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“The condensing unit market is projected to grow at a CAGR of 8.5% from 2020 to 2025, in terms of value.”
The condensing unit market is projected to grow from USD 23.7 billion in 2020 and is projected to reach USD 35.7 billion by 2025, at a CAGR of 8.5% from 2020 to 2025. The global condensing unit market is expected to grow as various end-use industries such as food & beverage retail stores, etc., are expected to register healthy growth in different emerging nations such as India, Thailand, China, and Malaysia. The commercial industry majorly uses water-cooled condensing units and air-cooled condensing units.
“The air-cooled segment is estimated to lead the condensing unit market in terms of volume from 2020 to 2025.”
By type, the air-cooled segment accounted for the largest share of the condensing unit market in 2019. Also, the air-cooled condensing unit segment is estimated to grow at the highest CAGR during the forecast period. Air-cooled condensing units are easy to install and require low maintenance, whereas water-cooled condensing units have a longer life and higher energy efficiency as compared to air-cooled condensing units.
“Industrial segment accounted for the largest share of the condensing unit market, by the application.”
By application, the industrial segment accounted for the largest share of the condensing unit market in 2019. The growing demand for advanced refrigeration from various application areas, such as power plants, retail stores, dairy cabinets, hospitals, cryogenic containers, and cooling systems, is expected to help the industrial application segment to grow at the highest rate.
“Air Conditioning segment is expected to dominate the condensing unit market by function.”
By application, the air conditioning segment is expected to dominate the condensing unit market during the forecast period as air conditioning condensing units are extensively used in chemical plants, power plants, ice manufacturing units, cold storages & warehouses and hotel & restaurants.
“Middle East & Africa condensing unit market is projected to grow at the highest CAGR during the forecast period, in terms of value.”
The Middle East & Africa condensing unit market is projected to grow at the highest CAGR during the forecast period. The Middle East & African countries have substantial growth prospects for the condensing unit market because of the growing applications of refrigeration in various end-use industries such as chemicals & petrochemicals and plastics.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 30%, Tier 2 – 30%, and Tier 3 – 40%
- By Designation: C-level Executives – 24%, Directors – 36%, a Others – 40%
- By Region: North America – 20%, Europe – 10%, Asia Pacific – 60%, South America – 3%, Middle East & Africa – 7%,
As a part of qualitative analysis, the research provides a comprehensive review of market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by varied market players, such Emerson Electric Co. (US), Carrier Global Corporation (US), Danfoss (Denmark), GEA Group Aktiengesellschaft (Germany), Heatcraft Refrigeration Products LLC (US), Voltas Limited (India), BITZER SE (Germany), ADVANSOR A/S (Denmark), Baltimore Aircoil Company (US), Officine Mario Dorin S.p.A. (Italy), and SCM Frigo S.p.A. (Italy).
The report defines, segments, and projects the condensing unit market based on type, application, function, refrigerant type, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges. It strategically profiles key players and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as new product launches, expansions, and partnerships undertaken by them in the market.
Reasons To Buy the Report:
- The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the condensing unit market and its segments.
- This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies.
- It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.