condensing units in refrigerators and air conditioners and an increase in disposable income are some of the key drivers expected to propel the demand for condensing units in upcoming years. However, stricter environmental regulations on the use of refrigerants are expected to hamper the growth of the global condensing unit market.
Due to the increasing demand, the air conditioning segment is dominating the market
On the basis of function, the air conditioning segment is estimated to dominate the market in the forthcoming years with the increasing demand for air conditioning condensing units from industries like chemical plants, power plants, ice manufacturing units, hotel & catering industry, among others. On the other hand, it is estimated that the industrial segment is holding the major share and playing a significant role to drive the demand for the global condensing units in an upward direction across the globe. The rapid growth of the food and beverage industry across the globe is expected to increase the demand for transportation condensing units. Additionally, it is also expected to increase the development of cold supply chain and warehouse facilities and push the transportation condensing units demand in an upward direction across the globe.
The Asia Pacific is dominating the market: India and China playing an important role
Geographically, the global condensing units market is analyzed into North America, Europe, Asia-pacific, Latin America, and the Middle East and Africa. The Asia Pacific is anticipated to grow at a higher rate compared with other regions, the reason behind the significant growth of condensing units in Asia pacific is growth in investments and collaborations in condensing unit business. In the Asia Pacific China is leading the market due to the increasing use of refrigeration in various end industries, followed by India and Japan. North America and Europe are considered to be the mature market for air conditioners and condensing units, hence the growth is expected to remain stable in these regions. As a result of the increasing global trade of frozen food items and changing food habits in the Middle East and Africa, the growth is projected at a significant rate during the forecast period. Additionally, Saudi Arabia is expected to dominate the Middle East condensing units market due to the increasing demand for improved quality condensing units used for various applications.
Market Structure and Competitive Landscape
Some of the prominent players that contribute significantly to the global condensing units market include Emerson Electric Co., Danfoss, Daikin Industries Ltd., Tecumseh Products Company, Hussmann Corporation, Voltas Limited, Patton Ltd, Rivacold UK Ltd, Heatcraft Worldwide Refrigeration, BITZER Kühlmaschinenbau GmbH, Dorin S.p.A., FRASCOLD SPA, FreezeIndia, Howe Corporation, Blue Star Limited., MTA S.p.A., National Comfort Products., SCM Frigo S.p.A., CCC Holdings Inc., GEA Group Aktiengesellschaft, Prijai Heat Exchangers Pvt. Ltd., KeepRite Refrigeration, Baltimore Aircoil Company, Officine Mario Dorin S.p.A, among others. Players involved in the global condensing units market adopt various strategies to increase the market share and gain a competitive edge over other competitors. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global condensing units market include,
- In December 2021, CCC Holdings acquired Kobol business, the aim behind the acquisition was to expand their business
- In November 2021, CCC Holdings announced the acquisition of Arctic I.R.E SA by Roen Est S.p.A. CCC holdings also announced that their plan is to acquire 6-8 businesses over (2020-2030).
- In May 2021, Danfoss launched a new multi-refrigerant, A2L-ready condensing unit for ultra-low GWP installations. This helps the company to offer a new product in the market and broaden the product variety.
- In September 2019, BITZER expanded its production capacity by installing more units in Germany. The expansion helped the company to meet the rising demand for condensing units in Europe.
Key Market Segmentation
RationalStat has segmented the global condensing units market on the basis of capacity, type, function, compressor technology, refrigerant type, end use, and region.
- By Capacity
- Up to 20 HP
- 20-40 HP
- 40-60 HP
- 60-80 HP
- More than 80 HP
- By Type
- Air-cooled Condensing Units
- Water-cooled Condensing Units
- Evaporative Condensing Units
- By Function
- Air Conditioning
- Indoor Refrigeration
- Outdoor Refrigeration
- Heat Pumps
- By Compressor Technology
- Screw AC Compressor
- Centrifugal AC Compressor
- Reciprocating AC Compressor
- Hermetic AC Compressor
- Rotary vane AC Compressor
- Other (Scroll AC compressor)
- Refrigerant Type
- End Use
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, company document, Institute of Electric Innovation (IEI), and Energy Information Administration (EIA).
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for condensing unit manufacturers, dealers and suppliers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global condensing unit market is expected to grow at a CAGR of over 8.0% during the forecast period 2022-2028.
Global condensing unit market was valued at around US$ 23.5 billion in 2021.
Increasing demand for natural refrigerants is the key trend in the market.
The Asia Pacific is dominating the market in 2021.
Major companies operating in the global condensing unit market are Emerson Electric Co., Danfoss, Daikin Industries Ltd., Tecumseh Products Company, Hussmann Corporation, etc.